Managing payslips, pensions and self-employment

This lesson contains content from lessons previously titled Finances and the world of work and Managing money and budgeting, you can find out about the updates here.

This lesson features in the financial education scheme of learning for 16-19 year olds. A ready-made sequence of curriculum linked resources to help you build progression in your learners' knowledge over time. Visit the Scheme of learning homepage to support with your planning.

The Managing payslips, pensions and self-employment lesson focuses on understanding payslips, including NI and tax contributions for employed and self-employed individuals. It explores how to manage money being employed and self-employed, identifying strategies for saving regularly and saving for the future with a pension.

Resources

• Managing payslips, pensions and self-employment: Lesson plan - for use with a group of students in the classroom.
• Managing payslips, pensions and self-employment: Presentation slides - to display to students and use alongside the lesson plan.

Lesson learning outcomes

By the end of the lesson students will be able to:

• Understand payslips including NI and tax contributions for employed and self-employed individuals.
• Identify strategies for saving regularly and planning for the future with a pension.
• Explore how to manage money being employed and self-employed.

They also develop students’ core transferable skills such as problem solving and communication. 

These resources align to the Young Money Financial Education Planning Framework and have been awarded the Young Money Quality Mark.

Why not include financial capability as a focus in your students’ wider curriculum? Refer to our Content guide to find out how LifeSkills resources can be used in PSHE or Maths lessons.

If you want to increase your own confidence to teach young people about money, Young Money provide free e-learning training to teachers across Primary and Secondary education. In addition, National Numeracy has a free website which helps you practise and refresh your everyday maths skills.