As human beings we sometimes like to assume that we know everything we need to know when it comes to dealing with our finances and our money… But do we really? Do you know about APR? AER? Taxes? Some of our young people didn’t either but luckily it was MyBank to the rescue!
MyBank is an organisation that delivers workshops in places such as schools, detention centres and anywhere there are young people who need and want to be educated on their money, how to earn it and how to keep it! They delivered 4 sessions with a group of young people here at the hub covering a variety of areas such as loans, types of income, how to manage your bills and more. We asked a young person how they feel after having taken part in the MyBank workshop which also allowed them to receive a certificate upon completion of 4 sessions.
Why did you take part in the workshop?
Because I wanted to learn how to manage my money better and find out what the positives and negatives are regarding loans and how banks work.
What’s the most valuable thing you learned?
Learning what APR & AER means and learning about percentage rates and how they affect your loan and learning how to budget my money.
Do you feel like now that you know more about managing your money you’ll be less likely to get into debt?
Would you recommend this workshop to other young people? Why?
I would recommend it because it would help people who are not confident in their money management skills who someone who has never had a job before as it makes you aware as to how you get paid and why money get taken our of our paycheck. It would also teach them about their pensions.