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Derbyshire Connexions Conference Workshop 19th March 2009 Claire Taylor and Bob Reeves

Derbyshire Connexions Conference Workshop 19th March 2009 Claire Taylor and Bob Reeves. pfeg ’s mission is to make sure that all young people leaving school have the confidence, skills and knowledge in financial matters to take part fully in society. Who are pfeg?.

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Derbyshire Connexions Conference Workshop 19th March 2009 Claire Taylor and Bob Reeves

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  1. Derbyshire Connexions Conference Workshop 19th March 2009 Claire Taylor and Bob Reeves

  2. pfeg’s mission is to make sure that all young people leaving school have the confidence, skills and knowledge in financial matters to take part fully in society

  3. Who are pfeg? • Personal Finance Education Group • independent educational charity • set up in 2000 • funded by FSA and grants from other financial institutions and DCSF and HM Treasury • resources and support for schools • consultants offer free support and advice to schools based on their individual needs, in different areas of the curriculum • work collaboratively with teachers • individual, not prescriptive solutions • ‘One-stop shop’ for personal finance education.

  4. Personal Finance Education aims to: • develop financial capability in all young people • enable all young people to make informed judgements related to finance • enable young people to make effective decisions regarding use and management of money both as individuals and as members of society

  5. At each Key Stage, pupils should be able to: • manage their money • understand financial risk and reward • explain financial terms and products • identify how finance will play an important part in their lives and in achieving their aspirations • explore social and moral dilemmas about the use of money

  6. Financial capability? The FSA’s key indicators about personal financial capability: • Making ends meet • Keeping track of your finances • Planning ahead • Choosing financial products • Staying informed about financial matters

  7. Financial capability - findings • Many people are not taking basic steps to plan ahead • When over-indebtedness strikes it is often severe • Many people take on financial risks without realising it • The under-40s are typically much less financially capable than their elders

  8. The QCA Curriculum Review • New guidelines for the teaching of Financial Capability* in: • Personal, Social, Health and Economic Education • Citizenship • Mathematics (and in functional Maths from 2008) *Also remains a key underpinning skill for enterprise education & work related learning.

  9. Financial Capability Guidance

  10. Financial Capability Guidance • FINANCIAL KNOWLEDGE AND UNDERSTANDING • - to inform judgements and decisions FINANCIAL SKILLS • - day-to-day money management and planning for the future APPROPRIATE ATTITUDES • - taking personal responsibility for money management

  11. Learning about financial capability • Interactive lessons • Real-life situations, stories and drama • Activities and ideas that are relevant to their own lives • Variety of teaching and learning styles • Involve the business community • Listen to the student voice

  12. Schools models • Embed into curriculum areas • PSHE • Tutorial time • Off timetable events

  13. THE BIG QUESTION

  14. Learning Money Matters • intensive support - up to 3 days • half-day support • remote support • offsite training • CPD www.pfeg.org

  15. Learning Money Matters We can help with: • units of work • individual lessons • coherent schemes • available teaching resources • practical examples • positive evaluation • ongoing planning www.pfeg.org

  16. My Money • A joint project from the DCSF and HM Treasury • Pfeg to deliver for the next three years in cooperation with Edcoms and PSHE Association. • Aim is to encourage and support a planned and coherent programme of personal finance education to all children from the ages of 4 to 19.

  17. My Money • This will be done through the targeting of Local Authorities and School Leaders to embed PF in the curriculum. • Production of new resources at all key stages. • A new My Money dedicated website. • CPD delivery to clusters of school. • The development of school networks and cluster groups. • Regional centres of excellence to be developed. • My Money Week will take place w/b 29th June 2009 get involved by visiting www.pfeg.org or contacting Claire for details.

  18. Claire Taylor claire.taylor@pfeg.org 07912717507

  19. Student finance basics • UK students are entitled to a student loan to help pay for tuition fees and living expenses such as accommodation, food, and travel. Student loans come from the government via the Student Loans Company • Students on lower incomes may be entitled to a grant Loan – money given to you that you DO have to pay back Grant – money given to you that you DO NOT have to pay back

  20. Tuition fees • Universities charge every student up to £32255 per year (2009/10 figure) depending on which university or college you attend • This is to pay towards your tuition i.e. your lectures (it actually costs much much more) • You won’t see this money – it is paid directly to university/college. However, you will, eventually see the bill • You won’t have to find the money to pay for your fees before or whilst you are studying

  21. Living Costs Accommodation (Rent/utilities) In Hall? Self-Catering Hall? House Share? £250 - £400 per month £3,000

  22. Living Costs Food The amount you spend will depend on how much you eat, how expensive your tastes are, and how good you are at cooking!!! £4,000 £80 - £160 per month

  23. Living Costs Study expenses Costs will depend on the subject you’re studying. Could include books, stationery, photocopying, field trips, specialist materials or equipment. £4,500 £40 per month

  24. Living Costs Clothes and toiletries Costs will vary depending on your own personal tastes and how much shopping you do! £5,000 £30 - £50 per month

  25. Living Costs Travel You may have to catch a bus to get to lectures. You have to travel between home and university/college at the start and end of term. £5,250 £20 per month

  26. LivingCosts Mobile Phone The amount you spend will depend on how much talking and texting you do. £5,500 £15 - £30 per month

  27. LivingCosts Internet Access Lecture notes can be on-line and assignments often need to be emailed Most rooms in hall have broadband (charged with rent) In a house-share you will have to organise/pay for it £5,560 £5 per month

  28. Living Costs £5,920 Miscellaneous Birthday cards and presents, Christmas, Bike repairs, Holidays, Insurance, Haircuts etc. £30 per month

  29. £6,880 Living Costs Social Life An important part of university/college life. You will want to join clubs and societies, use the sports facilities, and go out on the town. £80 per month

  30. Maintenance Grants • These are to help with your day-to-day living costs • Worth up to £2,906 a year. • Amount is scaled to household income • Don’t have to be paid back!

  31. Maintenance Grant/Loan But….. If you receive a maintenance grant this will automatically reduce the level of maintenance loan for which you can apply

  32. Student Loans (Maintenance) • All eligible students can receive 72% of the maximum loan - regardless of any other income • The remaining 28% depends on your household income • Amount is also affected by where you will be living (home/away, London/elsewhere) • The standard amount available is £4950

  33. Student Loans (Maintenance)

  34. Maintenance Loan Payments • Loans are paid in three installments, one at the start of each term • In your final year you are given a reduced loan. You are expected to be able to finance yourself when the course ends in July

  35. The Balance Sheet EXPENDITURE INCOME £6880

  36. The Shortfall! (75% figure) Income £4950 (£3564) Expenditure £6880 Shortfall £1930 (£3316) How can you solve this financial problem?

  37. Possible Solutions • Savings/Trust fund? • Financial help from parents? • Part–time job during the term? • Summer holiday job? • Combination of all the above?

  38. Paying It Back Good News • You only need start to pay off your loan when your income exceeds £15,000 per year (£1250 per month) • Then you pay back 9% of what you earn over the £15,000 Bad News • The balance increases year by year with a percentage figure added for inflation • You will be paying income tax and national insurance on your income as well

  39. Advice • Don’t let financial considerations put you off higher education • Use money wisely • Live in decent accommodation • Eat decent food – learn how to cook! • Keep the studying as the main priority • Enjoy the privilege and the experience • More information available from: • www.slc.co.uk • www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/index.htm

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