Young People Give the Chancellor a Run for his Money

July 9th 2013

In March 2013, Bishopsgarth School invited Five Lamps’ MyBnK Project to deliver a taster session in Money Twist Key Stage 4

The school used the back-to-back Money Twist session to start ‘Learn Money Week’ with year 10 students.The topics included in the sessions were payslips, tax and national insurance; careers and minimum wage and Government spending.

One of the preferred activities of the students was a section where the young people got to be Lord Chancellor of the Exchequer and had a go at the Budget….with only £693bn to spend and being in control of all the purse-strings apart from interest Britain owes out from Borrowing.

The sessions had a positive impact on the students: 75% improvement in their understanding of minimum wage; 64% improvement in their understanding of what deductions are made from a person’s payslip and an 80% improvement in their understanding of how the government spends tax money.

Five lamps’ MyBnk project offer Enterprise education as well as Financial Inclusion and are all suited to tie in with many areas of the curriculum including Maths, English, Business Studies, PGCE, Work Related Learning and many more such as PSHEE.