the writer of this month’s star letter received £100!
We have received some great feedback over the past few issues of My Virgin Money magazine and it seems a variety of our articles have caught your imagination.
Finally, Robin Paris said My Virgin Money magazine had made him think twice about his banking arrangements and spurred him into action.
but this month’s star letter cam from Tracy Cooke who said:
In response to your article, Your Say – Parents call for financial education, I do give my nine-year-old daughter pocket money. However, she has to complete chores in the house and maintain a tidy room in order to get this at the end of each week.
We have also let her borrow money to buy something quicker and have given her a paying-in book to show that you can’t get things for free. The pain of paying something back and going without for 26 weeks can sometimes be very painful!
Regarding the teaching of finances in schools, one thing I think should be a must is to teach secondary school pupils about tax codes and what these mean for your earnings. I work dealing with payroll, and you would not believe the number of people you speak to that have no understanding of the freepay allowance, what the higher earning limits are and what happens if you earn more with overtime etc.
These are basic things that could be taught in schools through maths or economics and would aid people in money management. It is very sad to see people in financial hardship when they retire because they don’t understand tax codes, or realise they have to tell HMRC about all their little incomes which they still pay tax on above a certain limit.
Even educated pensioners who had high flying jobs don’t always understand a tax code and its meaning and can end up owing thousands in underpaid tax to HMRC.
Budgeting is also something I think children can benefit from. In a world that is increasingly reliant on finance, loans and borrowing I think education at school age is the way forward.