Fiver Challenge

Subject:
Ace-KS1

FREE, fun and engaging initiative!

Young Enterprise’s Fiver Challenge is a FREE, fun and engaging initiative that provides 5 – 11 year olds across the UK with a pledge of £5. Participants are challenged to set up mini businesses with their £5 in the month of June to create products or services they can then sell or deliver at a profit and engage with their local community.

Fiver Challenge, supported by Virgin Money and the Department for Business, Innovation and Skills, introduces young people to the world of enterprise and helps build important employability skills, such as risk taking, team working, problem solving, communication and financial literacy, which they can continue to develop in later life.

How it works

Step 1 - Here’s a fiver!
Each young person registered is pledged £5 from the Fiver Bank.

Step 2 - Get it going
They use this start-up capital to get their enterprise off the ground, working alone or in a group.

Step 3 - Keep it going
They have the whole month to make as much profit as they can from their fiver and engage with the local community. Online resources are available to help teachers lead their students through the Challenge.

Step 4 - Keep the profit
The young people are in full control of the profits they have earned and should decide themselves what they would like to spend them on - for example, a school trip, resources or activities for school, or they may wish to donate their money to a charity of their choice.

Step 5 - Payback…for the future
At the end of the month, each groups’ finances should be tallied up and pledges repaid + a suggested 50p legacy donation to the Fiver Bank so more young people can participate next year.