NSPCC Number Day

To celebrate NSPCC Number Day, Year 5 spent the day developing their financial literacy, exploring how money works in real life and why managing it carefully is so important.

We began by looking at the different ways we can pay for things, developing our understanding of debit and credit cards and the key differences between them. The children also learned about loans, how banks and credit companies charge interest, and why it is vital to think carefully about repayments before deciding whether taking out a loan is a wise choice.

The main focus of the day was jobs and earnings. We started by exploring a range of different careers and learning what an annual salary is. The children then chose a job and were very excited when they divided the annual salary by 12 to calculate how much they would earn each month — or so they thought!

Next, the children were introduced to tax and National Insurance and calculated how much these deductions would reduce their monthly income. Many were still confident they would be fairly well off… until we moved on to monthly outgoings.

The class explored the cost of rent or mortgages, council tax, utility bills, grocery shopping, phone contracts, and other essential expenses. Once these were deducted, the children were shocked to see how little money was left at the end of the month. One child, who had been very excited about renting a penthouse apartment, quickly realised that after all their outgoings they were over £1,000 overdrawn!

At the end of the day, the children were asked to reflect on what they had learned. Some of their thoughtful comments included:

“I know that money is hard to earn and you have to pay tax after earning it. I was surprised by how much the government take. I didn’t know how much tax people had to pay. I now know why I don’t always get things when I ask.”

“I could not believe you have to pay council tax! It is really expensive.”

“I learned that the money left after you have paid your bills can be really low and I learned how expensive bills really are.”

“I learned how much parents have to spend to get a house and pay the bills – we don’t realise that it is so much. Money is hard to earn so you should not spend too much money on things that you don’t need.”

“I have learned how hard it can be on parents because of all of the expenses each month. I am very shocked about it.”
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It was wonderful to see such thoughtful reflections and a growing appreciation for the realities of adult life and family responsibilities. NSPCC Number Day provided a powerful and memorable learning experience for Year 5.