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Lifeskills Challenge

Work money management

Challenge reference: 7176

Notional learning hours  20
Level Level 1
Subject area
Preparing for Adulthood pathway
Skill
Learning aim

The learner will secure a basic understanding of how to manage their wages or salaries and the key terms involved.
Learning context

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Learning outcomes

What the learner needs to know, understand or be able to do

The learner will:

  1. Be able to make calculations to complete a payslip.

  2. Know the difference between expenditure and income and show an understanding of the importance of having savings.

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Assessment criteria

What the learner need to demonstrate in order to meet the learning outcome

The learner can:

    • Calculate overtime and basic pay
    • Calculate PAYE tax for the period of work
    • Calculate both gross and net pay
    • Describe what the words income and expenditure mean in relation to a budget
    • Identify three possible sources of income and three possible sources of expenditure 
    • Give three examples of what could be done with any spare money at the end of the week or month 
    • Give three examples of why having savings could be important to a worker

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