My Money Week National Competition It s back for 2016!

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1 My Money Week National Competition It s back for 2016! The National Competition for Schools returns in 2016, and this year alongside the great prizes on offer for the winners, the first 100 schools to enter will also be offered a FREE class visit to KidZania London! 1 This year our focus for the competition is on managing our money well and the role of borrowing. Young people are operating in an increasingly complex money marketplace and are already making decisions about how to spend the money they have. Soon, they will be making decisions about future study or work and this may involve the need to borrow. It is crucial that they understand when debt might be a good thing and when it might not. We have developed lesson plans to support and help you inspire your students to produce creative competition entries, and become more financially capable at the same time! How to enter: 1) Use the activities in this pack to inspire students to produce creative competition entries. 2) Complete one entry per student, and one overall teacher entry form per class or group. 3) Send your entries to the free post address by Saturday 2 nd July Good luck! 1 The first 100 schools entering Young Enterprise s My Money Week national competition will be offered a FREE class visit to KidZania London for up to 30 children (plus a maximum of 6 accompanying adults). Visits need to take place during 5 th -16 th September and 3rd - 21st October 2016 (excludes weekends). Eligible schools will be notified w/c 11 July, and provided with booking instructions. Any and all transport and travel arrangements, including any incurred costs, will be the sole responsibility of the school. 1

2 My Money Week National Competition 2016 Key Stages 3 & 4 Lesson Plan Learning Objectives Appreciate that debt (borrowing) can have a role to play in managing our finances well but that unplanned debt can cause problems. Explore where to get advice about managing money including borrowing options. Learning Outcomes Know that there are an increasing range of options available for borrowing money and that some carry more risk than others. Know the difference between good debt and bad debt and how to avoid bad debt. Be ready to create an interesting article for the My Money Week Competition Time: One hour plus additional time for producing competition entries Resources: Borrowing Scenarios Competition communications Introduction Using the statement MANAGING MONEY IS NOT ABOUT FINANCES IT S ABOUT EMOTIONS ask the students to work in pairs and think about what this statement means? Then get them to share their thinking with another pair of students. Finally ask the groups to share with the class their thinking about what the statement is getting at. Ask them - How important is it to understand why we spend as well as what we spend? Ask them to return to their fours and talk about how they feel when making spending decisions? How happy do they feel when they buy their new phone or new clothes? And for how long? Main Activity Start the main activity as a whole class by asking the students what kind of borrowing they know about. Record these on the white board. Explain that some borrowing can be considered good when it is taking on debt that could actually make you better off in the long run (e.g. a taking out a mortgage on a house, or a student loan), whereas borrowing money for things that are not affordable and won t pay for themselves (e.g. a loan for a luxury holiday) are considered bad. 2

3 Give each group of students one of the Borrowing Scenarios and ask them to consider what kind of borrowing the characters are talking about and then to decide if it is good debt or bad debt. When they have completed this task ask the groups to share their decisions about good debt and bad debt. Would the other groups have come to the same conclusion? If not why not? Competition Entry Outline the Money Week 2016 competition, and explain that this year we are asking students to be investigative journalists. They will be provided with a range of information on the topic of borrowing and debt that has been gathered from various sources. It will be their job to sort this information and find more information to write a compelling article using the angle presented to them by their news editor in an . This text-based article is for a money section of a newspaper and will also be reproduced in their online money section. Students can come at this in any way they choose provided it addresses the Editor s title, which is: There is no such thing as good debt? Their article should be no more than 350 words and students can use the template provided or develop their own. The article can be handwritten or typed, and it can contain pictures and illustrations. There will also be a short written entry form to complete. Explain that young people all over the country will be producing their own articles. Detail the prizes to be won, and explain that their entries will be competing with other secondary schools from all over the country. You may first want to talk to them about how to gather and to write news. For this an excellent place to go is; Start by giving students resource No.1. The from their editor. Have a discussion about the title what message do they want to get across? What sort of thing would this article need to contain? They can then interrogate all the other remaining information to create their article. This will involve them in researching links provided for them in Competition Resources Nos. 2 and 3. They can of course go beyond this information in order to create their article. Plenary To finish off the session you can use this short Good Debt Bad Debt quiz as a way of establishing if the student have understood the concept of good and bad debt. 3

4 Extension Ideas To help the students form a deeper understanding of the impact of different types of borrowing you can use the following video pieces. (if you do not have time in class to use these the students may like to investigate them as part of the research for the competition.) This is My Credit Union This short video describes what a credit union is and does and how it might differ from a bank. When viewing ask the students to think about what is important about what CUs can offer and how are they different from banks? Who might benefit from being a member of a CU? Mike s Story This is a real story of someone who got involved with loan sharks (illegal money lenders) and the impact it had on him and his family. You could use some or part of this to generate a discussion with students about the importance of making the right choices when borrowing. What could Mike have done? Pay Day Loans The first 2-3 minutes of this programme outline the issues around the use of Pay Day lenders and the pros and cons of using this form of borrowing. You may wish to use more of it if time allows. Ask students to consider when and if payday loans may be helpful? What are the alternatives? Not spending more than you have so you don t need to borrow, for example. 4

5 Borrowing Scenarios Aisha s Smartphone Aisha is determined to get a new smartphone as hers is ancient she says! She has seen the one she wants but she doesn t have the 200 she needs to get it. She has seen a credit deal at her local phone store and is tempted. Ged s going it alone Ged has decided to move out of home now as he has a decent job and thinks he can afford a place of his own. He has saved up a bit of money for a deposit on a house but is worried it won t leave him much for a social life. Ali is going to university Ali can t wait for uni but Mum and Dad don t have much and he is worried he won t be able to afford the fees and living away. He doesn t want to live at home though as moving away is what uni is all about! Jade needs a new car Jade actually has a car that her Mum bought her when she passed her test. The thing is she thinks it is a bit of an old banger! She fancies a new model she has seen recently there are good deals on them and they throw in the insurance and servicing too. The monthly repayments are going to be 240 and she needs a down payment too. Alex s holiday plans Alex is out of work but really wants to go on holiday with his friends they are all working. One of his friends has offered to lend him the money and that he can pay him back whenever. It s a kind offer and he s tempted... James and Jay want to go into business James and Jay are doing really well with their cake making business but they have run out of space at home and think it is time to branch out. It is a big step but they have seen some great premises that would be perfect for them but with what they are making at present they can t afford the rent. But they know they could do more if they had more space. 5

6 1. from editor From: Editor Sent: 13 th June :20 To: Investigative journalist section Cc: Assistant editor Subject: Article for Money section Hi team, Remember that piece we ran last week on the loan shark convictions? It s made me think that it is about time we did a piece on the whole business of debt for our money section. There is obviously an issue out there about whether to borrow and/or where to borrow I am even thinking about running a couple of pieces from different sides of the argument see what you can come up with. I want 350 words (no more!) on the title There is no such thing as good debt? Cheers Ed. 6

7 2. Journalist Notes Item 1. - Debt stats! PEOPLE IN THE UK OWED TRILLION AT THE END OF JANUARY THIS IS UP FROM TRILLION AT THE END OF JANUARY 2015 AN EXTRA PER UK ADULT MILLION PLASTIC CARD PURCHASE TRANSACTIONS WERE MADE EVERY DAY IN DECEMBER 2015, WITH A TOTAL VALUE OF 1.71 BILLION. 7.8M CASH MACHINE TRANSACTIONS WERE MADE EVERY DAY IN NOVEMBER WITH A VALUE OF 305M. CITIZENS ADVICE BUREAUX IN ENGLAND AND WALES DEALT WITH 4,097 NEW DEBT PROBLEMS EVERY DAY DURING THE QUARTER ENDING SEPTEMBER Must go back to these - useful! Item 2. Good Debt or Bad Debt? Good - Decision that is good for your financial future e.g. student loan or borrowing to set up your own business even buying a car if you can afford it and it gets you to work. Bad - Buying stuff you can t afford to pay back or you can t afford and don t really need like a holiday or a new car you don t need Top tips stuff about debt. go back to MAS if I need more Item 3. Top tips If you want to borrow - ask yourself these questions if the answer is NO then it is probably bad! Do I really need to borrow? Could I do it another way? Can I afford it? Have I shopped around? What happens if I lose my job? Will borrowing this money improve my finances in the long run? Are there any other risks? 7

8 Also Moneysavingexpert blog Item 4. Cost of loans APRs on payday loans are still around 1,500% compared to Credit Unions at between 12.7% APR (1% a month) going up to a maximum 42.6% APR (3% a month) and high street banks at around 3-6% APR but for higher amounts. Illegal money lenders anyone s guess!! More info here And here Item 5. Young people and debt Citizens Advice says more than 100, to 24-year-olds have asked for debt advice in last 12 months. More people are using bank loans, payday lenders and family members, often on top of student loans. The average debt level is around 12,000 per person, compared to 10 years ago when it was almost 4,000. Some great stories here Remember don t scare off the readers there is good and bad stuff out there on debt and borrowing important to earn good habits early and all that? Chat to Ed. 8

9 3. Texts Hey heard you were after some stories for that borrowing and debt piece for the newspaper check these out Adila s story on being a shopaholic - she spent all her student loan and maxed out her credit cards! She said it was a vicious circle - she shops if she is unhappy and she is unhappy if she is in debt.then she got help from Citizens Advice and managed to turn it around. Take a look here Or Mike s Story even more scary! He borrowed money from a family friend to buy a car when he was 17 some friend! Borrowed 250 and in end paid 90k! He had to get advice and help from the illegal money lending team about how to stop it, and how to borrow from safe places like credit unions. He s ok now but there are lots of stories out there about people who have lived in fear for years. Check it out Cheers will do. It s not all bad you know just been looking at a real feel good story about borrowing to invest in your future Lucie starting up her own pre-school children s exercise classes with help and advice on setting up her own business and access to borrowing. Yeh.. and there s also the stuff on learning and earning - on average, if you get a degree or other qualifications and training you will earn several times more over your life than someone without one. You're also less likely to lose your job and even if you do, you ll probably find another one more quickly. There is some useful info here unding/pages/earnmore.aspx You re right about how easy it is to get into debt but you can get good advice I ve just been looking at all the info you can get from Citizens Advice and other debt charities. Cheers - I ll take a look. Let s grab a coffee soon. 9

10 My Money Week National Competition 2016 Student Entry Form Student First Name Age Student Surname Year Group School Name Tell us about your article. How has entering this competition helped you learn about good debt and bad debt? What would your next article for the My Money Weekly newspaper be about? Please send your design and entry to: My Money Week Secondary Competition 2016 PO Box 292 SIDCUP DA15 0GG 10

11 Newspaper Article Template The Money Section There is no such thing as good debt? Article by 11

12 My Money Week National Competition 2016 Teacher Entry Form Teacher First Name Teacher Surname Job Title Teacher/School Phone No. School Name School Address and Postcode Teacher/School address Pupil Age Range Pupil Year Group Number of entries I agree to the terms and conditions (tick box) Note: All information will only be used in connection with the management of the My Money Week 2016 National Competitions Teacher signature Please send your design and entry to: My Money Week Secondary Competition 2016 PO Box 292 SIDCUP DA15 0GG Wherever possible, please send entries in batches of class or school ensuring that there is one entry per pupil and one overall teacher entry per class or group. 12

13 My Money Week 2016 National Competition for Schools Rules, terms and conditions 1. This competition is organised and administered by pfeg (Part of Young Enterprise), Yeoman House, Sekforde Street, London EC1R 0HF. Young Enterprise is limited by guarantee no , registered charity no The competition is open to residents of the United Kingdom only. Entries from outside the UK will not be considered. 3. Entrants must be no older than 19 years old by 31st August The competition is not open to employees (or members of their immediate families) of Young Enterprise. 5. To enter the competition entrants will need to provide Young Enterprise with their name, age, school/organisation name and submit their entry through a teacher/trainer/facilitator at a school or other organisation who must provide Young Enterprise with their name, address, telephone number and address. Young Enterprise will only use entrants personal details for the purposes of administering the competition, and will not publish them or provide them to any other party without first getting permission. 6. Only one entry will be accepted per entrant. 7. Entries must be 2D and no larger than A4. In order to qualify for judging, all entries must include a completed copy of the teacher/trainer/facilitator entry form and the entry form for children aged 4-11 or young people aged years. Each and every page of an entry must contain the full entrant name, age and school/organisation name, written clearly at the top. 8. The competition will close at 11:59pm on Saturday 2 nd July All valid entries received before the closing date will be considered by the judges. Successful entrants will be notified during the first week of September The first 100 schools entering Young Enterprise s My Money Week national competition will be offered a FREE class visit to KidZania London for up to 30 children (plus a maximum of 6 accompanying adults). Visits need to take place during 5 th -16 th September and 3 rd - 21 st October 2016 (excludes weekends). Eligible schools will be notified w/c 11 July, and provided with booking instructions. Any and all transport and travel arrangements, including any incurred costs, will be the sole responsibility of the school. 10. The address provided on the teacher/trainer/facilitator entry form will be used to send any prizes, and the telephone number and address will be used to notify winners. Please make sure these are correct. 11. No responsibility can be accepted for any entries lost, delayed or mislaid for any reason whatsoever. Proof of sending is not proof of receipt. 12. All expenses incurred as part of entering the competition, unless specifically stated, are the sole responsibility of the entrant. 13. Judging: Young Enterprise s decision regarding winners is final and no correspondence will be entered into. 14. Young Enterprise regrets that no entries can be returned. If you would like to keep the original artwork, please submit a copy as your entry. 15. Young Enterprise retains an exclusive perpetual license to reproduce the entries across all media formats. Each entrant agrees that Young Enterprise (and third parties authorised by them), if it so decides, may make their entry available on its websites and on any other media. 16. Entrants may be filmed on national/regional TV 13

14 17. Entrants may be required to take part in promotional activity and Young Enterprise reserves the right to use the names, schools and towns of winners, their photographs and audio and/or visual recordings of them in any publicity related to the competition. 18. Prizes i. The overall winners in each category (one primary and one secondary) will receive a 50 voucher and 500 for their school/organisation. ii. The four runners-up in each category (primary and secondary) will receive a 25 voucher and 250 for their school/organisation. iii. Each winner and runner-up, along with their parent or guardian, will be invited to attend an overnight visit to London and a prize giving event in September/October Transport to and from London (standard class rail fare or mileage), one night s accommodation bed and breakfast at a hotel specified by Young Enterprise, and dinner costs will be covered for up to four people (including the winner/runner-up) per winner/runner-up. 19. Prizes will not be transferable to another person Prizes for schools/organisations will not be awarded or transferable to individuals. 21. No part of the non-cash prizes is exchangeable for cash or any other prize. 22. If an advertised prize is not available, we reserve the right to offer an alternative prize of equal or greater value. 23. To the fullest extent allowed by law, Young Enterprise accepts no responsibility for disappointment, loss or injury suffered by any entrant as a result of participation in the competition. 24. Young Enterprise reserves the right to amend or cancel this prize draw where necessary due to circumstances beyond its control. 25. As far as is legally possible, these terms and conditions shall be governed by English law and the Promoter and entrants agree to the non-exclusive jurisdiction of the courts of England and Wales. In some circumstances, the laws where entrants are domiciled may have jurisdiction. 26. Entry will be deemed as acceptance of these terms and conditions. 14

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