ACCUSED of wasting their parents' hard-earned cash on designer clothes and the latest mobile phones, teenagers are often told they don't understand the value of money.

However, students from four local schools are out to prove the doubters wrong, and win £10,000 in the process, by competing in The Bank of England's Interest Rate Challenge.

Economics swats from Claremont High School, in Claremont Avenue, Kenton; Harrow School, in High Road, Harrow-on-the-Hill; North London Collegiate School, in Canons, Edgware and Haydon School, in Eastcote have to decide what the country's official interest rate should be to keep inflation low and stable.

The teams of four will pit their wits against rivals from more than 250 schools in a bid to win their school £10,000.

Regional heats run from November 22 to December 3, before the winners go through to area finals in February next year.

The six teams who make the final round, held at the Bank of England's London headquarters, stand to win the lucrative cash prize plus the Challenge Trophy.

The Challenge, sponsored by The Times, is in its fifth year.