TSB Visit

Understanding where money comes from, how to keep it safe and manage it effectively

On 11th December 2017, Year 5 and Year 6 were visited by Gareth Nicholls from TSB who talked to the children about many different topics related to money and budgeting including:

  • Discussing their dream job
  • Earning money/paid income
  • Budgeting – needs and wants
  • The cost of items and budgeting for what you need and then for what you want
  • Saving money and bank accounts
  • Overdrafts and interest

The key focus of the visit was to understand where money comes from and learning how to keep it safe and manage it effectively. Pupils were to reflect on how money plays an important part in people's lives.

After their sessions, pupils shared their understanding:

Jamie: If you keep money in a bank account you gain interest; the more money you have in your account the more you get from the bank.

Sandra: Some things you want but you don’t need, so if you need a loan from the bank you shouldn’t spend it on things you want like a phone or sweets when you could be spending it on vital thigs you need, like food, water and an education. It is also important that depending on what sort of job opportunities you get; you spend within your salary.

Rosanna: When you first get an account it is important to save up, even as a child, because you need to learn to be able to pay bills, buy food and water and pay for people in your care.
                                                             
Also when your bank card expires you should always remember to chop up your cards so nobody can make out your identity or find out that that card belongs to you.

Malaeka: Lots of people want things like a TV or a phone but if you can’t afford that and the things you need for life, you should think about what is more important first. Always pay your bills and make sure you are well looked after with the essential items before buying luxury items.
                                                                                                                             
Libby: I learnt that setting up and creating a child’s saving account is free of charge so you don’t lose any money when you set up something to save your money in.

Muhammed: When you go into overdraft it is not good because that means you may have to borrow from the bank, for example, if the bank loans you £10, you may have to pay them more back in return.

After the visit, Year 5 reflected on what they had learned with a group sorting activity. They discussed ‘wants’ and ‘needs’ and,  using a Venn Diagram, they sorted some popular items that people may buy into necessary items and things that people wanted but did not necessarily need.
 


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