Ages 8 to 11

A good way to teach key stage 2 about economic wellbeing is to create a savings plan for a fictional character. Let’s call him Horrid Harry.

Ask them to imagine Horrid Harry wants to save for the latest prank-making machine, which costs pound;27.50. His pocket money is pound;1.50, plus there is a list of extra jobs he can do to supplement his income, such as washing up (20p) and cleaning the car (pound;1).

Pupils should organise Harry’s timetable over the next four weeks so he can achieve his dream. But they must take into account that he still has to do his homework, socialise and play tricks on his friends.

To take this to the next level, you can introduce other options. Should Harry put his money into a building society account to earn interest? Should he accept his friend Peter’s offer to lend him the money at 20 per cent interest? If not, why not?

A good way to explain credit is to loan a pupil two of something and ask for three back. This exercise also explores the issues of buying, saving and borrowing

Julie Cornish teaches PE and PSHE at Whitehall Primary School in Waltham Forest, London