Year 9 'My Future, My Money' Session
Our productive collaboration with MyBnk continued with a session on ‘My Future, My Money’ for Year 9.
Year 9 looked at both the future of banking and their own future with money. They were taught about the function of banks as institutions and what choices they can make, along with the role of debit and credit cards. MyBnk deciphered the common terms used by banks, such as APR and AER, to describe the impact these things will have on their money.
The consequences of borrowing money and the interest they will need to pay back was also discussed, which all the students found extremely useful, as the majority were not aware of these measures.
Ray'rna said: ‘I think before I came to the session I didn’t really know about banks but now I do. Now I know when you borrow money you have to pay it back with interest. When you go over the time period given then your interest gets higher, and that’s not good for you because you have to pay more money.’
Lennox explained why it was important to learn about bank accounts:
‘When we’re older we’re going to have real life experiences with money and problems like this. It will help us solve the problems because it gives us more knowledge to go past all these obstacles and help us to be better with our money.’
The group also got the opportunity to build their own bank, and come up with (often very generous!) incentives to attract customers.
Matthew said: ‘When you start off with us and open your account you get £75, cinema tickets and a financial advisor.’
That certainly sounds like a valuable service to have :)
Esther’s group were very big hearted in their choice of offers, making their bank a more friendly and giving place for customers. She said: ‘We are offering the highest interest rate for children and food served when you enter the bank because some people wait in very long queues just to get seen. If you are with us for 5 years we give you a free holiday to a hot country.'
Our slogan is: ‘Live life to the fullest, take from our bank and be happy.’
Now there’s a bank we’d all like to have an account with!