Financial literacy is an important life skill for everyone: the ability to make financial decisions is the key to identifying and making the best use of the opportunities in today’s changing world. Financial literacy awareness is incorporated into the PSHEE course to make sure that pupils leave school with the confidence, skills and knowledge in financial matters to take part fully in society.
In Year 9, pupils learn about the role of banks; the importance of saving and how to choose a suitable bank account. Pupils discover how to get value for money when purchasing a mobile phone and are introduced to the concept of borrowing and the dangers of credit cards.
In Years 10 and 11, pupils learn about budgeting and saving; planning for a holiday or buying a car and how the economy functions and taxes are spent. They also engage in a ‘Dragon’s Den’ enterprise activity for setting up a café. They are introduced to their rights and responsibilities as consumers, employers and employees. They also take part in a ‘Fair Trade’ role-play game that introduces them to the challenges of globalization and the pressures facing producers in the Developing World.
In Years 12 and 13, the students are fully informed about how to apply for student finance and how to cope with the financial challenges of today’s university life: managing their money on a day-to-day basis, handling debt in a controlled way, and guided as to how to plan for their future independent living.
The teaching expertise provided in school is further supplemented in Years 11-13 with the use of external guest speakers from MyBnk. They provide advice on a range of financial issues relevant to young people.