Financial literacy programme launched

Junior Achievement Isle of Man has launched the first programme within the global Junior Achievement organisation to explain the credit crunch to young people, and introduce them to the fundamentals of financial literacy.

'It's All About Money' was conceived and devised by Junior Achievement Isle of Man chief executive Sue Cook.

She says, given the present state of the global economy and the contracting jobs market, it's more important than ever that young people have a sound working knowledge of everyday financial management.

She says it's also important to support the Island's schools in teaching young people how to become financially capable adults.

'It's All About Money' has become a reality thanks to funding from the Big Lottery Fund, through the Manx Lottery Trust.

The programme is aimed at year 10 students, and outlines the causes behind the credit crunch.

It goes on to explain how to manage personal finances, open a bank account, the difference between a wage and a salary, the rudiments of National Insurance, and the positives and negatives of obtaining credit. It also identifies the chief differences between savers and spenders.

In the 2010-2011 academic year Junior Achievement Isle of Man ran 150 classes in 18 schools, reaching more than 4,000 young people.