Hi, my name’s Georgina, I’m 19 and an Apprentice Communications Officer at MyBnk. Here’s what I’m learning….
I just got back from viewing my first Money Works session at Hounslow Leaving Care and it was a very interesting to say the least!
I enjoyed the way it was taught, making people work in groups on activities which really engaged everyone and allowed them to share all of their ideas. The first thing that they discussed in their groups was how much money they spent on cigarettes which shocked most of them very much.
They went through a ‘wants and needs’ chart, deciding what they wanted to spend their money on and what they needed to spend it on, the essentials. The most popular need was food, house and bills whilst the most popular want was a car and a holiday.
The group in general seemed to be quite money savvy, none agreed that you should take out a loan for a bad habit, you should only take out a loan if you really need it and use it on something worthwhile, like a house payment, or bills.
The truth comes out…
The group, and even myself were really horrified to learn that if you take out a £4,500 loan then you could end up paying a whopping £22,000 back!
They were also not pleased to learn that the non-taxable payment wasn’t £21,000. Hah, if only it was.
The MyBnk trainer Arti said that if you buy clothes from a shop and then later decide you don’t want them then you have every right to return them to the store.
This caused a heated argument between what looked like most of the group against one boy who said that if you didn’t like it then you shouldn’t have bought it in the first place. The debate was interesting to hear, the general outcome being that yes you should return something if you later decide you don’t want it but most people were too lazy to do that.
Planning for the future
All in all I really enjoyed the session and it was interesting to see the different views the group had on money, especially one who when asked where he would like to be with money in the future he stated he was going to be a billionaire and he’d do this by winning the lottery and then the Euro millions. Good luck to him!