HERE’S WHERE THEY SHOULD START

UNDERSTAND FINANCIAL PAPERWORK

KNOW the meaning of important financial information on official paperwork such as bank statements, payslips and utility bills, and interpret it to plan and set a personal budget.

TAKE CHARGE OF THEIR OWN MONEY

AND be able to alter their budget if their circumstances change.

UNDERSTAND SAVING & BORROWING

BE able to identify situations where things like credit cards and loans are suitable options.

RESIST PRESSURE

UNDERSTAND the ways others may try to influence people’s saving and spending, and demonstrate how to resist unwanted pressure to save or spend money unwisely.

APPRECIATE VALUE FOR MONEY

UNDERSTAND there are different ways to calculate value for money, and that price is only one factor.

COMPARE COSTS

BE able to compare the overall cost and benefits of a range of goods and services by shopping around and using mental calculations, IT tools and comparison websites.

READ THE SMALL PRINT

KNOW about some of the financial products available, such as insurance, warranties and bank accounts, understand the importance of small print and how to work out which financial products are best, and know that sometimes advice may be necessary.

INSURANCE PROTECTION

KNOW insurance gives financial protection from different types of risk, and appreciate the financial and emotional consequences of not being insured if things go wrong.

BE WISE ON FRAUD

BE able to recognise and avoid potentially fraudulent situations when dealing with money, including how to protect PINs and passwords and keep card details and online identity safe. The experts: Michael Mercieca (above) and (below) Steve Ferrari

INVESTMENT RISKS

KNOW saving and investing money can increase its value and there are risks associated with these rewards.

BALANCE RISK & REWARDS

APPRECIATE the relationship between risk and reward in different financial contexts including saving, investing, borrowing and gambling.

MONEY WORRIES

UNDERSTAND emotions may drive financial decisions and that those decisions may lead to stress and anxiety.

FOCUS ON THE FUTURE

REALISE that saving or investing money in the short-term can provide for future needs and wants and act as protection against unforeseen events like unemployment.

CHOICES AFFECT FINANCES

BE aware of the potential link between qualifications and earnings, and understand that career and personal life choices such as living independently, continuing in education and being employed or self-employed will have financial implications.

TAX BENEFITS

BE aware of taxation and that it’s used to benefit the wider community.