Justin Tomlinson MP (right) with Headteacher Frances Billinge (centre) and Governor James
Relph (left) talk to Year 6 students about money and finance
Justin Tomlinson MP today visited Haydonleigh Primary School in Haydon Wick to talk with Year 6 students about money and finance as a part of My Money Week 2012.
The students have been learning about budgeting, and told Justin how they had been categorising different costs as being needs or wants before explaining that you must budget to cover your needs before you spend any money on wants.
The pupils also discussed the difference between debit and credit cards, highlighting the risks of credit cards, namely interest rates, fines for late payment and the danger of spending too much.
Justin Tomlinson MP said “I have been extremely impressed by their knowledge and maturity when it comes to finance matters. Debts, savings, budgeting, tax – these are all things that children should be learning about at school as it equips them with vital skills that they will need later in life, whether it is choosing their first mobile phone tariff or budgeting their first month’s salary.”
In Parliament, Justin is the Chair of the All Party Parliamentary Group on Financial Education for Young People, which is the largest in Parliament. The group calls for financial education to become a compulsory part of the national curriculum, an issue that secured a three hour debate in Parliament last year. The Government is currently considering this as a part of its wider national curriculum review.
Justin went on to answer questions about Parliament and the role of an MP before sharing with Year 6 some of his Parliamentary campaigns. Young Entrepreneurs, Financial Education, School Libraries and School Sport were all popular, but encouraging more sport in schools topped the poll as Haydonleigh’s favourite campaign.