Financial Capability Support Programme

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Financial Capability Support Programme

Helen Cormack

Scotland’s Colleges

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Financial Capability Support Programme

₤ Centre for British Teachers (CfBT) Consortium

₤ UK wide

₤ November 2009 - March 2011

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Learning and Skills and

Improvement Service

Centre for British Teachers

Scotland’s Colleges

Colleges Wales

NSAFSNational Training

Forum Wales

Educational Guidance

Service for Adults (NI)

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Project Aims:

Encourage learners to:₤ Manage money₤ Keep track of finances₤ Plan ahead₤ Make informed decisions about financial

products₤ Stay up-to-date about financial matters

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Programme Covers:

₤ Adult and Community Learning

₤ FE sector

₤ Work based learners

₤ Voluntary Organisations

₤ Offender Learning

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Financial Capability Support Programme

₤ Learner Facing Website

₤ Link to resources

₤ Opportunities to upskill staff and volunteers

₤ Opportunities to develop financial capability with learners

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Activities

How many songs do you know with

money related words in the title?

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Basket of Groceries Quiz

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

The Basket

Brand Value

1 Packet of Teabags £2.08 28p

1 Tin of Baked Beans 64p 29p

1 Bottle of Ketchup £1.79 87p

1 Packet of Cup-a-Soup 49p 17p

1 Packet of Spaghetti 99p 39p

1 Tube of Toothpaste £2.00 55p

TOTAL £7.99 £2.55

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Cooking on a Budget

₤ Learners have to create a two course meal with £3 budget

₤ Winners are those who worked well together to produce something that was tasty (ideally cooked as well)

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Banking

‘It is easier for a large bank to expand and then destroy its balance sheet than for an individual to open a bank account …’

Mervyn King, Governor Bank of EnglandFinance – a return from risk 17.03.09

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Spot the difference?

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Beko bek555

On-line cost: £248.69

Beko bek555

BrightHouse cost: £856.44Includes insurance etc

Difference = £607.75

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Money, Money, Money ...

• Think of as many different types of credit people access daily

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Borrowing and Credit...

• Utility – gas and electricity, contract – phone and media bundles, statutory - council tax

• 3rd sector and not for profit – credit unions and CDFIs, social fund

• Mainstream – banks, building societies, credit and store cards

• High cost credit - Internet, Pay-day loans, Home credit, Pawn- brokers, Loan sharks

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Credit Cards

If you had a credit card with a balance of £3000 and an interest rate of 17.9% how long would it take you to repay if you only paid the minimum repayment (2%) every month?

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Far Too Long …

40 years

30 years

20 years

10 years

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

UK personal debt

• UK personal debt = £1,459 billion– Jan 2008 – personal debt increased by £1m every 5.3

minutes

– May 2009 – personal debt increased by £1m every 77 minutes

• Every 10 minutes a property is repossessed

• Every 5 minutes someone is declared bankrupt or insolvent

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

‘ … there’s just too much month

left at the end of the money’

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Find the Best Value

Using IT, find best value for a range of items/services:

– Mobile phone

– Car insurance

– Utilities

– Glasses

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Budgeting Tools

CD RomPaper based toolsInteractive tools:http://www.shoparound.org.ukhttp://www.mysavingsquest.comFinancial Leaning Online: http://money.aloscotland.com

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

The Besmartwithmoney website

• For learners and potential learners who want to learn about how to be more effective with personal finance

• Easy to use, with sections that cover everyday challenges that learners face

• A gateway to existing web materials, advice and support that at the moment can be difficult to find and make sense of from just a search engine

• All content and links will have been reviewed to ensure the best possible ease of use

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

What happens now?

In your groups, think of at least one occasion that you could try some of

these activities with

Scotland’s Colleges is a trading name of both the Scottish Further Education Unit and the Association of Scotland’s Colleges

Helen Cormack

helen.cormack@scotlandscolleges.ac.uk

01786 892064

Contact details: