Year 10 'My Money' MyBnk Session

Year 10s MyBnk session was on ‘My Money’ and certainly made them consider their future options. They focussed on the salary, qualifications and flexibility offered by various roles - such as barrister, doctor, electrician, engineer, dancer - and saw how those factors would affect their decisions about jobs they are considering in the future.

Tiffany found the exercise really useful: ‘I need to know which qualifications I need to get a job in PR in the media. I would like to go towards the management side so this makes me think about the things I will need to achieve it and how much I’ll earn, so whether the job is worth it.                                                     

The group also looked at minimum wage and Ubah said she was ‘shocked’ that it was so low and that the amount is not dependent on how long you have worked for an employer. 

She said: ‘16 year olds get paid £3.79 – whereas if you’re working somewhere for a long period of time and someone older than you had just started for a week they would get paid a higher amount of wage and I would be like ‘ That’s not fair!’ But I see that it does depend on your age and sometimes depends on your qualifications as well.’

                                                                   

When asked how they felt this made them feel about getting a job in near future, they all agreed: ‘We need to work hard and get good qualifications as it will give us more choices.’

A discussion about taxes and where their money should go brought up some interesting points; the students were vocal about which areas the government should grant more funds to and, in particular, which sections of public services should receive more money.

Fatima said: I think we should put more priority on education and healthcare and put more money into it and take a lot more money from social protection. Then people would think about why they really need it and not take advantage of it. We should only give it to those who actually are disabled and need help.

The facts on tax were certainly enlightening and again provoked a strong reaction.                             

Hashim told us: We learned that if you earn a pound you take 80p and the government takes 20p and I didn’t know that before. Ubah said: And if you earn more they tax you more as well!

Amin thinks things should change. He said: ‘I think that’s a bit too much to take from people’s wages and when I get old I will need support, like a pension and care.’

When asked whether they would rather earn £35,000 per year for working a 35 hour week or £50,000 for working a 50 hour week the response was mixed.

Amin explains: ‘I would work harder and get paid more because it’s now that we’re young like at 20 and 30 we can work hard but when you’re older you can’t work long hours. So you should make and save up the most amount of money when you are young.’

Ubah: ‘But don’t get obsessed with it because then you won’t have time with your family and you’re going to end up saying that ‘I love my job more than anything’ and that’s not good.

All great advice from the world beaters of the future!