Business: Can Aberystwyth children turn a profit with £5?

Ceredigion school pupils were tasked with turning a profit from £5

Tomorrow's business billionaires have turned their first profit - and they have not even left primary school.

The kids at Llanfarian School near Aberystwyth, Ceredigion, took part in a scheme where they were given £5 each to build a business.

By the end, the 10 students had made a combined profit of £560.

Head teacher Helen Davies said it was more important than ever to teach children about money.

Guidance on Wales' new national curriculum said financial education and entrepreneurship should be part of lessons.

The move away from cash has made it harder for children to understand finance, Ms Davies said.

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That is why her pupils were enrolled in the Fiver Challenge.

The children came up with ideas from flogging tie-dye t-shirts to candles in teacups.

Ms Davies thought the cost-of-living crisis had made the matter even more pressing.

She said: "If they don't understand what money is worth, then how are they going to be able to budget in the future?"

The Fiver Challenge is designed to help primary school pupils understand money management and entrepreneurship.

The children came up with ideas from tie dye t-shirts to candles in teacups

Evie, who sold paintings, said: "I've been doing art since I was little, so I thought it would be a good idea.

"I use watercolours because I think it's more detailed and looks more realistic."

Classmate James, who created a comic book, said: "I wanted to make something fun. It's about a superhero."

Rosa could not decide on one thing so made bath bombs and rocky road, also known as tiffin.

"I wanted to do a lot of different things," she said. "I wanted to make cake and something younger people would want."

Some pupils used their hobbies as inspiration.

A £5 note may not stretch too far these days, but it was enough for all 10 schoolchildren to turn a profit

Skyler collected glass worn down by the sea from the beach and made it into jewellery.

She said: "Me and my mum always go around looking for sea glass, I like all the different colours."

Arianna decorated pebbles and turned bottles into hanging candle holders, saying: "My auntie had spare bottles in her shed which she wasn't using."

All 10 children turned a profit, and decided to donate half - some £280 - to Macmillan Cancer Support and Great Ormond Street Hospital.

Ms Davies said: "One of the things the five pound challenge taught them was how little a £5 note can actually buy you."

She had previously taught pupils about profit and loss by making and selling jam, but said this scheme introduced elements like marketing and pitching ideas.

"There are language skills, maths skills and all sorts that have come into it," said Ms Davies.

Tony Smith, chief governance officer of Principality, which sponsored the scheme, said it taught life skills.

He said it was "really important" to foster an understanding of concepts like money management and entrepreneurship.

A recent survey for the Money and Pensions Service (MaPS) suggested half of Welsh children had not received a "meaningful" financial education.

Wales MaPS manager, Lee Phillips, said: "Financial decisions can bring real benefits and profound consequences, so it's crucial to learn from a young age."