1 July 2022 marked our 2 year anniversary! In recognition of the milestone, we invited young people and their families to join us for a tour of the Bank of England Museum, where they could learn more about the history of money and also meet other like-minded young people.
This celebration tied in nicely with our WYZ Money course, where we teach young people from the ages of 9 to 17 about money.
The history of money
Young people enjoyed a tour of the museum and learnt how gold gets its value. They also learnt about inflation (the increase in the cost of goods and services) and the role the Bank of England plays in keeping inflation under control and providing financial stability.
"I learnt how heavy a 99.5% gold bar was. It weighs 13kg!" - Nathan, student
There was tonnes of information on offer, including how the financial system is regulated so that the economy operates smoothly. This helped young people to see the bigger picture about how economics impacts personal finance.
"One thing I learnt is the history of money and that the first handwritten bank note was created in 1697. That was really interesting." - Student
Whilst young people learnt about money, they were also able to meet and network with their peers. Parents and guardians were also encouraged to attend and had the opportunity to meet others. This interaction was welcomed by all, after a long period of lockdowns and social distancing due to the COVID-19 pandemic.
Young people had quiz sheets to help them navigate the tour. There were simpler sheets for the younger attendees, so everyone was included and engaged. Most eagerly filled in the answers and there was a competitive atmosphere amongst the young people. They were bursting at the seams to move onto the next display, to continue completing their quiz sheet! Some of the displays were interactive, so young people were able to play about with some of the exhibits.
"It was a great evening and it was lovely seeing young people reading up on the exhibits. All seemed to enjoy the experience." - Lynette, Trustee
We also hosted a competition for young people to design a bank note. The guidelines reminded them of the essential features normally used for bank notes. There were some incredibly creative designs, proving that young people were taking their task seriously! It was a very tough to decide the winning design and the winner was the young person who incorporated most of the features listed in the guidelines. The winner will be awarded a retail voucher to enjoy.
The feedback from young people and parents has been incredibly positive.
“I was grateful to have an opportunity with Open Palm to learn more about the history of the Bank of England, from the inflation rate they try to achieve (2%) to when the Bank of England was founded! I had a lovely time as we did a bunch of activities such as designing a new bank note. Shout out to the team at Open Palm for making us feel welcome and comfortable!” - Anthonia, student
The event was organised by our amazing Fundraising team of volunteers. A huge thanks to the team for the planning and coordination, in addition to our other wonderful volunteers who attended on the day to coordinate the event.
We look forward to our next event and we thank everyone for celebrating with us!