Personal Money Management Level 1 Certificate in Personal Money Management Overview of the Standards

Personal Money Management Level 1 Certificate  Moderation periods: January (Winter series) May (Summer Series)  Target audience: This is aimed at 14 year olds and upwards. Audience as wide as possible to address financial exclusion at all levels in society  Progression: Learners should be able to progress to Level 2 (available 2010/11) N.B. It is possible for a candidate to complete a Level 2 Course without having done a Level 1

Overview of Course 3 Mandatory Units: Unit 1Identify personal finances Unit 2Managing your own money Unit 3Planning your money for a significant expenditure

Aims of Course The qualification aims to:  Provide candidates with the knowledge and skills required to manage personal money and to anticipate future needs and wants;  Provide motivation towards further study and increased options for employment;  Reduce financial exclusion; and  Allow learners to use knowledge gained in their own personal financial circumstances

Objectives Learners need to understand the:  Importance of shopping around when buying financial products and services;  Need to plan finances and review the plans regularly; and  Differences between short, medium and long- term planning, saving.

Unit 1 - Identify personal finances  1.1 Identify possible sources of obtaining money  1.2 Compare 4 different ways of raising additional money  1.3 Compare the costs of 3 different ways of borrowing money  1.4 Identify personal sources of money received within the last 12 months  1.5 Identify personal spending over the last month  1.6 Explore ways in which savings could be made  1.7 Explore the consequences of overspending  1.8 Explain the consequences of not repaying

Unit 2 – Managing your own money  2.1 Demonstrate knowledge of different types of current and deposit accounts  2.2 Choose an account to suit personal needs and explain reasons for this choice  2.3 Explain different money transactions within accounts and sources of obtaining this information  2.4 Compile a record using money received and personal spending information from the last month

Unit 2 – Managing your own money  2.5 Explain the difference between gross and net pay  2.6 Explain the possible deductions that can be made from a payslip  2.7 Explain the possible additions that can be made to a payslip  2.8 Explain the benefits of saving for the future  2.9 Compare a range of products for short-term and long-term savings based on own personal needs

Unit 3 – Planning your money for a significant expenditure  3.1 Describe the expenditure  3.2 Identify the costs involved  3.3 Compare the costs of two suppliers  3.4 Demonstrate different ways that could be used to meet the cost  3.5 Identify and explain their choice  3.6 Identify the most suitable way to protect what the expenditure is for

Assessment  Evidence for each unit is produced by the candidate in the form of a portfolio  This evidence can be provided in different formats  and can be drawn from actual or simulated situation, as appropriate

Types of Evidence can be  Written reports  PowerPoint presentations  Leaflets  Use of PhotoStory  Website development  Video role plays  Brainstorming sessions / mind maps  Group discussions (annotated printouts from online discussions)  Annotated printouts from the internet  Personal record of money received  Monthly expenditure logs  Witness testimonies

Assessment and Moderation  Each portfolio MUST be assessed by a Centre Assessor – (course instructor or teacher)  Each centre must appoint an Internal Moderator to ensure consistency with national standards  The Internal Moderator cannot internally moderate the work they have assessed  Over a period of time all units and all assessors will be sampled

External Moderation  A sample of portfolios will be requested by CCEA and will be externally moderated  Where a candidate fails to meet the required standards, the candidate may resubmit work until the Assessor, Internal and External Moderators are satisfied that the candidate has met the standards.

Support and guidance  Specification  Learner Portfolio Tracking Booklet  CCEA Website  Exemplar portfolio  CCEA training day/agreement trial – free to all centres  Portfolio Clinics  CCEA Personal Money Management microsite  Subject Officer – telephone or Eleanore Thomas – Tel: Ext 2209 Mob: