Believe It or Not! WHAT DOES LOL Stand for? What does APR stand for? What does OMG stand for? Only 36% of people in the UK know that APR relates to the to repayments made to Lenders. APR APR 36% Understand Understand Don't Know 64% Don't Know WONGA.COM If you borrowed £100 pounds off wonga.com and you didn’t pay it back. At its APR cost of 4214% how long would it take to accumulate a debt the same size as the US (world largest debt at $14 trillion) A. 1 Year B. 7 Years C. 15 Years B. 7 YEARS Borrow £100 and make no repayments After 1 year After 2 years After 3 years After 4 years Owe £4,200 Owe £180,000 Owe £7,500,000 (£7 million) Owe £315,000,000 (£315 million) After 5 years Owe £13,000,000,000 (£13 billion) After 6 years Owe £557,000,000,000 (£557 billion) After 7 years Owe £23,500,000,000,000 (£23.5 trillion) How many people are currently unemployed in London? A. 1/5 B. 1/10 C. 1/15 HOW MUCH DEBT PUBLIC DEBT DOES THE UK HAVE? A) £1.02832088 trillion UK£ B) £400 Billion C) £700 Million http://www.economist.com/content/global_debt_clock A) £1.02832088 Trillion How much does it cost a day to bring up a child from birth top 21? A. £4.58 B.£15.89 C.£27.50 C) The average cost of raising a child from birth to the age of 21 is £27.50 a day. According to London's Poverty profile what is the percentage of Londoners in poverty? A. 28% B.20% C.35% Housing costs are a critical factor in explaining why London has the highest poverty rates of all England's regions. Taking account of housing costs, the poverty rate in London is 28%, compared to 22% in the rest of England, and the gap has grown in the last decade. Reducing food waste is a major issue. We throw away 8.3 million tonnes of food from our homes every year in the UK. On average how much does it cost a family? A.£10 A MONTH B.£25 A MONTH C. £50 A MONTH Wasting food costs the average family with children £680 a year, or £50 a month, and this has serious environmental implications too. How much is spent each day in the UK just using plastic cards? A.786, 890, 647 B.1, 278, 000, 000 C.1, 000,086,007 How often in the UK does someone declare themselves bankrupt? How often in the UK does someone declare themselves bankrupt? A. Every 30 minutes B. Every 10 minutes C. Every 4 Minutes C. Every 4 Minutes How much a year does a worker get on national minimum wage? A. 15,283.30 B. 10,920.00 C. 12, 646.40 3. 12, 646.40 Launched by London Citizens in 2001- The Living Wage is a number. An hourly rate, set independently, every year (by the GLA in London). It is calculated according to cost of living and gives the minimum pay rate required for a worker to provide their family with the essentials of life. In London the current rate is £8.30 per hour How much money has the London living wage put back into the pockets of working Londoners? A. £5 Million B. £45 Million C. £70 Million Launched by London Citizens in 2001, the campaign has won over £70 million of Living Wages, lifting over 10,000 families out of working poverty. BUT STILL: Nearly 50% of young adults are paid less than the London Living Wage. Money Education Not knowing your Money..... 475,000 families miss out on unclaimed benefit Only 35% consider a purchase before they use their credit card Average household debt is £8,042 97% believe that Money education should be in schools Key Points 100,000 support financial education in schools Must be considered for Parliamentary debate Already has strong MP support To date the Money Mentors program has reached 4,500 students in colleges based all around London and there has been 54 graduates from the Money Mentor Academy. If every student and graduate has then gone on to teach just one other person in their community, that means over 10,000 Londoners may have improved their financial literacy because of Money Mentors!