My Money Weekly 2016

My Money Weekly • Secondary Edition

13th June 2016 Puzzles Risky business, Who's insured what?

Currency puzzle, What could you earn?

Page 12-14 My Money Week: Secondary age group logo: CMYK

MY MONEY WEEKLY C0 M100 Y100 K0

Secondary Edition • 11-19yrs

A spoonful of sugar! Would you pay more for less?

Your health is your wealth – so they say. If that is true then a tax on food and drinks that are high in added sugar is surely a good thing? Then again, why should we pay more and get less? Like most issues it is not that simple so time to investigate this sticky subject and see if a sugar tax is ‘sweet’ for consumers.

Most of us like our sweet treats once in a while; biscuits, cakes, chocolate and fizzy drinks, but what is all that extra sugar doing to our health?

Campaigners in favour of a sugar tax say that all the extra sugar in our diets is making us more likely to get tooth decay, gain weight and develop health condi-

tions like diabetes when we get older, all of which could cost the NHS billions of pounds every year in treatment. They also say that not enough pressure is put on companies to make healthier food products in the first place.

More on sugar see page 2

More stories inside... www.pfeg.org/MyMoneyWeek

My Money Weekly • Secondary Edition • Health

Page 2

HEALTH How much sugar is too much?

Health advice says that Children aged 11 years and upwards, as well as adults, should have no more than 30g or 7 teaspoons of free sugar per day. To put this into perspective, a typical 330ml can of fizzy drink can contain up to 35g or 9 teaspoons of free sugar*.

Sugar tax campaigners calculate that a tax of up to 8p per regular-sized can of soft drink could generate £1 billion per year of extra money for the government which could be used to help educate us to make healthier spending choices when it comes to our food.

Those against a sugar tax say that many of us already make healthy choices and only eat sugary foods now and again – why then should consumers who make good food spending choices have to pay more?

The companies that make these products say that they are always looking at ways to reduce the sugar content of certain foods, and that they give us lots of information on

Sugar tax campaigners calculate that a tax of up to 8p per regular-sized can of soft drink could generate £1 billion per year the packaging so we can make our own decisions about what we spend our money on.

Other campaigners say that it is education - teaching people how to cater for a healthy diet - and not taxation that will help us all

make better spending choices when it comes to food, in much the same way as we might compare other products before we buy.

The government recently announced that it will impose a sugar tax on soft drinks. However it will be 2 years before the new tax comes into place, in order to give the companies who make them a chance to change their ingredients. *figures from: Government’s Scientific Advisory Committee on Nutrition (SACN) recommendations to understand your free sugar consumption

A SPOONFUL OF SUGAR OR MORE?

5 teaspoons

4 teaspoons

4 teaspoons

1 teaspoon

0.4 teaspoon

Yeo Valley Family Farm 0% Fat Vanilla Yogurt (150g serving)

Heinz Classic Tomato Soup (300g)

Kellogg’s Frosties (with semi-skimmed milk) (30g)

Heinz Tomato Ketchup (15ml)

Hovis Soft White Bread Medium (40g)

www.pfeg.org/MyMoneyWeek

Source: Action on Sugar www.actiononsugar.org

My Money Weekly • Secondary Edition • Finance

Page 3

FINANCE A living wage The minimum amount of money that a worker must legally be paid per hour for doing a job is changing. Those born around the year 2000 will now be thinking about further study or starting an apprenticeship or job… so what will the new National Living Wage (NLW) mean for young people now and in the future?

The Living Wage Foundation

£9.40 (LONDON)

The Living Wage Foundation thinks that a truly living wage is higher than the £7.20 an hour that the chancellor has decided to pay. They think it should be as much as £9.40 for London because it costs more to live in the capital city and £8.25 for the rest of the UK.

£8.25 (REST OF THE UK)

Source: www.livingwage.org.uk

What it the new National Living Wage exactly?

Is it the same as the Living Wage?

Well not quite! The Living Wage calculated by the Living Wage Foundation is different. This Living Wage is set at a slightly higher rate meant to allow people to pay not just for the basics in life like accommodation, travel, heat and light and healthy food, but also to pay for little extras like buying birthday presents. What some think of as basic cost may be a luxury for someone else, the Living Wage is calculated according to the actual cost of living in the UK and employers can choose to pay it on a voluntary basis.

This replaces what we know as the National Minimum Wage (NMW); a per hour rate determined by age and type of employment, this rate is currently £6.70 for those aged 21 and over.

The NLW hourly rate is higher than the previous minimum wage but many feel it is still only a minimum and may not be enough for some people to live on, however lots of organisations and government bodies are confident that this new rate will let people live a decent life.

The NLW is set by the Low Pay Commission and is based on the median earnings of workers across the country. Paying Who benefits? workers the new NLW will be compulsory for all businesses, and from April 2016 Supporters of the NLW believe that it workers aged 25 and over must be paid at makes people more equal and will narrow the gap between high and low paid least £7.20 an hour. workers. They also think it will mean that www.pfeg.org/MyMoneyWeek

employers cannot exploit workers and making them work for very little.

Is there a downside?

Higher wages means increased costs for employers and these can be passed on to consumers through higher prices for services and for things we buy in shops. Others say we would be less competitive because low wage economies such as China and India may take work away from us.

What about those under 25?

It may not mean a lot straight away because for younger people the NMW for under 18s and for apprentices will remain at the current lower rates, but by the time we get to 2020 it may make a big difference to earnings because employers will be required to pay a minimum of £9 an hour by 2020 for over 25s.

My Money Weekly • Secondary Edition • Culture Editorial

Page 4

CULTURE EDITORIAL VIEW INFOGRAPHIC ONLINE www.invespcro.com/blog/social-media-influences-purchase-decisions/

Calling Generation Z! Children and young people born around the Year 2000 and who will soon be going on to further study or entering the workforce are being called Generation Z. Politicians, researchers, and advertisers are all interested in you because you are the future! They want to know how you think and what you want to get out of life.

The way each of you manages your life, money, health and friendships are all different and will continue to be different in the future… Other Generation Z watchers have said that you are also the best ‘connected’ generation ever because you were born into a world where the internet and social media have always been there. Can you imagine a world without Facebook, Twitter, Instagram, Snapchat or Whatsapp!

Did you know then that social media can influence your spending decisions? A recent survey of adults found that 74% of those surveyed were influenced by social media recommendations when making a purchase. For many consumers, the best www.pfeg.org/MyMoneyWeek

thing that ever happened has been social media because it allows them to share information and make informed decisions when it comes to making purchases.

That may be all well and good but can we get information from other sources that might be just as good? If you are going to be really savvy Generation Z consumers you need to make sure you get your information from a range of reliable sources to help you make good spending decisions. Next time you make a spending decision why not ask yourself – What influenced me? How reliable was the information? You might be surprised by the answer!

My Money Weekly • Secondary Edition • Community

Page 5

COMMUNITY Credit where credit’s due!

A local Credit Union has been praised for encouraging students at the local secondary school to become junior savers and develop good habits with money.

A spokesperson for the Credit Union said ‘A lot of our members have joined us because they have learned that they can not only save but help their community at the same time.’

“We want our students to learn good money habits because this is part of them being able to manage their lives successfully later on.”

The head teacher commented “We want our students to learn good money habits because this is part of them being able to manage their lives successfully later on. Credit unions allow students to save money when they are able to and, once they’re 18, they can even borrow money safely if they need to. We don’t want them to think they should never borrow, because

this might be important to them in the future, but we do want them to know the difference between good and bad debt. We hope that they will take these good habits with them into adulthood.”

Some Credit Unions also offer services just like banks such as current accounts and insurance products.

*From 30 June 2015, the British credit union sector had: 1,238,121

AROUND

350 credit unions

ACROSS ENGLAND, SCOTLAND AND WALES EMPLOYING MORE THAN

1,500 staff

PEOPLE USING THE SECTOR, INCLUDING

130,659 JUNIOR DEPOSITORS

MORE THAN

35,000

PEOPLE HOLDING THEIR CURRENT ACCOUNT WITH A CREDIT UNION

22

CREDIT UNIONS ACROSS THE UK NOW OFFERING CURRENT ACCOUNTS

SOME CREDIT UNIONS OFFERING MORTGAGES, CASH ISAS AND INSURANCE PRODUCTS Source: www.abcul.org/media-and-research/facts-statistics

www.pfeg.org/MyMoneyWeek

My Money Weekly • Secondary Edition • Sport

Page 6

SPORT Life after the Olympics?

It is hard to believe that 4 years have passed since the 2012 Olympics took place in London, and the 2016 Rio Olympics will soon be with us! We look at some of the choices athletes are faced with when they choose to stop competing.

Many athletes when they stop competing are able to work within their sport as trainers, coaches or TV commentators but not all are able to – many famous sports stars have found that they have had to reinvent themselves to continue their careers.

“The skills and attitudes you need to compete at the highest level in sport are the same skills that will help you to succeed in other walks of life – taking pride in your achievements and the work you do and showing discipline, determination, organisation and courage.”

Many athletes, e.g. Jessica Ennis-Hill, earned a lot of money from sponsorship deals after the 2012 Olympics in London, but these deals might not last forever. In a world where there is a need to be flexible and adaptable to compete in the job market we can all learn from those who have had to re-invent themselves when they can no longer do the job they were trained to do. www.pfeg.org/MyMoneyWeek

Some athletes never actually leave their day jobs and are supported by their employers to compete in sporting events.

Some go on to work within their sport but many go back to their old jobs. And, it is not always about the money – another ex athlete said that he had to build a career from scratch and did not have sponsorship money backing him to do so, in this

case he found a job he enjoyed and then applied himself to it. ‘The skills and attitudes you need to compete at the highest level in sport are the same skills that will help you to succeed in other walks of life – taking pride in your achievements and the work you do and showing discipline, determination, organisation and courage’.

My Money Weekly • Secondary Edition • Lifestyle

LIFESTYLE Do you want to live in the Kingdom of Happiness?

In 1972 the King of Bhutan, a tiny Himalayan country between China and India, decided that he would measure his country’s success by GNH (Gross National Happiness) and not GNP (Gross National Productivity).

Rather than always wanting economic growth he said that what the country chose to do should always be measured by whether it was economically fair, sustainable and safe for the environment, and if it would lead to better government and make his people happier.

Water water everywhere… …and many people have found themselves without a drop to drink when their homes were flooded earlier this year because of high rainfall. Unfortunately some people did not have adequate insurance to cover the cost of damage, and some have not been able to get insured because they have been flooded several times before.

It can be risky living in places that may flood but taking out insurance cover is one of the ways that we manage some of the risks in our lives. Insurance companies will take an amount of money from customers each month (a premium). If nothing bad happens, they don’t pay you anything back but you continue to pay them for the cover. If something bad does www.pfeg.org/MyMoneyWeek

happen however, you can make a claim on that insurance and they will pay you back to cover the costs.

We can buy insurance for all sorts of situations – houses, health, holidays, pets, and possessions. In most cases it lets us decide whether we want to take out insurance to protect us from losing money if something does go wrong, or to decide we’re happy to take the risk that nothing bad is going to happen and perhaps we’d end up paying out far more for the cover than we would ever receive back if we made a claim.

Except in the case of a car, however, by law we must have insurance to at the very least cover us for any damage or harm we might do to other drivers or pedestrians.

Page 7

My Money Weekly • Secondary Edition • Business

Page 8

BUSINESS Work in the future, what will it look like?

With all this talk of the possibility of living on other planets in the future and the growth of artificial intelligence – what is our working life going to look like in 20 years’ time? It might be a bit too soon to be thinking ‘moon gardener’ but what kind of jobs will we be doing in the future?

There are new jobs evolving right now.

Do you know what a forensic computer analyst or a social media strategist does?

Well, with an increase in cyber crime including financial scams there is big demand for people who can find ways to detect and stop cyber criminals. Or, if you are a bit of social media addict you might not be surprised to learn that you could work in a job that helps you to develop the best ways to connect people.

For many of us our working life is changing – where we do it – how we do it!

How many jobs might we have to make a living? Many people enjoy the flexibility of not having one job all their lives.

Many find it more creative and energising to do different things. For some it means they can think globally even if they work locally because they are connected by technology to people all over the world.

WORK IN THE FUTURE FLEXI WORKING

TELEWORKING

Not working to set hours such as 9-5 on set days like Mon - Fri.

New technologies mean you can work from anywhere these days, you don’t have to be based in an office.

TEMPORARY CONTRACTS Employers take on more people at busier times.

ZERO OR LOW HOURS CONTRACTS Sometimes employers need flexibility from employees.

1 GBP = 1.23 Euros 1.42 US Dollars 1.9 Australian Dollars 5.34 Brazilian Real 160 Japanese Yen www.pfeg.org/MyMoneyWeek

Use the skills you’ve learnt in one job to change to another.

RUNNING YOUR OWN BUSINESS

Specialists are brought in for certain projects when they’re needed.

Nearly two thirds of young people would like to run their own business and this can be done in almost any field, for example health and fitness, food, or finance to name just a few.

PART-TIME WORK

VIRTUAL BUSINESS

People choose to work part of a week, for example, if they’re studying.

Technology means you can work for people in other parts of the world or they could work for you!

BEING FREELANCE Today’s Currency Exchange

CAREER SWITCH

My Money Weekly • Secondary Edition • Jobs

Page 9

JOBS Home Insurance Claims Handlers APPRENTICESHIP

We are now recruiting for more insurance claim handlers. You will be helping people who need to make a claim on their home insurance. You will need to be sensitive to people who are in difficult situations, have excellent communication skills, IT skills and work well under pressure.

Requirements: GCSE Maths and English. Good IT skills. Office experience an advantage.

SOCIAL MEDIA ASSISTANT FOR A NATIONAL CHARITY Have you got an online presence through a website or a blog? Do you help manage social media on a volunteer basis for your school or a local charity? Are you interested in shaping the way people use social media in the future?

If the answer is yes to all of these then we need you!

We are looking for a dynamic person to join our team to support our Social Media Manager as we look for more exciting ways to communicate with our customers through social media.

Part time Store Assistants

POWER SPORTS UK Now recruiting for part time store assistants nationwide. No qualifications required but we are looking for hard working and friendly people to join our team.

Hours: 40 hours flexible working.

Some weekends required.

Skills/Qualifications: Level1/2 Social Media for Business award desirable

Salary: NMW: Apprenticeship hourly rate applies.

Hours: 40 hours. Some weekends required Salary: Negotiable depending on experience

Terms: Zero hours contract

Call Sally on 020 1496 5637 for more information about how to apply.

Send your CV and a sample of your social media output to joe@socialmediacvs.org

Pop in to your local store for an application form.

FOOD TECHNOLOGIST Care Assistant: Older people The number of older people in our communities is growing and we are looking to recruit a number of care workers to provide support to our older clients with our at home services.

As a care assistant you will help people who have difficulties with their daily activities. We will provide on the job training and offer opportunities to take a range of qualifications. This is a great career opportunity for anyone who enjoys helping people and wants to make a difference to the quality of their lives, enabling them to live independently for longer.

When applying for the job you will need to pass background checks for the Disclosure and Barring Service.

Hours: 35-40 hours Salary: NLW dependent on age Call Vin on 07994 698 365 for more information. www.pfeg.org/MyMoneyWeek

Well known national food manufacturer

An exciting opportunity for someone to make a mark in food development working for a leading edge healthy food producer. We are looking to recruit a number of trainees to work on a range of healthy low sugar snack products. Support may be available to gain industry qualifications.

An interest in food, fitness and the role of healthy eating would be an advantage. If you want to pursue a career in food development then contact us now with your CV and tell us why you think this is the job for you.

Hours: 35 hours with flexible arrangements for study. Some weekends required.

Salary: £18,000 per annum Visit www.foodtechtrainees.com for the application pack.

FOODBANK VOLUNTEER Sunny Town Foodbank is looking for volunteers to help support the work of the foodbank, we distribute food to those most in need.

You will help sort donations of food, ensure that stock is rotated efficiently and help select and pack food parcels for clients.

If you have 2 to 3 hours to give each week and would like to support our work and help others then please contact Amy Grange on 01898 454545

My Money Weekly • Secondary Edition • Dr Poundsenpence’s Money Advice Column

Page 10

DR POUNDSENPENCE’S MONEY ADVICE COLUMN

Insurance I’m just about to start university and have had a letter saying that I must insure all my belongings.

I’m not sure what I have to do and if it is a good idea?

Farah (age 18) Bristol

Answer:

Answer:

A

Hi Farah Not sure who has sen t you this but you unlike insuring a car, which you have to do by law, don’t have to insure your belongings if you don’t want to. Then again if you ha ve valuable stuff like a laptop, sm art phone and other nice gear that you can’t afford to replace if stolen or damaged then my advice would be to get your stuff insured. You can get qu otes online using price comparison websites and also there are often gre at student discounts if you go thr ough the student union too.

Matt (age 16), Norwich

Answer:

B

Hi Farah There are always companies trying to scare you into insuring your stuff so they can make loads of money from you for doing nothing. As long as you keep your gear safe you will be fine. I’d keep your money and enjoy spending it!

Ali (age 17), Nottingham

www.pfeg.org/MyMoneyWeek

More Money Advice Column on the next page...

C

Hi Farah It took me ages to save for my lapt op and when it was stolen I was gutt ed.

I didn’t have insurance but I wish I had. It was only a very small amo unt like about £2 a month and if I had taken out a policy then I would not have had to worry and I could hav e replaced it with a new one. Not to mention the fact that I lost all my work and loads of photos. Now I don’t have a laptop and have to rely on using my college resource cent re until I’ve saved enough for a new one.

So, my advice would be get insu red – it isn’t worth the risk!

Jane (age 18), Brighton

My Money Weekly • Secondary Edition • Dr Poundsenpence’s Money Advice Column

Page 11

DR POUNDSENPENCE’S MONEY ADVICE COLUMN

Saving I have managed to save £300 and I want to hang on to it before I spend it on stuff i don’t need. My friend says I should put it in a savings account at the bank but another friend thinks I should join my local Credit Union. She joined one when she was at primary school and she still saves now and she gets extra on her savings. To be honest I don’t know what the difference is. Can you help sort it for me before I spend it!

Jamie (age 16), Oxford

Answer: Answer:

A

Hi Jamie

r If I were you I’d treat yourself afte of ty plen re’s The k. all your hard wor r! olde are you n whe save time to Louise (age 15), Watford

B

Hi Jamie

erything but I Not sure about ev me s will give you so know that bank t no is it ys sa um interest but my M have u yo so t en om m very good at the get good rates. to shop around to ty a Building Socie My parents have r fo e on ed en op account and they each year on my me. I get interest y ar I got £30 on m balance. Last ye r tte be So .

00 £9 savings of about than nothing! ull Abdi (age 14), H

www.pfeg.org/MyMoneyWeek

More Money Advice Column on the next page...

Answer:

C

Hi Jamie I think a Credit Union is a great idea.

My Gran has saved in one for years where she lives and she says it helps her to save a little eve ry month but as she’s well over 18, she knows that if she needs to borrow she can do that at OK rates of int erest. She says she also knows her mo ney gets used to help others in the com munity. So seems like a good idea to me. Check it out!

Kasia (age 15), Derby

My Money Weekly • Secondary Edition • Puzzles

Page 12

PUZZLES Risky business?

All the words below are connected to taking out insurance, fill in the blank letters and then find the words.

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_ O _ _ DAY I_SUR_ _CE LI_B_L_TY LI_E _ET P_L_CY POS_ES_ION_ _ _EMIUM PR_PE_TY P_OTE_T _ _ SK

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Who’s insured what?

Match a purple, green and orange box to find out what celebrities have insured!

Legs

Taylor Swift

Joey from TOWIE

£26.5 million

Voice

£1 million

Bruce Springsteen

£100 million

Legs

David Beckham

£2 million

Ant and Dec

Accident

Hair

£5 million

Daniel Craig

£3 million

Life

www.pfeg.org/MyMoneyWeek

My Money Weekly • Secondary Edition • Puzzles

Page 13

PUZZLES

Currency symbol puzzle Can you match the country the currency and the symbol?

France

Yuan

¥

United States

Krone

€

Brazll

Yen

India

Dollar

kr

China

Euro

AU$

Norway

Dollar

$

Australia

Real

¥

Japan

Rupee

R$

www.pfeg.org/MyMoneyWeek

My Money Weekly • Secondary Edition • Puzzles

Page 14

PUZZLES

What could you earn?

Do you know what the average earnings are for different jobs? Can you match the earnings to the job?

£70,646 £66,396 £39,346 £32,547 £32,470 £29,870 £28,183 £28,182 £26,158 £21,155 £20,568 £20,240 £19,908 £17,925 www.pfeg.org/MyMoneyWeek

FLORISTS RECEPTIONISTS BANK CLERKS CARE WORKERS DOCTORS YOUTH & COMMUNITY WORKERS FIREFIGHTERS WAITERS & WAITRESSES THEME PARK ATTENDANTS PLASTERERS BEAUTICIANS GARDENERS NURSERY NURSES VICARS POLICE OFFICERS NURSES HOTEL MANAGERS HAIRDRESSERS SHOPWORKERS CLEANERS WEB DESIGNERS MPS SECRETARIES SOCIAL WORKERS TEACHERS FITNESS INSTRUCTORS FARM WORKERS CHEFS

£17,595 £17,391 £16,384 £12,804 £12,595 £12,418 £11,163 £11,174 £10,378 £10,174 £8,960 £8,067 £7,654 £6,011

Source: Office for National Statistics 2015. These figures are averages of gross pay before income tax and National Insurance. Overtime is included and rates will vary around the country