Salaries and payslips

This activity pack is designed to introduce young people to the national minimum and living wage. They’ll learn how to understand payslips, tax codes and National Insurance to better manage their personal finances. It also provides a practical example, which allows participants to apply their learnings by calculating key elements of a payslip.

Learning outcomes

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

• Identify different sources of income including job salaries, benefits and bursaries, returns on investment and borrowing
• Discuss the difference between the minimum wage and the living wage
• Understand how tax (PAYE) and National Insurance Contributions are calculated
• Interpret all the key elements of a payslip, explain what they mean and demonstrate how to calculate the different tax deductions
• Consider the benefits employees can access beyond their salary
• Identify a number of different websites and resources, to further support and improve their understanding of how to manage personal finances

To access worksheets for all twelve activity packs in one place, use our ‘Setting yourself up for financial independence’ workbook.

Other LifeSkills lessons are also suitable for use with care leavers to support them on their employability journey, here are some to get started with:

• Tailoring your CV using networks
• Interview Skills
• Aiming high (proactivity)

As a signatory to the Care Leaver Covenant, LifeSkills created with Barclays have worked directly with young people who have experienced care as well as the adults supporting them to create twelve activities adapted from existing financial education content. Activities include case studies, quizzes, discussions and practical tasks to build skills, knowledge and confidence, and can be delivered one-to-one or in a small group. Each pack includes guidance for support workers, worksheets for young people and useful signposting. Young people can register on LifeSkills to access further interactive resources on managing their money and building skills for the world of work here barclayslifeskills.com/young-people.