Students are learning how to manage their money thanks to a link-up between a local college and a building society.

Ipswich Building Society is bringing its bespoke Money Metrics programme to 1,400 students at Chelmsford College this month.

Sessions will cover important information, such as how to calculate gross salary, income tax and national insurance contributions, while also looking at wants versus needs.

Lily Steggles, a student on the BTEC Level 3 Diploma in Business (Law Pathway), said: “It was good to be able to learn more about money. I had no idea that payday loans could have a 2,000 per cent interest rate! It was shocking to learn about the potential impact just one decision could have.”

Andy Sparks, Principal of Chelmsford College, said: “It’s great to see students thinking about their finances. Being at college encourages students to feel independent and money management is an important part of asserting that independence.

“We see financial awareness as a key employability skill in understanding money, which will stand them in good stead for their future.”

Stacey Bunn, Financial Education Assistant for Ipswich Building Society, said: “Money Metrics gives students the tools they need to make informed decisions about their finances, using real life scenarios and helpful tools.”