Lately we have been hearing loud and clear about how important it is to teach our children about managing and handling money. We know that in the school system these subjects are hit and miss and you are lucky if your child has a teacher who is willing to take this important task on.
Well, it so happens there is one elementary school teacher I know of who is up for the challenge. His name is Mr. Brian Barlow of Birchcliff Public School and he has introduced my daughter and her Grade Six classmates to an innovative and imaginative financial literacy program he developed many years ago.
This is how it works. Mr. Barlow issues Barlow Bucks (he creates his own paper notes) to each student at the beginning of the school term. The Bucks can be used to purchase items from the Barlow store, which mostly stocks school supplies such as pencils, erasers, markers, etc. In addition, each month, students are required to pay ten Barlow Bucks for the rental of their desk and chair. At the same time, students can earn Barlow Bucks by getting their homework done on time. They can also lose Barlow Bucks for lagging on their homework or for acting out in class.
At the end of each month, students receive ten per cent interest on their Barlow Bucks and must be timely about paying the rent on their desk and chair. If they run out of Barlow Bucks because they’ve spent them or lost them, they can borrow from Mr. Barlow but must pay interest on the Bucks borrowed.
Now, an interesting aspect to all of this is that Mr. Barlow’s original reason for creating this program was very practical. He was constantly and indiscriminately giving out school supplies to kids who did not seem to understand or respect the fact that school supplies cost real money. Barlow’s Bucks have resolved that issue with the added benefit that kids act out less in class and are more attentive to delivering their homework on time. They also seem to respect their supplies more and guard them with their life for fear of having to shell out more bucks for new ones.
It all comes down to that good old-fashioned notion of incentive. Kids have to stop and think carefully now about the prospects of parting with what has become a much coveted currency. And there’s a humorous side to Barlow’s Bucks, too. They have become so popular that the threat of a black market for them has surfaced. Of course, the rules are that Mr. Barlow is the only one who can create Barlow’s Bucks. But that has not stopped students from joking that they intend to make their own counterfeit bucks using a photocopier.
Such is to be expected when you create a mini local economy of this nature, which has evolved to take on a life of its own within the Grade Six society. In fact, students are using Barlow Bucks to buy and sell all sorts of things now. My daughter reports that one of her school chums brings small bags of chips to school every day and sells them for ten Barlow Bucks a bag. What really struck me as funny is that some kids even provide cleaning services to others. They earn up to 20 Barlow Bucks for cleaning up another child’s desk. At this rate, the school will see competitive markets developing with ad campaigns in hallways, all paid for with Barlow Bucks.
At the end of the school term, there is a Barlow Store auction where supplies are sold at reduced rates. It’s proving to be a lively event. Some students save every single Barlow Buck they get and have thousands of bucks at the end of the year. As well, students are forming alliances to pool their Barlow Bucks for the purchase of “big ticket” items. To pool their bucks, students must apply for a “joint” bank account. In the end, according to my daughter, all the students have a blast with Barlow Bucks. Indeed, my daughter just can’t seem to stop talking about them.
From my perspective as a parent and someone who is in the business of promoting financial literacy, Mr. Barlow is doing a wonderful thing here. He has created a program that teaches kids about money in a fun, engaging and very practical way.
I think teachers everywhere can learn from his example.
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When I was in public school I had a teacher who did just this. His “Devos Dollars” were leather circles about the size of a loonie, and he used them in more or less the same manner. Along with school supplies, Devos sold chocolates made at the local chocolate factory, Mr. Noodle packs which were all the rage in the 90s, and at the end of the year even sold rugs and old or used electronics in his big blow-off auction. I remember that he had been doing it for decades, and some of the leather circles were older than we were.
What a wonderful and creative idea. School board should consider to include this in their curicculum.
I really enjoyed this column, especially the part about the black market for B bucks. It is so interesting to see how human beings possess such a natural instinct for trade and exchange. Not only did Mr. Barlow instill the notion of rationing and money management, he also demonstrated the direct connection between work and reward which may be an even greater lesson. Students, myself included, may fail to apply themselves because the results of their efforts are not sufficiently tangible. For some an A and a pat on the back isn’t enough motivation, but I would bet money, or Barlow bucks, that these same students would be compelled to work harder if they understood the direct correlation between their efforts in school and the vehicle they will end up driving in their 20’s.
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