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Financial Capability Support Programme. Helen Cormack Scotland’s Colleges. Financial Capability Support Programme. Centre for British Teachers (CfBT) Consortium UK wide November 2009 - March 2011. Project Aims:. Encourage learners to: Manage money Keep track of finances Plan ahead - PowerPoint PPT Presentation
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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
01786 892064
Contact details: