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All Saints’ Catholic Voluntary Academy

All Saints’ Catholic Voluntary Academy. Economic Wellbeing PSHE February 2017. All Saints’ Catholic Voluntary Academy. Economic Wellbeing- what does it mean ?. Economic well-being is a person's or family's standard of living based primarily on how well they are doing financially.

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All Saints’ Catholic Voluntary Academy

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  1. All Saints’ Catholic Voluntary Academy Economic Wellbeing PSHE February 2017

  2. All Saints’ Catholic Voluntary Academy Economic Wellbeing- what does it mean? • Economic well-being is a person's or family's standard of living based primarily on how well they are doing financially.

  3. All Saints’ Catholic Voluntary Academy What does it involve? • There are lots of factors that affect your economic well being; • Your job / career • Savings and investments • Businesses • Money Management • Skills and Qualities in relation to employers needs • Many more! Can you think of any other factors?

  4. All Saints’ Catholic Voluntary Academy All Saints’ Catholic Voluntary Academy Savings and Investments • Some of you will know about banks; some of you may already have bank accounts, and some of you won’t know anything about them yet! • Here is an example of a bank account for 11-18 year olds with Natwest…

  5. All Saints’ Catholic Voluntary Academy • Key points to remember • “Earn interest” on everything you pay in • Get your own Visa Debit card to use online and in shops • Manage your money on the move with our Mobile app • Use Online Banking to look after your money

  6. What does ‘earn interest’ mean? • For example; • If you put £100 into an account that is at 5% interest you will earn £5 in a year if you leave the money in the bank. • When you put your money into a savings account, it earns interest. • Interest is money the bank pays you so that they can use your money to fund loans for other people. • That doesn't mean you can't have your money whenever you want it, though. That's just how banks make money- by selling money!

  7. All Saints’ Catholic Voluntary Academy Debit cards • The bank account for 11-18 year olds you saw earlier said you would get a Debit card – do you know what it does? • A Debit Card works using the money you have in your bank or building society account. So when you spend using a Debit Card it comes straight out of your account. You'll see the details on your bank account statement. You spend what you have!

  8. All Saints’ Catholic Voluntary Academy Credit Cards • For example; • Your credit card has an interest of 10%. • You use your credit card for a new PS4 but don’t pay it straight away • Instead of just the £275 you end up having to pay another £27.50 = £302.50! • Credit cards allow you to purchase things without having the actually money in your account at first. HOWEVER, there will be a high interest rate you have to pay on top of the original amount in the future; so you end up paying more than the original amount! And if you miss a payment then the costs can start to add up quickly! These can be dangerous and result in people being in a lot of DEBT!

  9. All Saints’ Catholic Voluntary Academy Money Management • Part of economic well being is being able to manage your money. • Can you think of what people have to spend their money on? • Bills • Rent / Mortgage • Food • Personal / medical • Entertainment • Others? Have we missed anything? Discuss

  10. All Saints’ Catholic Voluntary Academy Everyone is different… • Some people are good savers, some people aren’t! • However it is important that you learn to manage your money so that you do not get into financial difficulty… • As a young person you probably have less responsibilities and things to worry about paying for. However, at some point you will need to know how to Manage your Money.

  11. All Saints’ Catholic Voluntary Academy Dealing with your Dollar! • Individual task- you need a piece of paper • You have £1000 to spend in the month • You need to prioritise and manage your money, making sure the essentials are covered first…What do you have left? • You will have to justify your choices after deciding what to spend your hard earned cash on!

  12. All Saints’ Catholic Voluntary Academy Results • What did you find happened to your £1000 monthly budget? • Were you realistic with your choices? (did you not eat any fast-food in the whole month!?) • Did you manage to make any savings? If so how did you do this? Discuss as a class

  13. All Saints’ Catholic Voluntary Academy Dear Lord,I come to you today, to ask you to help me financially and help me get through this time, and that I may do better at budgeting my finances. Help me to learn to do without the things that are not necessary, and remember that they are only material, and they will not get me to heaven.I thank you for my family, my home, my friends, and my health, and for the many blessings I have that I take for granted.I ask you Lord to help me and to bless me with your guidance and love Amen

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