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Overview
The Rt Hon Ed Balls MP, Secretary of State for Children, Schools and Families, has today joined children of Ferndale Primary School in Great Barr, Birmingham to launch a revolutionary new financial teaching resource – the AweSum Challenge.Research suggests that only one-in-four people in the UK have a savings habit. According to Personal Finance Education Group (Pfeg) over half of England’s teenagers are in debt by the time they reach 17. Pfeg also went on to say that 67% of young people are constantly worried about their finances.
Commissioned by the West Bromwich Building Society, the AweSum Challenge goes to the heart of the national curriculum in teaching mathematics in primary school. Developed by Birmingham City Council educational specialists, this free online game enables children aged 8-11 to tackle the difficult areas of money calculations and problem-solving, giving them an appreciation of the value of money that is so necessary in avoiding the pitfalls of debt in later life.
Designed for use in the classroom, AweSum Challenge is based in a fictitious snowdome. The pupils take part in simulated snowboarding. However, the main test lies in the series of randomly-generated mathematical problems that the children have to overcome during the four stages of the game.
Catering for children of differing abilities and aptitudes, the game is pitched at three levels – Gold, Silver and Bronze – allowing the children to work their way up to the highest standard of becoming an AweSum Challenge Millionaire.
In pre-launch trials, children found AweSum Challenge fantastic to play but it also has a very serious purpose. Funded by the West Bromwich Building Society and its partner body, the Mercian Trust, the game is a vital part of the Society’s commitment to the community, which includes initiatives that help people acquire the skills and confidence to cope with money matters, including the avoidance of debt.
For pupils, there are clear rewards in the enjoyment and educational benefits of the AweSum Challenge game, but schools can also gain from it. On Sunday 29th June, the Top 20 pupils in the UK will take part in a Grand Final at Birmingham University where the outstanding pupil will win £5,000 for their school with prizes for each runner up.
In the opinion of Stephen Karle, the West Brom’s Chief Executive, AweSum Challenge can have a major impact for young people in giving them the rudiments of financial literacy at an early age. As he says: “Financial literacy gives people greater control over their lives but, as teachers tell us, it also needs to be part of a child’s education from an early age. That is the beauty of AweSum Challenge. It helps children gain the valuable mathematical and problem-solving skills associated with financial literacy in a way that is fun and accessible.”