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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 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 • Main method: Consumer Education • Importance: Molding youth into informed consumers
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
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
Research Methods • Vermont • Background Research • Saint Lucia • Focus Groups • Interviews • Quizzes • Surveys • Data Analysis
Findings • Savings and Personal Finance • Hire Purchase • Consumer Affairs Office
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
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
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
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
Conclusions • Need for more information regarding personal finance and consumer rights • Lack of knowledge regarding hire purchase and bank loans • Unfamiliarity with financial terminology
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
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