The "Math’s at Work" Project
A partnership project between St. Thomas School and Barclays Bank
Aims of project
The aims of the project were to help improve attainment in math’s at primary age, and to engage people in business in supporting children as part of their own development.
Personnel Involved
Number of Children 23
Children's Age Range Yr6 (10 -11yrs old)
Teacher involved Andrew Rushton (Math’s, IT, KS2 Co- ordinator )
Company Barclays Bank
Barclays Staff involved Ian Ellis, Cathy Nealon, Adrian Yeo, Adriana Beer and Steve Wignall
Objectives
The objectives were to;
increase knowledge of and to encourage a responsible attitude to money and budgeting
promote saving within school
identify math’s in a real life context, both in occupation , Barclays Bank, and day to day life
consolidate number skills, including addition , subtraction , multiplication, percentages, division in the context of money
experience different techniques of data handling.
Planning a Holiday - a problem solving activity
Project Theme
Children were asked to plan a foreign holiday and research details - the cost for four people, currency, distance and time taken to travel.
Each group was given a proportion of the amount needed (£500) for the holiday and an income of £100 per person. The task was to accumulate the remainder of the money needed over the course of the project.
Groups were allowed to save money at a given interest, apply to Barclays for a loan, but had to invest at least some of the money in well-known company Shares that were selected from a shortlist.
The group that managed to raise the money would be declared the winners and receive a prize.
During the project the children visited a branch of Barclays Bank.
Session outlines
Session 1The project was briefly outlined to the children and they were given the exercise and set tasks.
Tasks
1.Decide where you are going and work out how much your holiday will cost.
You have to pay 15% insurance, how much will you pay?
Airport tax is 10%, how much will you pay ?
How much would your holiday cost if you went in July, September,
October ?
Does the hotel where you stay effect the cost of your holiday ?
2.How far will you have to travel if you went in a straight line? How far if you tried to fly over land as much as possible?
3. If the plane travels at 300 kmph, how long will it take you to get there ?
If there was a 12 kmph tail wind how long would it take you to get there ?
If the tail wind was 25 kmph how long would it take you to get there ?
If there was a 12 kmph head wind how long would it take you to get there ?
How long if the head wind is 25 kmph
Each group then reported back on where they had decided to stay and how much it was going to cost them.
Session 2
The children were told that they had only got £400 cash towards their holiday, and a combined income of £400 per month.
The children were then set tasks for that week.
Tasks
How much money do you need to raise for your holiday ?
How are you going to get the other moneys needed?
Are you going to have a loan if so how much are going to borrow ?
How much will that cost you ?
How much will you pay back at the end of the loan period?
How much money are you going to save?
Which account gives you the best rate?
How much money will you have saved at the end of the period?
How much interest will you have been paid?
Members of the bank represented the "bank" and would decide how much each group would be able to borrow and at what interest rate. The rates and amounts lent were set so that the shortfall could not be met simply by a loan. Children had to present the costing of their holiday, with figures set out clearly, to the bank who then decided how much they would lend that group. This was done in role play.
Session 3
There was a class discussion on Shares and what they are and why rates changes. The children then had to decide how much of their money they were going to use to buy Shares and which Shares they were going to buy. Once more in role play they had to go to the bank and buy the Shares, on doing so they received a Share certificate.
Tasks
How much money are you going to invest in Shares (a minimum of £20)?
What Shares are you going to buy ? How many?
How much will they be worth if they grow at 5% each week?
Share prices were changed weekly, +/- to reflect changes that can occur in markets. These changes were made by Barclays.
Session 4
Children monitored the Shares, saving accounts and worked out what there. They then had to work out what the value would be if they continued to grow at the same rate, and to calculate if there will be any shortfall in the money being raised for the holiday. The new rates were given to the children by Barclays staff. Given this information the children had to decide what to do next - buy more Shares, save more, trying to make up any shortfall. The children also had work out how much foreign currency they would get for £150. Also, how much they would get if they changed it back.
The children had to develop a means of keeping a record of the money they had in the bank and the value of the Shares held.
Session 5
Children monitored their Shares, savings accounts, foreign currency. Again they made a forecast to see if at the end of the term they would have enough money to go on their holiday. They then planned what to do next. Buy more Shares ? Invest more in a savings account ?
Samples of Children's Work