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Do you know what a payslip is? Financial education is important for kids at an early age and not just when they get older and start getting it all by themselves. In this educational video, Aaron will help you to know more about payslips and the different sections on them.
As easy as it might be stated, we could say that a payslip is a slip of paper that states the pay of the person, recording how much money the person earned and how much money has been deducted.
For some people, a payslip might be a little bit confusing and it might not be easy for the kid to understand all the different sections found in it. On any payslip, you will always find something called "gross pay" and this is the total amount of money the person is paid with before any deductions are done from his/her wages. On the same paper, you will also find something known as "net pay" which is the total amount the person is paid with after the deductions are done and taken from the wages, and this means that this is the actual amount of money that the person will be saving.
In addition to the two main things or sections to be found on the payslip, there are also some additional payments that could be stated there. The additional payments is all about the money that the person gets paid into his/her wages for his/her expenses, such as the money for petrol, the money needed if the person have to travel for his/her job or else the money that is needed for food.
Part of the financial literacy for kids, it is important that they get the chance to know that not all the money that people receive and get paid with as their salary is taken, but the person will need to pay back something to the government. From the examples of money deductions that we are talking about, there is the tax payment that is taken from the wages and which goes to the government in order to pay for the public services, such as education, health and social security. There is also the national insurance which is another amount of money deducted from the wages and this money also goes to the government in order for the country to be able to pay the person back when he/she retires. Pension scheme is a third type of money taken from the money paid to the person and this money is sometimes taken by the company in order to pay for the person at the age of retirement.
Some deductions are made according to what the person chooses to make, it could be deductions for charity donations for example, and at the end, the net payment on the payslip will show you the amount of money that you have after all these deductions have been made.
In order for the kid to understand and get this all in, he/she should have a look at a real payslip and even though this might be considered very hard, they could try to ask their parents if they could let them have a look at one of them.
There are other things related to finance which the kids should know about, such as the debit cards ( • Financial Literacy for Kids - How to Help ... ), the credit cards ( • What is Credit Card? Financial Literacy fo... ), talk with their parents about the process of earning money ( • How to Make Money Tips - Financial Educati... ) and let the kids know more about the simple things which could be of any use to them at this young age ( • Financial Literacy for Kids - Finance for ... ).
A lot of parents think that such information is not important at such an early age, but actually this is not true, because kids will not be using any of these things but at least they should understand what their parents are doing or what they are dealing with when it comes to money, bank accounts and what they are being paid for and what they are paying for in return.
Educational videos for kids are the most interesting ways to educate a child in the process of homeschooling, especially when the video is laid out in a storytelling way that would attract the kids for what is being said.
This is all the important information regarding the payslip and its different sections, if you have any questions related to it all, send us over.
Financial literacy for kids is definitely important and will help your kids later in their life.
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