One Friday night in Enfield, north London, a group of children ages eight, nine and 10 discuss cryptocurrency and what people do with their money. In the evening breeze float post-its with words such as “electricity”, “toys”, “Netflix” and “bitcoin”, stuck on signs titled “spend”, “save” and “donate”.

The 20th Edmonton Cubs had been challenged to write down ways to use the money, and after five minutes they found a lot of things – from the mundane to the unexpected. Although, as pointed out, “most of them relate to expenses.”

They seem quite skeptical about bitcoin and quickly switch to a conversation that covers giving to charity and writing a will. Their next task is to figure out how they would go about buying a tent for a camp: the steps they would take, from viewing an ad, finding the item for the best price, to outfitting. fundraising to cover costs.

The group is experimenting with the first new badge for cubs and beavers in three years: the Silver Skills Activity Badge, developed to teach finance to children aged 6 to 10 at a time when transactions are increasingly high. invisible.

Contactless, digital and mobile banking – along with more than a year of lockdown and online shopping – mean some kids have little or no experience of seeing money physically changing hands.

The badge is designed to help them understand “in-app” purchases, how money works online and in stores, and make decisions about their spending.

Amy Butterworth, Program Design Manager at the Scout Association, says: “When people think of Boy Scouts, they often think of camping and hiking… but to get there, we have to have the budget to do it.

She says these skills are especially important after the pandemic, when “young people are going to be affected in ways that we [can’t] yet predict ”.

Activities that bear cubs and beavers can participate in include budgeting for a camp meal. In addition to learning how much the items cost and thinking about how to divide their money, members are also encouraged to think about the impact of their spending and what happens if they buy fair trade food. or organic.

In another activity, the beavers have to imagine that they are packing their pack for a hike – although they may have a lot of things to pack, they have limited space and have to decide among themselves what they need and what. they want, as when there is little. cash.

Louise Azavedo of 20th Edmonton set the tasks for cubs, aged eight to ten and a half, and beavers, which are younger, aged six to eight.

Beavers sorted plastic coins and tried to identify banknotes from around the world.

“They are going to design their own coins and banknotes which they will present next week – it’s called the Scout Pound, and they can use it to buy things as part of a game,” she says.

The badge, which is sponsored by HSBC, was developed with young people, parents and Scout volunteers, and was designed to be accessible even to children who still have difficulty understanding math.

Stuart Haire, Head of Wealth Management and Personal Banking Services at HSBC UK, said: “The Covid-19 crisis has tested the financial resilience of many families and has disrupted classroom learning, increasing the need for more flexible and effective financial education resources to help young people build financial capacity for a changing world.

“Creating exciting new ways for young people to engage in financial literacy is essential, and we’re excited to be working with Scouts to launch their Financial Skills Activity Badge – this year’s first financial literacy program. type. “

The badge, which shows a world with a piggy bank-style slot with money and a card, is one of many activity badges that Beavers and Cubs can earn by learning skills and completing tasks, whether at meetings or at home.

Guides can earn a similar Saver badge.