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Consumer Education

Consumer Education. Andrea Carlson Megan Sullivan Arden Katine Rachael Kuhnmunch. Overview. Introduction Problem Statement Goals and Objectives Research Methods Findings Conclusions Future Recommendations. Introduction. Consumer rights are basic human rights

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Consumer Education

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  1. Consumer Education Andrea Carlson Megan Sullivan Arden Katine Rachael Kuhnmunch

  2. Overview • Introduction • Problem Statement • Goals and Objectives • Research Methods • Findings • Conclusions • Future Recommendations

  3. Introduction • Consumer rights are basic human rights • Main method: Consumer Education • Importance: Molding youth into informed consumers

  4. Problem Statement • Lack of consumer education amongst secondary age students • Lack of comprehensive education on personal finance and loan options • Need to understand what students already know about personal finance and consumer education

  5. Goals and Objectives • Develop better understanding of students personal savings and finance • Assess students understanding and knowledge of hire purchase and the Consumer Affairs Office • Present future groups with the information they need to create a viable consumer education curriculum

  6. Research Methods • Vermont • Background Research • Saint Lucia • Focus Groups • Interviews • Quizzes • Surveys • Data Analysis

  7. Findings • Savings and Personal Finance • Hire Purchase • Consumer Affairs Office

  8. School 1 86.4% have savings accounts 70% w/ bank 5% w/ school 25% w/ bank and school 40% know how much they spend and save School 2 62.5% have savings accounts 35% w/ bank 45% w/ school 20% w/ bank and school 47.4% know how much they spend and save Savings

  9. Hire Purchase • Students have a general understanding • Main Problems • Unfamiliar with terminology • Unfamiliar with the concepts and specifics e.g. warranties interest repossession debt collectors

  10. Hire Purchase cont’d… • 87% came from families who use hire purchase • 55% don’t plan to buy on hire purchase in the future • 44% plan to buy on hire purchase in the future • Unfamiliar with Alternatives to Hire Purchase • Bank Loans • Credit Union Loans

  11. Consumer Affairs Office • Majority of students were familiar • Primarily informed via television and family • Approximately half of students surveyed said they would go for help if needed

  12. Conclusions • Need for more information regarding personal finance and consumer rights • Lack of knowledge regarding hire purchase and bank loans • Unfamiliarity with financial terminology

  13. Recommendations • Expand areas of focus in consumer education • Survey wider range of schools in different areas • Develop curriculum • Personal Finance and Budgeting • Learning how to establish credit • Hire Purchase

  14. Thank you • Mr. Phillip McClauren, Director of Consumer Affairs and staff • Principal Cyril Edward and the entire Piaye Secondary School • Principal Rupert Ellis and the entire Leon Hess Secondary School • Mr. Andrew Antoine, • Ms. Techla Deterville, General Manager of Courts • Mr. Thomas Desisto, UVM Center for Rural Studies

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