How to budget, bank and borrow, understand taxes, tuition fees and employment rights, and prepare for the cost of university and independent living.
These are the essential life skills about 600 students in years 12 and 13 (ages 16 to 18) are being taught this week thanks to a partnership between the Department of Education and Children, wealth management business Old Mutual International and UK charity MyBnk.
’Money Skills for Schools’ Week was launched at Ballakermeen High School, in Douglas, on Monday.
MyBnk chief executive Guy Rigden said: ’Young people here face unique challenges and bad budgeting has been identified as the main debt trigger for islanders.
’Managing money well opens up new opportunities and helps us make informed decisions.’
Financial education volunteers from MyBnk deliver Money Twist workshops covering practical everyday financial matters such as payslips, pensions and different forms of payment.
Uni Dosh covers financial considerations for young people considering studying at university.
Old Mutual International managing director Peter Kenny said: ’As the largest life assurance company on the island, we understand the importance of providing the generations of tomorrow with the skills and confidence to manage finances early in life.
’We are delighted to support MyBnk expand their services in a local community where we are a major employer.
’Learning how to use credit effectively, tackle debt or make wise spending decisions will help the students to live more prosperous lives.’
Education and Children Minister Graham Cregeen MHK said: ’Whether heading into higher education or into the workplace, our students rapidly need to get used to handling their own finances, budgeting, completing tax returns etc.
’The "Money Skills for Schools" programmes will offer age-appropriate, practical advice on the complexities of these areas. It will greatly complement work we do with other organisations to create financially savvy students.’