Natwest Money Sense

Over the STEM Festival, Years 7, 8, 9 and 10 have been delving into how mathematics relates to the UK financial system during some of their Maths lessons.

In Year 7, students learned about the difference between debit and credits cards. Students were very aware that a debit card gives you access to the money you had earned, whilst a credit card is where you borrow money. However, students were not aware of the issues that misusing a credit card could cause.

Students also discussed when we should be using a debit card and when to use a credit card. Some scenarios which were talked about were paying the monthly mortgage bill and paying for a holiday. Students realised that the mortgage bill should not be paid by a credit card as we are paying back borrowed money by borrowing more money which is not financially wise. Paying for a holiday by credit card is more beneficial due to the protection that you get if a holiday company went into administration.

In Year 8, students were given an opportunity to learn about what to look out for on a pay slip. Although it may be quite a while before students may see one of these, the importance of seeing one now and how this links to the maths they are currently learning, was invaluable.

Students were very intrigued to know about the tax code and their national insurance number and when they will receive these. They were not aware of how a few numbers in the tax code could impact the amount of tax each of us pay and the amount we end up taking home.

We then moved onto looking at the deductions, learning about when we pay income tax and the brackets of income tax that we can fall into. We also looked at what national insurance is and how much we have to pay; students couldn’t believe that you start paying for national insurance at £9750 but income tax was £12500.

Overall, students were very keen to see where the money they earn goes and how tax and national insurance is calculated. They can now attempt to make an estimate on the wages they will receive into their banks in the future.

In year 9, students looked at insurance. They were made aware of the different types of insurance that are available. They were not fully aware that it is a legal requirement to have car insurance when driving a car but it was not a legal requirement to have other types of insurance, for example buildings insurance if you owned a home. It was amazing to see the knowledge that the year 9 students had and the awareness of the different types of insurance that was out there.

In Year 10, students were given an opportunity to learn about the different types of financial frauds and scams. The students discussed how fraud arises and what you and your bank can do to protect yourself. Some examples involve sharing few personal details online, checking your bank statements for unusual activity and always questioning any emails or posts that offer opportunities for easy money. 

Mr Cafferkey

Maths Department

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