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.

The suite of LifeSkills money skills content has recently been updated. Responding to insights from teaching professionals and the benefits of building key topics over time we’ve made changes enabling clearer sequencing through the content. This will support your students to deepen their knowledge as they progress through education and help embed skills to support with financial independence.

To see an overview of the updates and where key topics can be found please visit Money Skills resource updates. The wider suite of Money Skills content has been developed to engage your pupils with a mix of resource types including interactive tools and films, aligns to the Young Money Financial Education Planning Framework and has been awarded the Young Money Quality Mark.

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.

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.