Year 12 Core Maths students been given insight into various aspects of finance by a representative of Santander. They looked at the different types of tax including on bank accounts, inheritance tax and on income. They discussed ways of saving money and the benefits of accounts like ISA’s compared to a normal savings account before moving on to inflation. They found out the current rate of inflation is just over 2% whereas the current Bank of England’s base rate stands at just 0.75%, students looked at what this low interest rate meant for them as a consumer and different business sectors. Interest was then discussed in terms of savings accounts compared to borrowing money. They looked at what a credit history meant and how this could impact your future. Mortgages were then looked at and whether you could get a mortgage whilst doing an apprenticeship before discussing the types of mortgages available and what that could mean for students. They discussed what good and bad debt could look like before moving on to student loans. Students were inquisitive and asked our guests some great questions.
A packed financial session – thank you to Santander.