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Oak Hill Elementary School’s Money Camp returned after a five-year pause caused by the COVID-19 pandemic and school renovations, giving students a hands-on lesson in earning, spending and managing money.
The summer program, open to rising third- through sixth-graders, centers on a classroom mini-economy. Students take jobs, collect salaries, pay taxes, confront surprise expenses and eventually operate small businesses.
Sixth-grade teacher and longtime camp leader Jeanette O’Malley runs the program with advanced academics resource teacher Cathy Lahr, sixth-grade teacher Amy Klopfenstein and Dana DeOcampo, a first-grade teacher at London Towne Elementary School.
Students named their imaginary town Cent City and applied for positions including mayor, banker, real estate agent, store clerk, advertising executive, paymaster, tax collector and insurance agent. Each job carried its own duties and salary. The student mayor even held informal town halls during recess to resolve disputes.
“The students are learning how money works in real life — and that all the money you make isn’t what you bring home,” O’Malley said. “They’re shocked by taxes!”
Campers created a currency they called “banananas,” opened bank accounts and practiced writing and endorsing checks. They also made deposits, withdrew funds and tracked their earnings with spreadsheets and deposit slips.
Unexpected scenarios introduced another part of adult financial life. Students might have to cover the cost of a flat tire or replace glasses damaged by chewing, forcing them to adjust their plans.
The week built toward Friday’s Market Day. By Thursday morning, students were constructing booths and finishing products for sale. Peer surveys helped them set prices and understand basic marketing.
Ellie, a rising fourth-grader working as Cent City’s store clerk, said she enjoyed supplying classmates with the materials needed to create their products.
“I love my job because I help everyone, and you can’t make a product without getting stuff from the store,” she said.
Children’s books reinforced the economic lessons. Campers used Those Shoes to examine needs and wants, while Arthur’s Pet Business prompted discussions about resources and entrepreneurship.
Mixed-age groups also gave students opportunities to form friendships, negotiate business choices and solve problems together. Designing products, promoting them and maintaining financial records required communication, collaboration, adaptability and critical thinking.
O’Malley said the students’ enthusiasm keeps her involved in the program.
“Seeing how fun it is for the kids is why I continue to do it,” she said. “There’s an endless supply of topics we can cover — jobs, taxes, insurance. It’s all real life.”
Through its simulated economy, Money Camp introduces students to taxes, insurance, saving and investing while showing how individual financial decisions can affect a wider community.