A fiver to build a business – Principality and Young Enterprise launch competition for students at home in Wales

Principality Building Society has teamed up with the UK’s leading enterprise charity Young Enterprise to bring an entrepreneurial challenge to students at home in Wales.

The Fiver from Home initiative asks students aged 5-11 years to create, research and plan a business with just £5. As the sponsor of Fiver from Home in Wales, Principality has provided funding allowing Young Enterprise to bring the challenge to Wales on a larger scale and in the Welsh language.

Fiver from Home has been created in response to the coronavirus pandemic in place of the Fiver Challenge which would have usually been run in the classroom. The new initiative allows young people to develop their creativity, commercial awareness and money management skills while at home, whether before schools reopen on June 29 or throughout the summer.

During the project, students will learn important skills for starting their own mini business, including designing a company logo, undertaking market research, and planning their product/service. They will then pitch their plan in a Dragon’s Den-style to someone in their house. Throughout the summer months students will also have the chance to win prizes by entering monthly competitions for the best logo, sales pitch and overall project in Wales.

Over the past 18 months, Wales’ largest building society has been working with partners such as Young Money and Young Enterprise to reach over 11,000 students with financial education and careers-based activity in the classroom. The challenge, now adapted to the home, will ensure no one misses out.

Mike Jones, Interim CEO, Principality Building Society said:

‘’We’re delighted to have teamed up with Young Enterprise to bring the Fiver from Home challenge to children and young people in Wales. As a mutual society, we are passionate about helping young people to build their life skills, which includes supporting hard working schools with financial education and careers-based activities. As most of us are staying at home, this is a fantastic and highly interactive opportunity to spark young people’s interest in the world of entrepreneurship, whilst developing key money management skills along the way.’’

Parents and teachers can sign up and access the resources on Young Enterprise’s website.

Russell Winnard, Director of Programmes and Services, Young Enterprise said:

‘’Fiver from Home provides young people with a brilliant opportunity to develop transferable skills and attributes that will remain with them for life.  We are thrilled to be partnering with Principality to offer this programme to young people across Wales, helping to support the development of valuable life skills in a fun and engaging way.’’

To find out more, visit www.principality.co.uk/fiverchallenge