What is in the textbook?
Financial education is currently primarily split across the maths and citizenship curriculums, as well as being included in personal, social and health education (PSHE) lessons.
The textbook contains facts and information as well as interactive activities and questions for students to apply their knowledge. The chapters are focused on the following areas:
1. Savings – ways to save, interest, money and mental health.
2. Making the most of your money – budgeting, keeping track of your budget, ways to pay, value for money, spending.
3. Borrowing – debt, APR, borrowing products, unmanageable debt.
4. After school, the world of work – student finance, apprenticeships, earnings, tax, pensions, benefits.
5. Risk and reward – investments, gambling, insurance.
6. Security and fraud – identify theft, online fraud, money mules.
Some sample questions – test your own knowledge
Here are some examples of questions included in the book – the answers can be found at the bottom of this story (no cheating…):
- Explain the advantage of compound interest compared to simple interest.
- Which is better for a saver – an account which calculates interest daily, monthly or yearly?
- Do you know what your personal savings allowance is?
- Explain the difference between APR and AER.
- What does the term PAYE stand for?
- Explain the difference between a standing order and a direct debit.