Boys were shocked to discover how much money is deducted at source when they learned how to decipher a payslip in a financial capability workshop, reported Head of Pupil Development Sarah Westcott.
The Year 8 boys also learned about the types of bank account they could access both now and in the future, as well as finding out about the importance of budgeting.
The exercise which saw them analysing a payslip to work out how much salary is deducted and for what purpose was particularly enjoyable, notwithstanding the shock it brought, Dr Westcott said. “Many of them expressed surprise at how much is taken before you even get paid!”
Further tasks then required the boys to think about different kinds of debt – what is a ’good’ debt, such as a mortgage, and what is a ‘bad’ debt, such as a store card or payday loan.
The event was organised with leading international and UK bank HSBC. It took place during one of the boys’ Personal Development Time (PDT) sessions. PDT lies at the heart of QE’s comprehensive pastoral support system and is focused on making pupils ‘confident and responsible’, in line with the School’s mission. All boys receive 90 minutes of PDT each week.
Besides learning about personal finance, there was another purpose in holding the workshop, Dr Westcott explained: “The event was part of a wider strategy at School to encourage more employers to come in to talk to students to provide a balanced careers perspective.”