Year 11’s look into their financial futures

October 14th 2014

In July 2014, MyBnk North East delivered a Money Twist session to 41 young people at Thornaby Academy

The young people were preparing to move in to their final year of school and the interactive session gave them valuable skills and knowledge to help with their future finances. Topics included budgeting money, prioritising needs and wants, savings and pensions.

The session began with the Year 11’s sharing with the group the last five items they had purchased. The receipts were then used to help them identify their needs and wants. The teachers also volunteered to write a receipt of the last items they had purchased to allow the young adults to assess their receipts and identify which items they needed to buy and which items they didn’t necessarily need but wanted.

The receipts then opened up several of debates and then allowed them to begin prioritising their needs and wants and looking into budgeting their finances.

Ryan, 14 said:

“I have an understanding about the difference of a want and need, which will make me think twice when spending my pocket money”

To help the young adults learn more about budgeting they were set a task to help a case study of a young lady to save up for a holiday to Ibiza. The whole class created a budget which would in fact save the young lady enough money to take her trip to Ibiza and still live the same lifestyle.

Whilst creating their budget’s the class learnt about the different household costs and bills people might budget for. Also different types of insurance a person may pay to help protect themselves, their home, car and pets.

After they had finished the budgeting the class were shown different savings options that could be available and the interest rates of savings. The class then looked through the advantages and disadvantages of certain savings account and pension schemes.

Kern, 14 said

“I thought the workshop was very engaging and good because it gave me more of an understanding of insurance, tax, pensions, bills and money”