REWARD
something that matters to them today. Habits form early. So does understanding. Most schools don’t teach these things, and that lack of knowledge widens inequality. Those from disadvantaged backgrounds fall further behind. If you’ve never seen a payslip until you get your first job, you’re already at a disadvantage. Money matters, and young people should understand it. Not because we want them to worry, but because it gives them choice and security. Payslips are a window into how the system works. The sooner we learn to read them, the better equipped we are for life. LM: So many younger people go into work for the first time with a lot of incorrect information about how tax works. I started my career at a university, and one of the common misconceptions I came across was that students or people of a certain age don’t pay tax. Similarly, a lot of my friends have come to me for advice on their pay over the years. Not giving people an understanding of tax and NI from a younger age means they’re not being given the proper tools and knowledge to transition into the working world. It really is one of those key
life skills that should be taught in schools, to allow kids to gain an early appreciation for personal finances and budgeting. Similarly, I feel giving people an understanding of how pensions work from a younger age is extremely vital. Several of my friends choose not to contribute to a pension scheme, ultimately because they’ve not been given the proper understanding of how important this can be from an earlier age. I think the later in life people learn these subjects, the more reluctance there is for them to understand these matters fully. The sad reality is that by the time they do take these matters seriously, it could be too late for them to fully benefit from them. Finally, tell me something you learned in school that wasn’t as helpful as understanding your payslip. LJ: One word: juxtaposition. I thought it was the golden ticket in GCSE English lessons at school. I used it about 15 times in my final GCSE exam (really didn’t like English!) because I thought it made me sound smart and would guarantee me a better grade.
Spoiler alert: it didn’t. I’ve never used that word again. Ever. Until now. Meanwhile, understanding payslips, pensions and tax? That’s something I use every month. School taught me how to pass an exam, but it didn’t teach me how to pay for life. And those are the skills we really need to start embedding much, much earlier. LM: I also posed this question to my wife and a few of my friends. The overwhelming response to this was “Pythagoras’ theorem”. While I fully appreciate that there are some professions where the knowledge gained from learning it is valuable, this will only apply to a small amount of people. There are several important life skills, however, such as understanding your payslip, pensions, mortgages and other financial areas not being taught in schools, that will impact almost everyone in life. I personally feel that it’s so important that kids are taught these skills in school, as it will give them a much better head start when entering ‘the real world’. I have no doubt that had I been taught these subjects in school, I would have made different and better financial choices in my earlier adult life.
LEVEL 3
NEW TO PAYROLL OR NEED A REFRESHER? THE PAYROLL TECHNICIAN CERTIFICATE
The Payroll Technician Certificate is the ideal first step for anyone new to payroll, and for those looking to refresh their knowledge.
PAYROLL TECHNICIAN CERTIFICATE
PAYROLL TECHNICIAN CERTIFICATE ADVANCED
£1,695 + VAT
£2,645 + VAT
Covers the core skills required to administer the payroll function including processing deductions, calculating National Insurance, pensions, student loan deductions and statutory payment considerations.
Includes the core skills from the Payroll Technician Certificate but with three extra modules covering: data protection and audit considerations, automatic enrolment and pension principles and administering salary sacrifice for payroll.
Already done the Payroll Technician Certificate? If you have already completed the Payroll Technician Certificate, you can book on the Payroll Technician Certificate TOP UP to complete the additional modules from the ADVANCED course for £995 + VAT
Scan to book
Visit ippe.org.uk/study for full details and to enrol today
A subsidiary of the Chartered Institute of Payroll Professionals
* Course is checked, and updated when neccesary, every two weeks
PROFESSI NAL in Payroll, Pensions and Reward
27
June 2025 | Issue 111
Made with FlippingBook - Online magazine maker