Making the most of money (From East London and West Essex Guardian Series)

Making the most of money

8:43am Monday 5th June 2006 in News By Mark Killiner

PRIMARY school pupils learned all about credit, money management and how to save as part of a new teaching package on their curriculum.

The YoungBiz scheme, which educates pupils in financial awareness and prepares them for the snares and pitfalls of loans and credit cards was launched at the Woodside School in Wood Street, Walthamstow.

At a time when stories regularly appear in the media about spiralling national credit card and loan debts, the course catches youngsters at an early age and helps them understand the financial complexities of life after school.

Rachel Green, a former teacher and one of the course organisers, said: "We instill and develop social skills, we encourage healthy eating and lifestyles, but rarely is anything done to support their economic understanding.

"This programme encourages children to become more aware of money and how the choices they make impact on their lives.

"To have enterprising behaviour and financial understanding should provide the next generation with more financial security and reduce the level of debt currently accepted by our society."

Pupil Craig Mullens, 11, said: "I have learnt how to save money on buying water from the shop. If you refill with water from home you can save money to pay bills."

Sandas Chowdary, 11, said: "I have had a lot of fun because I have been playing games which teach me about money. I realise that if I borrow money I need to pay it all back and then some more in interest. If I borrow £100 I need to pay back £150. That is why I would never borrow money."