Iona Bain's money jargon busters
Figures from the London Institute of Banking and Finance show that, in 2023, 62% of young people in the UK reported having access to some kind of finance-related education in schools. In 2022, that figure was 73%.
The same report found that 85% of 17 and 18 year-olds surveyed wanted to learn more about money and finance in school.
With issues such as the cost of living, inflation and interest rates close to the forefront of the national conversation, BBC Teach has worked with experts, as well as some familiar faces, to help bring financial literacy into the classroom.
The short video clips below from BBC Morning Live's financial expert Iona Bain aim to demystify some of the terms that crop up again and again when money issues are discussed, and can help separate a mortgage from a pension for any young person who's still unsure.
All information correct as of March 2023.
First up, it's mortgages. We may have heard discussions in the news about the challenges some people are facing in applying for one, but what exactly is a mortgage? Here Iona Bain explains how a mortgage is a type of loan - one that’s tied up in property.
Cost of living and inflation
Energy bills and food prices have been making headlines. It’s all related to the cost of living and how prices relate to the wages people earn. Whether wages are in line with the cost of living is connected to something called inflation, as Iona Bain explains in this video.
Interest rates influence credit cards, mortgage repayments and savings accounts. Sometimes the interest is paid to you, and sometimes you pay it to someone else. No wonder interest rates make the news so much - they affect the finances of so many of us, as Iona Bain explains.
You’ve probably heard the phrase "buy now, pay later" - that’s one way of describing credit. Credit can be a convenient way to buy things. Just remember that you do have to make repayments at some point, as Iona Bain explains in this short video.
You might collect spare change in a piggy bank for a rainy day. A pension is a little like that, only on a larger scale, and usually with a few more layers of saving involved. It’s not just for a rainy day, either - it’s for those days when you’re no longer working and making time for yourself, as Iona Bain explains.
Financial Literacy Classroom Challenges
With the help of money expert Iona Bain and a host of famous faces, these resources for secondary schools explore key financial literacy skills including budgeting, borrowing, and saving.
How to talk to your child about the cost of living crisis
Parents' Toolkit offers advice on discussing things like energy bills and food prices with younger members of the family.