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Challenging Poverty and Inspiring Young People

Brachan Consultancy provides 90 minute, fun and interactive workshops, giving young people a chance to simulate real life situations where they will be financially responsible for themselves. Our workshops make numeracy relevant and are very effective in engaging all types of learners.

In our experience, most young people have little or no understanding of bills, interest, loans or day to day expenses. A Time To Talk Money Workshop will enable students to develop the personal finance skills they will need to prosper when they are budgeting for themselves.

The workshops are an ideal opportunity for parental or community engagement as adult helpers can share their life skills with the students. The workshops are also successful when other students take on the roles of sales people as they build their confidence and communication skills.

Objectives

Time To Talk Money Workshops aim to help young people to:

Stop the cycle of poverty

Gain an understanding of challenges adults face when working within a budget

Build their confidence with money

Understand the difference between needs and wants

Be prepared for unexpected expenses

Recognise how persuasive sales people can make you buy something you don’t want or need

Learn about debt, loans and savings

Aspire to do well in school and work hard to achieve their goals

Benefits

Learn new and vital life skills

Improve numeracy

Improve mental and emotional well-being by developing financial capability

Awareness of employability prospects

Providing an insight into making positive choices for a happy life

Young people taking financial responsibility

Give young people the understanding to manage their personal finance

Embed financial education in pupils school years

Additionally, parental involvement can make a positive impact on their child’s future

Strategy

Time to Talk Money Workshops introduce the idea of budgeting to young people in a unique fun and interactive way.

Students will be given one of several jobs with differing wages. They will then use this sum to pay for numerous items such as a house, transport and holidays, each for varying prices. Our volunteers will attempt to persuade them to buy the most expensive items even if they cannot afford them within their budget. In our experience, young people are easily persuaded to buy extravagant items as they are not aware of the consequences. This is reinforced when they visit the accountant where they will find out how much they have spent and if they have savings or debt. If they have savings, it will get added to their budget for the next round however if they are in debt, they will need to obtain a loan. They will then participate in a live discussion about the choices they made, wants vs needs, the importance of savings and consequences of loans and interest rates. We will also discuss deductions – tax, pensions and national insurance.

Students will then have another opportunity to spend the same salary. They will be encouraged to use their new knowledge to make more informed decisions and achieve a better result by living within their budget. The discussion this time will consolidate the benefits of making sensible financial decisions.

In the third and final round, pupils will be given a different job and salary and will repeat the process. This emphasises how the amount you earn can impact what you can afford and help students to understand the importance of being aware of your budget. The final discussion is focused on thoughts and feelings about managing money and the difference they will be able to make in their own lives now that they have a financial awareness.

Participants will also complete a quiz focusing on the prices of everyday items. We include price comparisons to make children aware that where they shop can impact the prices they pay and their overall expenses.

Each participant will receive a certificate to acknowledge their achievement in completing the workshop.

Contact

You can contact us on 07870351838 or click here to email.

Alternatively complete the form below.