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.
