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Financial Capability Support Programme

Financial Capability Support Programme. Helen Cormack Scotland’s Colleges. Financial Capability Support Programme. Centre for British Teachers (CfBT) Consortium UK wide November 2009 - March 2011. Project Aims:. Encourage learners to: Manage money Keep track of finances Plan ahead

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Financial Capability Support Programme

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  1. Financial Capability Support Programme Helen Cormack Scotland’s Colleges

  2. Financial Capability Support Programme • Centre for British Teachers (CfBT) Consortium • UK wide • November 2009 - March 2011

  3. Project Aims: Encourage learners to: • Manage money • Keep track of finances • Plan ahead • Make informed decisions about financial products • Stay up-to-date about financial matters

  4. Programme Covers: • Adult and Community Learning • FE sector • Work based learners • Voluntary Organisations • Offender Learning

  5. Financial Capability Support Programme • Learner Facing Website • Link to resources • Opportunities to upskill staff and volunteers • Opportunities to develop financial capability with learners

  6. Activities How many songs do you know with money related words in the title?

  7. Basket of Groceries Quiz

  8. The Basket

  9. Cooking on a Budget • Learners have to create a two course meal with £3 budget • Winners are those who worked well together to produce something that was tasty (ideally cooked as well)

  10. Banking ‘It is easier for a large bank to expand and then destroy its balance sheet than for an individual to open a bank account …’ Mervyn King, Governor Bank of England Finance – a return from risk 17.03.09

  11. Spot the difference?

  12. Difference = £607.75 Beko bek555 BrightHouse cost: £856.44 Includes insurance etc Beko bek555 On-line cost: £248.69

  13. Money, Money, Money ... • Think of as many different types of credit people access daily

  14. Borrowing and Credit... • Utility – gas and electricity, contract – phone and media bundles, statutory - council tax • 3rd sector and not for profit – credit unions and CDFIs, social fund • Mainstream – banks, building societies, credit and store cards • High costcredit - Internet, Pay-day loans, Home credit, Pawn- brokers, Loan sharks

  15. Credit Cards If you had a credit card with a balance of £3000 and an interest rate of 17.9% how long would it take you to repay if you only paid the minimum repayment (2%) every month?

  16. Far Too Long … 40 years 10 years 20 years 30 years

  17. UK personal debt • UK personal debt = £1,459 billion • Jan 2008 – personal debt increased by £1m every 5.3 minutes • May 2009 – personal debt increased by £1m every 77 minutes • Every 10 minutes a property is repossessed • Every 5 minutes someone is declared bankrupt or insolvent

  18. ‘ … there’s just too much month left at the end of the money’

  19. Find the Best Value Using IT, find best value for a range of items/services: • Mobile phone • Car insurance • Utilities • Glasses

  20. Budgeting Tools CD Rom Paper based tools Interactive tools: http://www.shoparound.org.uk http://www.mysavingsquest.com Financial Leaning Online: http://money.aloscotland.com

  21. The Besmartwithmoney website • For learners and potential learners who want to learn about how to be more effective with personal finance • Easy to use, with sections that cover everyday challenges that learners face • A gateway to existing web materials, advice and support that at the moment can be difficult to find and make sense of from just a search engine • All content and links will have been reviewed to ensure the best possible ease of use

  22. What happens now? In your groups, think of at least one occasion that you could try some of these activities with

  23. Contact details: Helen Cormack helen.cormack@scotlandscolleges.ac.uk 01786 892064

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