Mortgages, Taxation and Credit Cards

Finance may one of those things we dread to think about as adults but is commonly something that adults wish was taught at school so they have better knowledge in adult life. As part of the school's 'Financial Management Unit', Form 6 children have been looking at mortgage, income, taxation, banks and credit cards to prepare them for the future.

Most recently Form 6 have been calculating the cost of buying a house and had to undertake the following tasks:

• Calculate their salaries 
• How much they could borrow from the mortgage lender
• The type of house needed
• Find the best mortgage available and calculate the repayments.

The children looked at interest rates charged by mortgage lenders and the period of time they were over. All of the skills learnt by the children will help them in adult life.

See below an example of some bank, credit card and savings research by Lauren M:

Lauren M Financial Management