Credit crunch learning

Playing shops has been a primary school pastime for generationsbut for the children of the credit crunch it has just turnedserious.

Schools are setting up banks and allowing pupils to deposit realmoney and earn interest with the help of staff from high street andinvestment banks.

Pupils who struggle with maths will also get a bank manager orclerk as a mentor to help them to learn how to handle money andimprove their arithmetic skills.

Jean Gross, director of the Every Child a Chance Trust, which isrunning the scheme in conjunction with Barclays and Deutsche Bank,says that some seven-year-olds could not count beyond two. "Aftertwo years in school some children have no idea of maths," she says.

Eligible children will have qualified for the Every Child Countsprogramme, which aims to give one-on-one support for those who findmaths especially difficult at an early age.

"We want them to see that maths is fun, maths is good and helpsyou get on in life. These volunteers from Barclays will give themhigh aspirations. The pupils in the scheme may think to themselves,'Maybe I'll work in a bank one day'.

"It's important that children become financially literate. Somany people don't know how to manage money," Ms Gross adds.

She denied that the banks were trying to secure future customersthrough the scheme.

"The more financially capable people we have in the future thebetter it is for banks," she explains. Barclays has pledged Pounds1.4 million to providing maths kits and mentors for 1,440 childrenover three years in the Midlands but the scheme will be extendedacross the country.

The maths kits include games such as snakes and ladders, dominoesand jacks.

"We are trying to get families confident to help their child withmaths. There is a big problem with adults who feel that they can'tdo maths.

"But it's not just pages of sums, it's used when you're shopping,or playing board games," Ms Gross said.

Government statistics suggest children can increase their mathsskills by 15 per cent if they are helped at home.

Mike Amato, chief distribution and product officer of Barclays,says: "In the current highly risky and complex financial climate, itmakes economic sense to intervene early with seven-year-olds to stopthem costing the public purse billions later."