What is Synnwyr Arian – Money Sense?

A Trading Standards initiative aimed at increasing the financial capability of the residents of Carmarthenshire.

Key Stage 2

• Series of 5 one-hour lessons aimed at year 5 and 6 pupils
• Lessons:

1. “Do I need to earn money & how much can I earn?”

Compare the skills and qualities needed for different jobs and what influences the amount we can earn e.g. hours worked, experience, qualifications

2. “Can I keep all the money I earn?”

Understand payslips: What deductions are made and where the money goes

3. “How can I keep track of my money?”

Budgeting lesson – try to balance income and outgoings over a period of 3 months

4. “Should I borrow?”

What factors should we consider before deciding if we should borrow money? E.g. Can we wait and save for it? Can we afford the repayments?

5. “What are my rights as a consumer?”

How do we get value for money? What are our rights if something goes wrong?

Example of a lesson:

Lesson 3: How can I keep track of my money?

Introduces pupils to concepts such ‘income’, ‘outgoings’ ‘debt’, ‘balancing money’. Also demonstrates how difficult it can be to balance your money.

Pupils are given a range of income amounts and out going amounts and have to decide where to place them on the grid. The challenge is to not go into debt in any month and to break even at the end of the 3rd month.

Feedback from the pupils:

I have learned …

• “…that you can’t keep all the money you earn. And always level it out because the world isn’t cheap at all”
• “…to balance money and not to waste it”
• “…I will make a money chart to keep track of my money”

Feedback from teachers:

“The ‘Synnwyr Arian – Money Sense’ programme has been a hugely successful at Ysgol Bryn Teg. It has provided the pupils with an invaluable insight into the importance of financial planning in an informative but enjoyable way; one parent even noted that their child has learnt to value money more”

Mr Richard Knight, Year 6 Class Teacher, Ysgol Bryn Teg.

For further info contact:

Heidi Neil or Jan Cole, Trading Standards on 01554 742249