Tavistock College students learn the value of money

TAVISTOCK College students have learned how to manage bank accounts and planned the start-up of their own businesses as part of an initiative to teach young people financial awareness.

The Year 8 students – who are now old enough to open their own cash card bank accounts – took part in workshops with NatWest MoneySense coach Gerry Bacon.

Teacher and former NatWest employee Sean Powell, who organised the two-day event, said: “It is really important for students to be able to handle bank accounts and be clever with their money, and these workshops helped them learn these skills.

“They found out the difference between a credit and debit card, learned how to write a cheque and discovered what a bank statement looks like.

“They also planned the start-up of their own businesses including costings which is particularly important in the 21st century.”

The students were given the role of catering company managers and worked as a team to produce a well-priced menu to appeal to Valentine’s Day customers. They discussed the importance of profit to businesses and how to establish themselves with a unique selling point.