Year 5 Money, Money, Money!

Date: 18th Jan 2022 @ 8:15pm

So far during Spring 1, Year 5 have been looking at different aspects of finance.

First, we looked at what 'affording' things mean. To do this, we dicussed the difference between wanting and needing things, as well as being able to prioritise those in order of necessity. We had a really good conversation about this and then put our skills to the test... going to an imaginary toy shop and only having a certain amount of money. We then got into a discussion about lending and borrowing money off our friends and the bank. 

This week, we looked at what a payslip is and what the information on it means. We then discussed important terms such as gross pay, national insurance and the different types of taxes. Once we knew the difference between council tax and income tax, we went through different services in our community and discussed where the money comes from to fund these.