How Does It Work? Money, episode 2: How Do Banks Work? (Where your money goes when you save it). Financial literacy for kids aged 8 to 12 and their grown-ups.

0:00 Intro
0:17 The first bankers sat on benches
0:48 What happens when you deposit money
1:09 Banks lend your savings to others
1:34 How a bank makes money
1:59 The bank for banks: central banks
2:26 What if everyone wants their money back?
2:54 Money words recap

Money words in this episode: Bank, Deposit, Loan, Interest, Central bank, Bank run

All episodes: https://howdoesitwork.fullstackpartner.com

Image credits (Wikimedia Commons):
"Palazzo Salimbeni, Siena, Headquarters of Monte dei Paschi di Siena, the worlds oldest surviving bank.jpg" by . Ray in Manila, CC BY 2.0, https://commons.wikimedia.org/wiki/File:Palazzo_Salimbeni,_Siena,_Headquarters_of_Monte_dei_Paschi_di_Siena,_the_worlds_oldest_surviving_bank.jpg
"Firenze - Piazzale Michelangelo, Firenze, Italy - April 6, 2015 02.jpg" by Giorgio Galeotti, CC BY 4.0, https://commons.wikimedia.org/wiki/File:Firenze_-_Piazzale_Michelangelo,_Firenze,_Italy_-_April_6,_2015_02.jpg
"Cosimo di Medici (Bronzino).jpg" by Workshop of Bronzino, Public domain, https://commons.wikimedia.org/wiki/File:Cosimo_di_Medici_(Bronzino).jpg
"WinonaSavingsBankVault.JPG" by Jonathunder, CC BY-SA 3.0, https://commons.wikimedia.org/wiki/File:WinonaSavingsBankVault.JPG
"Safeaccounts.jpg" by Although, Public domain, https://commons.wikimedia.org/wiki/File:Safeaccounts.jpg
"Immeuble du Crédit Lyonnais (siège).jpg" by Renaud d'Avout, CC BY-SA 3.0, https://commons.wikimedia.org/wiki/File:Immeuble_du_Cr%C3%A9dit_Lyonnais_(si%C3%A8ge).jpg
"Belgium 2013 (11620905224).jpg" by Bryan Ledgard, CC BY 2.0, https://commons.wikimedia.org/wiki/File:Belgium_2013_(11620905224).jpg
"Bakery sales counter in Paris.jpg" by THOR, CC BY 2.0, https://commons.wikimedia.org/wiki/File:Bakery_sales_counter_in_Paris.jpg
"Paneum - Ägypten Bäckerszene 1.jpg" by Wolfgang Sauber, CC0, https://commons.wikimedia.org/wiki/File:Paneum_-_%C3%84gypten_B%C3%A4ckerszene_1.jpg
"Credit-cards.jpg" by Lotus Head from Johannesburg, Gauteng, South Africa, CC BY-SA 2.5, https://commons.wikimedia.org/wiki/File:Credit-cards.jpg
"London.bankofengland.arp.jpg" by Adrian Pingstone, Public domain, https://commons.wikimedia.org/wiki/File:London.bankofengland.arp.jpg
"Mastercharge and Bankamericard.jpg" by Jengod, CC BY-SA 4.0, https://commons.wikimedia.org/wiki/File:Mastercharge_and_Bankamericard.jpg
"Bank-of-England.jpg" by acediscovery, CC BY 4.0, https://commons.wikimedia.org/wiki/File:Bank-of-England.jpg
"Marriner S. Eccles Federal Reserve Board Building.jpg" by AgnosticPreachersKid, CC BY-SA 3.0, https://commons.wikimedia.org/wiki/File:Marriner_S._Eccles_Federal_Reserve_Board_Building.jpg
"Obverse of the series 2021 $1 Federal Reserve Note.jpg" by Aisrotkev8000, Public domain, https://commons.wikimedia.org/wiki/File:Obverse_of_the_series_2021_$1_Federal_Reserve_Note.jpg
"Bank Run on American Union Bank.jpeg" by Wikideas1 Wikideas1 (talk) (Uploads), Public domain, https://commons.wikimedia.org/wiki/File:Bank_Run_on_American_Union_Bank.jpeg
"Unemployed men queued outside a depression soup kitchen opened in Chicago by Al Capone, 02-1931 - NARA - 541927.jpg" by Unknown authorUnknown author or not provided, Public domain, https://commons.wikimedia.org/wiki/File:Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone,_02-1931_-_NARA_-_541927.jpg
"10 livres tournois banknote issued by Banque Royale, France, 1720. On display at the British Museum.jpg" by Osama Shukir Muhammed Amin FRCP(Glasg), CC BY-SA 4.0, https://commons.wikimedia.org/wiki/File:10_livres_tournois_banknote_issued_by_Banque_Royale,_France,_1720._On_display_at_the_British_Museum.jpg

#FinancialLiteracy #MoneyForKids #HowDoesItWork #Economics #Saving #Investing