Some Frequently Asked Questions about the Fiver Challenge
Who can take part in the Fiver Challenge?
Young people between the ages of 5 - 11 years can take part. The only requirement is that in order to participate, the young person will need their school or an adult to register to have access to the Challenge resources.
When will the Fiver Challenge run in 2019?
- In England and Wales the Challenge will run from Monday 3rd June - Friday 28th June
- In Scotland and Northern Ireland the Challenge will run from Monday 13th May - Friday 7th June
Can pupils take part on their own, or do they need to be part of a team?
Pupils taking part in the Challenge can either choose to work on their own, or work in a group.
For those pupils who want to take part as a group, we suggest that there should be no more than eight members in their group, otherwise there is a risk that some pupils may feel disengaged.
Fiver from Home is an adapted version of the Fiver Challenge that allows students to imagine what business they could create with just a £5 note.
This is a mini home-based project which aims to inspire primary age children to actively learn, develop and grow their entrepreneurial skills.
It will not involve any trading of products but will focus on all the preceding stages - initial concept ideas, market research, logo development, business planning and a sales pitch.
All Fiver from Home documents and guidance will be released onto the platform after the Easter break, so register now to have access on the day of release!
How long will participants have to make a profit with the money they are pledged?
Pupils have four weeks to make as much profit as possible during the Challenge.
How do pupils receive their Fivers?
The school is responsible for distributing the fivers that the pupils will need to take part in the Challenge. Funds must be distributed before the Challenge starts.
Will participants have to repay the Fivers?
If the pupils make a profit during the Challenge, they are asked to donate a 50p per £5 pledged, this is known as the Legacy Contribution. This donation is crucial to sustaining the Fiver Challenge Bank.
What if pupils cannot repay the Fivers?
If pupils cannot repay the fiver they have been pledged, then they should at least return £3. The school will be responsible for collecting the pledge and the legacy donation from the students on completion once they finish the Challenge. For further information please view the full Fiver Challenge Terms and Conditions.
What happens with the profits made from the Fivers?
It is up to the pupils to choose whether they would like to donate or spend their profits. Lots of teams chose to donate their profits (or at least a portion of their profits) to local and national charities or causes that are important to their community or school.
What support is available during the Challenge?
The Fiver Team are dedicated to supporting schools and students throughout the Challenge. If you need any help at any stage you can contact the team directly by emailing firstname.lastname@example.org or calling 07966 048074.
Are there resources available to help prepare for the Challenge?
There are lots of resources for teachers to use before and during the Challenge, including resources, details of competitions to help you plan and deliver the four weeks of Fiver.
These resources are available on the Challenge participation platform - once your registration has been confirmed , you will be sent a unique log-in and a link to this platform.
More details about the Fiver Challenge are available in 'Terms and Conditions.'