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East Dunbartonshire Numeracy Project

East Dunbartonshire Numeracy Project. Problem Solving in Financial Education 1 What is Financial Education?. What is Financial Education?. There are four aspects of financial capability Financial Understanding Financial Competence Financial Responsibility Financial Enterprise.

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East Dunbartonshire Numeracy Project

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  1. East Dunbartonshire Numeracy Project Problem Solving in Financial Education 1 What is Financial Education?

  2. What is Financial Education? There are four aspects of financial capability • Financial Understanding • Financial Competence • Financial ResponsibilityFinancial Enterprise

  3. What is Financial Understanding? • Understanding the concept of money. • Where does it come from? • Where does it go? • The nature and role of money in society, including foreign currency • Sources of income • Taxation, spending, saving and investment • Credit and debt • Financial services/products and advisory services • Consumer rights, responsibilities and protection • The impact of advertising, ICT and the media.

  4. What is Financial Competence? • Knowing how to look after and manage money. • How do we plan to look after our spending? • Keep financial records • Analyze financial information • Assess value for money • Prepare and use budgets • Make informed financial decisions.

  5. What is 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? • Take increasing responsibility for making decisions with respect to themselves • Analyze the potential impact of financial decisions made by others on society and the environment both locally and globally • Analyze the potential impact of their financial decisions on other people and the environment both locally and globally.

  6. What is Financial enterprise? • The use of financial resources in an innovative and confident manner. • How can we evaluate risks and returns • Evaluate potential risks and returns • Use financial and other resources in an innovative and confident manner • Apply knowledge and skills creatively in a range of situations.

  7. How has shopping changed since we were children? • The availability of unsecured credit e.g. store cards • Can we assume that children realise that using a credit card is not a free transaction? • Direct debit may be used on many occasions are children are aware that heating is actually paid for? Few of us make the trip to the shop to pay our bills • The use of credit and/or debit cards may mean children do not see adults use cash – that when the teller asks us if we want cash back that children realise this money belongs to us – it is not the shop offering us money! • Are children are aware that using a cash line machine or writing a cheque depends on us having money in the bank in the first place?

  8. What assumptions do we make? • Advertising offers us a quick fix option – • No matter how much dept we find ourselves in there is a company willing to give us a debt clearing loan – no matter our financial background! Are children are aware of the possible consequences involved? • Can we assume that children purchase goods in shops themselves? • Can we assume that children have individual interaction with a shopkeeper? • Can we assume that children still visit a traditional corner shop to buy sweeties or spend pocket money?

  9. What are we trying to do in the Financial Maths project? • We are teaching the children the appropriate mathematical skill associated with money sums and developing their Personal Financial Capability. • It is not just about the ability to add/subtract money and know what your change should be when shopping. • It’s not just about how much money you have but how you manage it! • It’s also about managing debt – In today's world many of us have mortgages, rent, car loans, credit cards etc, etc, etc

  10. Our children need to make informed choices based on: • Needs - These are essential to our health and well-being – food, clothing and shelter • Wants – These are non essentials items, which enable us to enjoy quality of life e.g. Television, holidays • Budget -These choices have to be made no matter how limited or vast our financial resources are • Best Value -We constantly make choices in this area – • Quality versus quantity. We live in an age of disposable consumer goods – e.g. It can be cheaper to replace a watch than have it repaired.

  11. Why is this Financial Maths Project so important today? • We grew up in a cash based economy • Our curriculum evolved in this cash based economy • The majority of resources available to support the learning and teaching of maths concepts do not address financial capability • Some children’s experience of money is still very much within a cash economy • Some may be in a financially excluded society which does not have access to legal financial services • Cultural diversity can give children varying/different experiences • More/less money does not affect financial capability

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