Personal Finance Sessions

During activities week all year 9 students took part in a personal finance day. This event was organised to give students a greater understanding of the issues involved with managing money and to give them a greater sense of the worth of money. The students were involved in 6 separate sessions throughout the day, which were provided by external visitors to the school.

They were invited to debate how their priorities regarding money will change as they move into adulthood. Students talked openly about their current income and how they currently spend it and were surprised to find out what, on average, their parents spend the majority of their income on. They also considered the consequences of not prioritising bills and debts.

They took part in an activity called Motormania which looked at the actual total cost of buying and running different types of cars. This allowed them to look at monthly loan repayments and realise that much more is paid back overall, but also to consider insurance, tax and fuel costs.

A very popular session (it involved chocolate and crisps) was the “price it right” activity. Students learned the prices of items which are commonly found in a weekly shop and compared branded goods to own make brands from a supermarket. They also compared prices from various supermarkets and the session ended with a blind taste test to see which products they preferred when the packaging was taken away.

They looked at taxation and considered how much the Government receive and where the money is spent. This involved an activity where one student is given the post of Chancellor of the Exchequer and the others represent different cabinet members who must argue to receive money for their departments. The chancellor has the final say on how the budget is broken down.

They found out about the options that are open for them on leaving school and the funding that is available for training courses, further education, etc. They also were informed about the issues such as the minimum wage which will affect all those involved but particularly those who decide not to pursue further education. The Connexions speakers who delivered this session will continue to be involved with and give advice to the pupils, until they leave school.

Students also considered the services provided by banks both at their current age and in the future when representatives from the HSBC and Abbey banks provided sessions. They found out about different types of accounts, and the benefits of each. They also discussed mortgages, loans and credit cards and the responsibilities of entering into these types of agreements with banks.

When the external visitors left the school they were asked to provide comments about the sessions and students from the school. The responses were excellent so well done to everyone who took part. Some of the comments given are shown below.

“Pupils seemed very enthusiastic and participated well in activities.”

“Thoroughly enjoyed the day!!”

“The students have been a credit to the school – I have enjoyed the days very much – thank you!”

“Very polite students; made very welcome.”

“Behaviour of groups was largely impeccable.”

Thank you to all students involved for the enthusiasm, effort and behaviour displayed on the day.

Special thanks to the following people.

Donna Arkle, Brian Arkle, Moira Shaftoe and Emma from TEDCO
Judy Short from PFEG
Chris and Matt from Connexions
Pat Dellows from the HSBC bank
Helen Price, Jo and Janet from the Abbey bank

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