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

2. Economic Wellbeing- what does it mean?
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. Can you think of any other factors?
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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. Savings and Investments
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 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. Debit cards All Saints’ Catholic Voluntary Academy
The bank account for 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. These can be dangerous and result in people being in a lot of DEBT!
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 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 £ = £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. Have we missed anything? Discuss
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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. Everyone is different…
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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!
Item
Cost
Petrol for the month
£80
Electricity bills
£30
TV license
£12
Council Tax
£70
Going out for a meal
Savings (in general)
Your choice!
Toiletries (deodorant/dental/shampoo)
 £15
Rent/mortgage
£350
Car insurance
£60
Cinema trip + popcorn and a drink
£15
Savings for a holiday
£50-£150
Mobile phone
£35
Gas bills
£25
New trainers
Fast food meal £7
Food – healthy options
£180
Food – cheap but not the healthiest
£120
Event tickets e.g. football match or music concert
Sky TV
£40
Shopping trip
£100
 Weekend away
£200

12. Discuss as a class Results All Saints’ Catholic Voluntary Academy
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?
Middle ability: Of the 99 students targeted to achieved 5 A*/C EM or EBAC 26 did not- 26%
73 who achieved the measure- 1 was under target in 11 subjects (1%); 4 were below target in 10 ( 5%); 6 were below in 9 (8); 8 were below in 8 (11%) 7 were below in 7 (10%); 12 below in 6 (16%); 9 below in 5 (12%) 9 below in 4 (12) 7 below in 3 (10%); 2 below in 2 (3%) 4 below in 1 (5%) 4 below in nothing . (5%) So 96% underachieved in 1 or more against target.
Lower ability: 23 targeted ebacc or 5 A*-C E/M: 7 achieved measure (34% achieved inc 1 who wasn’t targeted achieved measure)
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