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Lifelong & Community Learning Service Initiatives to protote financial literacy/capability in the UK.

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Presentation on theme: "Lifelong & Community Learning Service Initiatives to protote financial literacy/capability in the UK."— Presentation transcript:

1 Lifelong & Community Learning Service Initiatives to protote financial literacy/capability in the UK

2 Lifelong & Community Learning Service2 Key findings 1.FSA (Financial Services Authority) national strategy -Building Financial Capability in the UK 2. Adult Financial Capability Framework (AFCaF) 3. Teaching/Learning resources available

3 Lifelong & Community Learning Service3 Building Financial Capability in the UK 5 Year Strategy Linked to other strategies (e.g. Skills for Life) The strategy focuses on seven themes: 1.Schools 2.Young Adults 3.Retirement 4.Families 5.Advice 6.Workplace 7.Debt

4 Lifelong & Community Learning Service Government Initiatives (1) Schools From September 2008 personal finance education has become an explicit part of the secondary school curriculum Economic wellbeing and financial capability programmes of study Students learn about personal finance through mathematics and citizenship (embedded)

5 Lifelong & Community Learning Service5 Government Initiatives (2) Further Education Target – a quarter of colleges to begin a planned approach to their students financial capability by 2011 Approach: 1(a).Learning about personal finances alongside vocational and academic courses 1(b). Use personal finance as a context for learning literacy and numeracy 2. Develop a free resource called Money for Life (10 colleges)

6 Lifelong & Community Learning Service6 Government Initiatives (3) Higher Education Money Doctors project: Engages students to take control of their finances and debt problems Delivered through Money Advisers New parents The Parents Guide to Money – practical, impartial and free resource

7 Lifelong & Community Learning Service7 Adult Financial Capability Framework (AFCaF) Developed following the recommendations of the Adult Financial Literacy Advisory Group report Launched in 2003 What is it? It is a tool for tutors to help to recognise the differebce between learners needs and plan a programme of delivery How to use? Expected to be used as a working document that will evolve Can be used in different ways Who is it for? Money advisers/tutors

8 Lifelong & Community Learning Service8 Structure of the framework LevelDescriptionTypes of learners B (Basic) Basic Understanding and developing Confidence Not engaged in making financial decisions/use of financial services Need skills to make informed judgements about their money and use of services D (Developing) Developing Competence and Confidence Have basic understanding and competence in handling financial services Have basic knowledge to apply skills to meet the needs E (Extending) Extending Competence and Confidence Need the skills and knowledge to understand the wider range of services to make informed decisions about personal circumstances

9 Lifelong & Community Learning Service Structure of the framework 9 components Financial Knowledge and Understading Financial Skills and Competence Financial Responsibility a)Different types of money b)Income generation c)Imcome disposal d) Gathering financial information and record keeping e) Financial Planning f) Risk and return g) Personal choices and financial implications h) Consumer rights, responsibilities and sources of advice i) Implications of finance

10 Lifelong & Community Learning Service Conclusions Framework can be used or adapted to do the following: To establish the starting point of a learner (Initial Assessment) To plan courses in financial capability To plan differentiation (meeting diverse needs of learners) To plan progression across the levels

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