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Investing in Young Minds: A Classroom Economy at Bayview Glen (The Glen, Winter 2024)
In our Lower School, Grade 5 students are participating in a practical and engaging teaching programme, which is helping them gain a deeper understanding and respect for financial literacy. Alongside this, the innovative system aligns perfectly with the school's core values, reinforcing respect, responsibility, compassion, integrity, equity, and balance.
So, how does it work? The classroom economy system is a miniature version of the real world. Students earn "Bayview Glen Dollars" for their assigned jobs and are rewarded for modelling consistent good practices and showing a strong work ethic. With their earnings, they pay for their desk and chair rent, electricity bills, school supplies, and the occasional treat or privilege. This hands-on approach provides students with practical experience in real-world math skills, such as budgeting and understanding the value of saving for future goals.
The classroom economy also opens doors to entrepreneurship and philanthropy, allowing students to explore the concept of investment as a means of growing their BVG dollars. Alongside this, it also encourages young business minds to give back, as students explored in December when they turned their BVG Dollars into real Canadian Dollars to raise $421 for SickKids by setting up a hot chocolate business.
Since its conception in September, the classroom economy has already proven that it is more than just a teaching programme. It has shown that it is a transformative experience that instills financial literacy in young minds, preparing students for the real world. It is not only a practical way to teach students about money management, but also promotes respect, responsibility, compassion, integrity, equity, and balance, including a healthy bank balance!
