Financial Education Virtual Workshop for Year 12s
Financial Education Virtual Workshop for Year 12s
- Year 12 took part in a virtual session where a trainer delivered a financial education programme. The session included bank account options, reading bank statements, minimum wage, payslips, tax, pensions, needs and wants, budgeting, credit and debt and the benefits of saving.
- Financial traps like AER/ APR could increase loss/debt in paying back more than what you borrowed. The importance of setting up a bank account to suit your needs was explained; when setting up an account different banks provide different features. 2 examples were given where person A had 2 bank accounts because they didn't want their money in multiple places at once. However, person B had 5 different bank accounts all used for different needs. For example one of the accounts was used for travelling abroad, because it had specific features like free insurance and no charges/ fees incurred when making transactions in other countries, so this account was specifically used for travelling. But person A didn't travel as person B frequently did, so person A didn't need to make a separate account for this. So setting up an account depends on different needs and situations; how your money is stored depends on whether you will go to university and get student financial loans or get a job/ do an apprenticeship and earn while studying etc.
- Recommendations for apps included: yolt, squirrel, spending tracker and daily budget. You can find your Child Trust Fund on https://www.gov.uk/child-trust-funds/find-a-child-trust-fund , and go to https://www.uswitch.com for comparing products and finding the best deals-e.g. mobile contracts.
