CHILDREN at a village primary school have been given an early insight into the world of banks, credit cards and saving up.

Belthorn Academy Primary School has introduced a new banking system to reward pupils for working hard and good behaviour.

Under the innovative scheme, children are given a banking book and can earn points which are then placed in their account.

These can be withdrawn from the 'bank' and used to buy a variety of treats.

School bosses said the initiative was intended to fill a gap left in the curriculum.

Business manager Elizabeth Banyard, who has developed the bank with the help of Year Six teacher Melanie Egan, said: "In this day and age of plastic, we decided the children did not know enough about money.

"So we thought we would add this to their life skills.

"We got in touch with the banks but they said they did not do this sort of thing any more, so we opened up our own bank."

Mrs Banyard explained how the system was working.

She said: "The children pick up points throughout the school for things such as good behaviour and then they bank them.

"It is teaching them how to cash up and how to move cash around and turn it into prizes.

"We are hoping to develop it into things like mortgages and other things like that.

"Each child has their own little bank book and they get points and the teacher stamps their book.

"Then they go to the cashier and pay it in.

"Different year groups can get different prizes and some cost more than others, so they can save up for a bigger prize or withdraw all their cash straight away for a smaller one.

"The children love it. They are so keen on it and it makes them work harder. It gives them motivation as well as teaching them about the value of money."