Young entrepreneurs make it their business to learn about money

The impact of the economy does not fly over the heads of kids at Owairaka District School in Mt Albert, where children are learning all about profits and losses, projected earnings and taxes.

Children in Years 5 and 6 have been running their own enterprises since the end of April and will take their business to market tomorrow.

A number of schools throughout New Zealand undertake the Primary Enterprise Programme (Prep) which teaches children what it takes to earn an income and operate a small society.

Teacher Philip Waller said the students used "Owairaka money" to pay their staff, learned they had to use sick leave if they were away from enterprise sessions, and had to put all resources they used to produce their products through a "warehouse" they could not just take materials from the stationery cupboard or from home.

The students had to apply for jobs by presenting their curriculum vitae. Some students had to deal with "unemployment" while they job hunted, Mr Waller said. They had to budget for marketing their goods and process their earnings and wage payments through their class banking representatives.

Some groups have made crafts, others have made computer games and one is running a newspaper.

Mr Waller said the students had not only learned about the value of working for money but he had noticed that some had been managing their time better as a result of the exercise.

The year groups collaborated for two sessions a week to develop their businesses - and each company paid its staff for their attendance.

Tomorrow the students will be able to spend money they have in their bank at market day.