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School children learn financial skills for adult life

30th July 2018

Year 10 students in their final year at Ilfracombe Academy are learning how to manage money in the real world, thanks to a joint initiative with Top 30 advisory firm, Bishop Fleming.

The firm, which delivers accounting, tax, corporate restructuring and advisory services to businesses and private wealth advice to individuals, has been helping 15-16 year olds at the academy to budget their money, understand the basics of tax, and deal with savings and loans.

Rising debt and the costs of buying or renting a home are just some of the challenges facing young adults when it comes to managing their money and livelihoods. But many children, and even their parents, do not always feel confident about understanding money.

Ilfracombe Academy recognised the need for schools to provide more practical guidance to students on money management so that they can understand credit cards and loans and appreciate what happens if they don’t budget. So, the Academy called in Bishop Fleming to help.

Mark Smith, a Manager at the firm spent a day with year 10 students teaching them how to budget their money, how to save up for something they want, and avoid getting into debt. Using his experience as an accountant, Mark also helped pupils to understand how their future wages and salaries will be subject to tax and National Insurance Contributions.

The Bishop Fleming Manager explained: “Teaching children how to budget is a life skill that will stay with them for the rest of their lives. Being able to put money aside each month rather than borrowing will help these young adults to appreciate the value of money and the value of the items they buy.”

Mark added: “Whilst students learn maths at school, the theory is not the same as practice and they need to be able to apply their knowledge in the real world.”

Steve Cronin, Head of Year at Ilfracombe Academy, remarked: “Schools have a responsibility to teach students about savings and loans and the kind of financial issues they will encounter as adults. By offering practical day-to-day advice, students will be able to cope better when they have a job, and maybe when applying for a mortgage.”

He added: “Providing financial education to 15-16 year olds is essential for their future security and wellbeing. I really appreciate Bishop Fleming’s help with this.”

Bishop Fleming is ranked 26th in the Sunday Times Top 100 places to work, as well as being ranked as a Top 30 practice in the league table of accountancy firms in the UK. The firm is a key sponsor of Young Enterprise, a programme that helps students to be more entrepreneurial and run their own business.

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