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Financial Capability in Scottish schools

Financial Capability in Scottish schools. Dunblane 2006. FSA Baseline survey. 5,300 people – over 18 70% of people have made no personal provision to cover an unexpected drop in income

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Financial Capability in Scottish schools

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  1. Financial Capability in Scottish schools Dunblane 2006

  2. FSA Baseline survey • 5,300 people – over 18 • 70% of people have made no personal provision to cover an unexpected drop in income • 33% of people, who hold no more complex products than general insurance, bought their policy without comparing it to even one other product • 40% of people who own an equity ISA are not aware that its value fluctuates with stock market performance

  3. Survey covered 5 components • Making ends meet • Keeping track of finances • Planning ahead • Choosing financial products • Staying informed about financial matters

  4. Making ends meet • Large majority of people good at this • Some may use credit to do it • Over-indebtedness not especially widespread • 500,000 people in the UK have real financial problems

  5. Keeping track of finances • People slightly worse of are better at this • Women better than men • Age less important

  6. Planning ahead • Majority of people don’t • 70% have no provision for a drop in income • Age is important

  7. Choosing products • Experience counts • Under 30’s perform very badly • Women tend to be less capable than men

  8. Staying informed • Level of income and education • Men do better than women • Diversity in scores

  9. League table • England • Scotland • Wales • Northern Ireland

  10. FSA Benchmark Survey • Survey carried out with 1156 schools • 87 primary schools and 128 secondary in Scotland • 91% of secondary and 74% of primary said they were delivering some personal finance education • 98% of secondary viewed this as fairly or very important

  11. Where is finance taught • Mathematics • PSE • Business Education

  12. What are we doing well in Scottish schools? • Awareness of the issues higher in Scotland • 2/3 of Scottish schools stated that they use LTS guidance • Resource production • Education industry links • Scottish primary schools are doing significantly more than others across UK

  13. Where are there problems AREAS NOT ADDRESSED • Ethical issues • Taxation • Rights and responsibilities

  14. SCFE strategy • Focus on local authorities • Enterprise in education • Personal and social education • Credit unions in schools forum

  15. New resources • Talk Money, Talk Solutions • Money Week • On the money • Tackling Debt

  16. A Curriculum for Excellence Our aspiration for all children and for every young person is that they should be • successful learners, • confident individuals, • responsible citizens and • effective contributors to society and at work.”

  17. Principles for curriculum design • Challenges and enjoyment • Breadth • Progression • Depth • Personalisation and choice • Coherence • Relevance

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