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The Welsh Government guidelines for the skills and knowledge children should have in this area are as follows:
- Use profit and loss in buying and selling calculations.
- Understand the advantages and disadvantages of using bank accounts, including bank cards.
- Make informed decisions relating to discounts and special offers
- Carry out calculations relating to VAT, saving and borrowing.
- Appreciate the basic principles of budgeting, saving (including understanding compound interest) and borrowing.
- Calculate using foreign money and exchange rates.
- Understand the risks involved in different ways of saving and investing.
- Describe why insurance is important and understand the impact of not being insured.
- Use and understand efficient methods of calculating compound interest.
- Understand and demonstrate the real-life process of foreign exchange.
- Understand and calculate income tax.