JBlack - Financial Capability (APO) Financial Capability (FC) Financial Capability (FC) within the NI Curriculum Mrs Jill Black CCEA – Education Manager

JBlack - Financial Capability (APO)

Financial Capability (FC)Financial Capability (FC) within the NI Curriculum

Mrs Jill Black CCEA – Education Manager

Financial Capability


Learning OutcomesLearning Outcomes To develop a clear understanding

of:

The definition of FC.

The rationale for FC.

FC within the NI

Curriculum

Available

resources/websites


What is Financial What is Financial Cap?Cap?

Fundamentally:

It’s about being able to

manage your finances now and in the future!


What is Financial Cap?What is Financial Cap?

Making financial ends meet Keeping track of finances

Planning ahead for financial needs Choosing financial products

Staying informed of economic indicators

Managing Money, 2005: Survey conducted by the NICC & FSA


Financial capability is more than the ability to add/subtract money and to know what your change should be when shopping. It is about making informed choices based on :-Needs

Wants

Budget

Best Value

What is Financial Cap?What is Financial Cap?


Financial Knowledge and UnderstandingUnderstanding the concept of moneyWhere does it come from?Where does it go?

Financial Skills and CompetenceKnowing how to look after and manage moneyHow do we plan to look after our spending?How can we evaluate basic risk and return?

Financial responsibility Making personal life choices, and thinking about the ethics of money

Do the choices we make impact on others – and if so, how?

What is Financial Cap- Interrelated What is Financial Cap- Interrelated Themes?Themes?


Financial Cap. RationaleFinancial Cap. Rationale

•Almost 900 people in Northern Ireland went bankrupt in 2005-2006’ (citizens advice bureau)

•More than a quarter(27%) used no information at all when making financial decisions. (NI Consumer Council/FSA, 2005)

• 1 in 3 people in Northern Ireland did not feel they could manage for more than a month if their income fell.’(NI Consumer Council/FSA, 2005)


‘‘

Financial Cap. RationaleFinancial Cap. Rationale -Money in the 21st century

Changes in shopping habits mean children may now be experiencing very different situations:

•paying with ‘plastic’ or a cheque

•‘cash-back’ or cash dispensers

•Pocket money

•Direct debit , standing orders and e-banking.


Why teach Financial Cap. Why teach Financial Cap. ??

•To develop a generation of financially capable citizens

•Entrepreneurial skills do not necessarily lead to FC.

•Accessibility to debt

•We must prepare the future generation with: - the knowledge and skills to budget / handle money wisely - the ability to make informed and sound judgements


Financial Cap. Financial Cap. Warnings?Warnings?

•It is very important to recognise that some children’s experience of money is still very much within a cash economy

•Some children may live in a financially excluded society which does not have access to legal financial services

•Cultural diversity can give children varying and different experiences of finance/financial services




Just Some Just Some

Resources!Resources! Talk Money, Talk solutions

Money WeekOn the Money

Making sense of moneyMoneyville.co.uk

Pfeg: www.pfeg.org


Reasons for not teaching Financial Capability:-

Not having enough timeOther prioritiesNot appropriate for children of this ageLack of staff timeLack of awareness of the topicParental responsibility

Source: FSA(2002) Personal Finance Teaching in Schools


Schools would be helped by:-

•More materials•More training and more advice•More information from financial companies•Exemplar lessons and examples of good practice•Information of how to integrate financial capability into the curriculum

(PFEG)


Just Some Just Some

Resources!Resources! www.pfeg.org*

www.nicurriculum.org.uk

www.consumercouncil.org.uk

www.fsa.gov.uk/consumerhelp

www.citizensdvice.co.uk/moneytalks


Contact DetailsContact Details

Jill Black – Education ManagerJill Black – Education Manager

Tel: 028 9026 1200 Ext 2616Tel: 028 9026 1200 Ext 2616

Mob: 077 8652 8830 Mob: 077 8652 8830

E-mail: [email protected]: [email protected]

Documents

JBlack - Financial Capability (APO) Financial Capability (FC) Financial Capability (FC) within the NI Curriculum Mrs Jill Black CCEA – Education Manager