Money Management Summer 2017
Year 5 Module 3: Payment and Savings
Year 5 Money Mentors did a fantastic job once again teaching their classmates about the advantages and disadvantages of different methods of paying for goods. They also learned about interest rates and how this impacts on savings. This was another valuable lesson in how to manage money sensibly and prepares children for being responsible adults in later life.
Money Mentors teach their classmates about the importance of managing money.
Years 5 and 6 Money Mentors had a busy morning on Friday teaching their classmates all about Budgeting and Financial Risks. They did a fantastic job and really enjoyed the chance to share everything they've learned with the rest of their class.
Well done to all the Money Mentors:
Year 5 Mckenzie, Jacob, Elle, Theo and Faith
Year 6 Lance, Daisy, Re'nel, Jazmine, Leyton and Vincent.
Money Management Training Spring 2017
Year 5 Money Mentors have now been successfully trained in Module 2 Budgeting and are keen to deliver this to their classmates.
Year 6 Money Mentors had a lot to learn during their training on Module 5 which is all about Financial Risks. They are ready to teach the rest of the class about different kinds of debt.
Padiham Primary have been involved in the DebtAware Money Management Programme for the last sixteen months. We have now attained Accreditation Status for the way in which we have embraced the whole concept of the programme. Padiham Primary School believe that the teaching of money management is a very important life skill. We are delighted that we have achieved accreditation status in the DebtAware Money Management Programme.
Money Skills for Life
Children in Years 5 and 6 take part in the Money Management programme which is made up of six modules. The sessions are delivered to pupils by selected classmates known as Money Mentors. These children receive training from Brian Souter, the Education Manager at Debt Aware.
The aim of the programme is to equip children with the knowledge, understanding and skills to become financially literate and responsible adults.
The programme aims to:
- develop in young people a sound and sensible attitude towards money
- provide them with a basic knowledge and understanding of finances, thereby providing a route to financial autonomy
- enable them to make sound financial decisions
- raise the awareness of young people of the importance of planning for the future
What our Money Management Lessons teach:
- The difference between WANTS and NEEDS
- The importance of distinguishing between wants and needs
- The importance of prioritising needs before wants when spending money
- How careless spending on wants can lead to later money problems
- What a budget is and what it means to budget
- The dangers in not making a budget
- Planning a budget
- The different ways of paying for goods and services
- Which type of payment to use for different goods and services
- The importance of saving for emergencies
- Awareness of the different ways to save
- The skills and qualifications required for different occupations
- Awareness of the different levels of pay between occupations and the reasons why there are pay differences
- The need to plan ahead in regard to a career
- The difference between gross and net pay
- Awareness of what is deducted from pay and the reasons for deductions
- The concept of pensions and the need to plan ahead
- Understanding of financial risks and awareness of the dangers of gambling, pay day loans, and advertising and its influence on consumers
Kai, Alicia and Isobel, our Year 5 Money Mentors, presented to a group of special education needs teachers from across the region at Tor View Special School in Haslingden. The children discussed the programme content and explained what they did as Money Mentors.
DebtAware Education Manager Brian Souter said, “It was an excellent presentation. They took a number of questions afterwards and their answers were extremely clear. They showed a great deal of confidence."