Secondary school students across the island this week will take part in sessions to help them better understand and develop skills to manage their personal finances.

Old Mutual International’s Money Skills for Schools Week runs from today (Tuesday) to Friday.

More than 60 volunteers from Old Mutual International and school teachers, will bring money matters to life using interactive games, quizzes and activities.

Sessions are being held at Castle Rushen, Queen Elizabeth II, and St Ninian’s high schools, Ramsey Grammar School, and King William’s College.

The programme covers a wide range of money matters including budgeting, borrowing, saving, understanding pay slips, and other aspects of personal finances and living independently.

Students will have a chance to win prizes in a competition which tests the knowledge they have gained.

First prize is the latest Apple iPad, second and third placed students receive £100 and £50 vouchers for any brand of their choice.

Minister for Education, Sport and Culture, Graham Cregeen MHK, highlighted the positive partnership working between Old Mutual International and schools that has led to the development of sessions that enhance the work already undertaken by schools in the area of financial literacy.

He said: ‘Last year Old Mutual International supported bespoke sessions designed to develop confident money management in students preparing to undertake higher education courses or enter the world of work at the end of their Key Stage 5 studies (16 to 18 years of age).

This year sessions are focused on younger pupils.

‘Local employers working collaboratively with schools in this way supports the development of valuable additional learning opportunities for pupils in our schools as well as positive relationships across our community.’

Sessions will be delivered by MyBnk, a UK financial education charity for young people. The main purpose of the scheme on the island is to equip young people with the skills and knowledge they need to make informed decisions about a wide range of issues regarding money.

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Peter Kenny, managing director, Old Mutual International, thanked MyBnk, DESC, staff and students at participating schools, and Old Mutual International volunteers for their support.

He said: ‘As the largest life assurance company in the island, we understand the importance of providing future generations with the skills and confidence to manage their personal finances.

‘Learning how to make informed spending decisions will help students as they prepare for their future. We were delighted to support the inaugural Old Mutual International Money Skills for Schools Week last year, and as a result of the positive feedback we received it was an easy decision to make to support the programme again this year.’

Guy Rigden, MyBnk CEO, said: ‘Managing money well opens up new opportunities and helps us make informed decisions – MyBnk and Old Mutual International are thrilled to be bringing money to life again in the Isle of Man for young people and helping them prepare for their future.’