Witness

Taiwan School Bank Experiment: Money Lessons For Life (2019x2)

: 21, 2019

A counting machine flips through a stack of bright pink-coloured paper money - bills destined for children at an elementary school in Taiwan. The notes are either passed out by teachers for a job well done, exchanged by children at a student-run grocery store, or - if the experiment is a success - carefully saved up and responsibly spent. The idea for this school bank experiment was conceived by Lai Hao-wei, an education specialist at Wenlin Elementary School in Taipei, who was tasked by the school's principle to teach students the value of money. Taiwanese are no strangers to the hardships of recession given their export-reliant economy which fluctuates according to global demand, and Lai himself knows what it is like to misspend and run into debt as a young adult. 'When I first entered the real world, I had no understanding of finance whatsoever. I spent everything I earned every month. I even had credit card debt once. It took me a long time to pay that off,' Lai remembers. Inspired by the popular board game, Monopoly, Lai hopes that his 'Wenlin dollars' can teach students how to better manage their finances and prepare them for adulthood. 'Students will be able to learn about earning and spending,' Lai says. 'The children can earn their own money and take full responsibility. By doing this, I believe they can really experience matters of finance.' Lai's first challenge is to get teachers on board, which is not easy at the traditional school. 'It's quite an old school which makes it difficult to change things,' he says. 'I have no idea whether this whole thing will work.' And as Lai gets the programme going he encounters some unexpected challenges. He has angered some members of the Parent-Teachers Association, who accuse him of violating Taiwan's Labor Standards Act by 'employing' children. But Lai pushes onward with the programme to prove that his 'Wenlin dollars' truly have value.