Learning about Personal Finance for Year 10

On the 16th May 2011, the whole of year 10 took part in an activity learning about Personal Finance.  Each pupil was given a scenario involving their character ranging from ‘Student living in shared accommodation’ to ‘single parent with 1 child’. 

Each pupil had a budget involving cash, a bank account and credit card. 

Pupils had to manage their funds in order to pay for transport, rent/mortgages, the weekly food shopping, new clothes, healthcare, holidays and mobile phone bills.  To begin with, each pupil estimated how much they thought they would spend on each of these things and most pupils were unrealistic.  SCA invited various Employers in to help the students in the various workshops.

By the end of the sessions, the pupils had a better understanding of the cost of living, learnt how to write a cheque and knew how to balance their books.  They also understood the risks to using a credit card and the interest they could incur. 

Well done to the 15 pupils who showed excellent enterprising skills and received a certificate and a £10 Trafford Centre Voucher.