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About Money Wise Online

Money Wise?

Money Wise Online is a series of interactive personal finance lessons designed for Key Stage 2.

The Lessons

The lessons are divided into 5 themes.

1.Do I need money? How much can I earn?

Pupils are introduced to the need for money, looking at what people did before money was invented. Pupils will also explore the different qualifications and skills required for different jobs and how this might affect wages.

2.Can I keep all the money I earn?

Pupils will learn to read and understand a payslip and explore why some people pay more tax than others. They will learn what public services are paid for by tax-payers and will also be introduced to concepts such as paying for pensions and student loans.

3.How can I keep track of my money?

Pupils will the importance of keeping track of their income and spending and will be introduced to the concept of budgeting. They will be introduced to the concept of breaking-even and debt.

4.Should I borrow money?

Pupils are introduced to the concept of needs and wants. They will explore the decisions that should be considered when deciding to borrow, including comparing interest rates and what alternative options are available.

5.What are my consumer rights?

Pupils will learn what rights they have when buying goods in person and/or online.

F.A.Q

What is Money Wise?

Money Wise is a financial education initiative developed by Carmarthenshire Trading Standards Service aimed at increasing the financial capability of the residents of Carmarthenshire. Since 2009, we have been delivering Money Wise lessons to year 6 pupils using specifically designed workbooks that take a sequential look at the concept of money.

Who is it for?

Currently the website is designed for use in primary schools. However, in the future we hope to develop additional modules that are suitable for secondary schools, youth clubs and other social groups.

What will I learn?

This website covers all the same themes as the workbooks therefore you will learn about employment & education, wages, payslips, income tax, budgeting, needs & wants, borrowing money and consumer rights. (See 'About us').

Do the modules meet National Curriculum requirements?

Yes. The programme is designed to cover the following elements of KS2 Literacy & Numeracy Framework and PSE Framework:

How do I find out more about a free trial and registration?

You can register by contacting Carmarthenshire Trading Standards:
Carmarthenshire County Council
3rd Floor, Ty Elwyn
Llanelli
Carmarthenshire
SA15 3AP

Tel: 01267 234567

Email: moneywise@carmarthenshire.gov.uk

Why are Trading Standards interested in financial education?

Carmarthenshire Trading Standards developed the Money Wise initiative following a Local Authority review of poverty in 2008-9, which found that the average household income in Carmarthenshire (£28,860) was 5.6% below the Welsh average at the time, and identified that prevention measures are vital to reducing poverty. While the average income has risen to £30,307 the Carmarthenshire Citizens' Advice Bureau noted an increase in the number of people seeking advice on pay-day loans during 2012-13 and helped 1,814 individuals with debts totalling over £5million, that same year.

Furthermore, with responsibility for enforcing the Consumer Credit Act in Carmarthenshire, Trading Standards works closely with the Wales Illegal Money Lending Unit (WIMLU), and regularly see consumers in financial difficulty and at risk of falling victim to loan sharks.

What do I do if I suspect an illegal money lender?

Illegal money lenders, or loan sharks, are people who lend money without the legal authorisation required to do so. They often charge very high interest rates and often use intimidation and violence to get money from their victims.

If you spot a loan shark or you've borrowed money from one you can report them anonymously to the relevant Illegal Money Lending Unit.

Wales Illegal Money Lending Unit

Email: imlu@cardiff.gov.uk
Tel (24-hr service): 0300 123 3311
Text: LOAN SHARK and the lender's details to 60003

England Illegal Money Lending Team

Email: reportloanshark@stoploansharks.gov.uk
Tel (24-hr service): 0300 555 2222
Text: LOAN SHARK and the lender's details to 60003

Scotland Illegal Money Lending Team

Email: loansharks@glasgow.gov.uk Tel: 01412 876 655

Find out about call charges

Where can I get debt advice?

For free, impartial advice on all money matters, including debt you can contact your local Citizens Advice Bureau.

If you're a Carmarthenshire resident you can contact the Carmarthenshire Citizens Advice Bureau direct on 01267 231275.

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Carmarthenshire Trading Standards Services

3rd Floor

Ty Elwyn

Llanelli

Carmarthenshire

SA15 3AP

Tel: (01267) 234567