1. Personal Money Management Levels 1 and 2 Personal Money Management By Eleanore Thomas ethomas@ccea.org.uk Tel 07717504587 December 2009

2. Personal Money Management  Level 1 is available for teaching from September 2009  Level 1 is for first award in Summer 2010  Level 2 is awaiting accreditation from the Regulatory Authorities  National Qualifications Framework (NQF)  Level 1 Same standard as GCSE D to G  Level 2 Same standard as GCS A* to C  Qualification and Credits Framework (QCF)

3. Personal Money Management  Available 14 years and upwards  Relevant to those who are receiving a wage or living away from home for the first time  To improve financial literacy  Target group will be as wide as possible  No written examination

4. Personal Money Management  Guided Learning Hours is 30 Hours for Level 1 and 80 hours for Level 2 qualification  Internally Assessed Portfolio  Externally Moderated  A maximum of 2 entry and moderation periods per year  Registration fee which covers entry, moderation and certification.  All training is offered FREE to centres.

5. Personal Money Management Level 1 Qualification Unit 1:Identify personal finances Unit 2:Managing your own money Unit 3:Planning your money for a significant expenditure

6. Unit 1 Candidates will demonstrate knowledge through production of various appropriate documentation Unit 1 Identify personal finances  Money – income and expenditure / sources  Savings – Borrowing and Debt with consequences of non payment - overspending  Products – research notes, internet downloads, personal money record (weekly / monthly), comments / evaluation on items

7. Unit 1 Evidence Criteria  8 evidence criteria  Identify possible sources of obtaining money  Compare 4 different ways of raising additional money  Compare the costs of 3 different ways of borrowing money  Identify personal sources of money received within the last 12 months  Identify personal spending over the last month  Explore ways in which savings could be made  Explain the consequences of overspending  Explain the consequences of not repaying

8. Unit 1 Evidence  Written reports  Powerpoint presentation  Leaflet  Photostory  Website  Video role play  Brainstorming  Group discussions  Annotated printouts from the internet  Personal record of money received  Monthly expenditure log  Witness testimony

9. Unit 2 Candidates will demonstrate knowledge through production of various appropriate documentation UNIT 2 Managing your own money  Financial statements – paper based / online, bank accounts, pay slips  Account types – current / deposit  Financial transactions – DD, Cheque, card transactions, SO, BACS  Payslips – gross / net, additions, deductions  Products to save money – pension, insurance, unit trusts, ISA  Short term and long term personal savings  Products – pay slips, flyers, bank statements, notes from research

10. Unit 2 Evidence Criteria  9 evidence criteria  Demonstrate knowledge of different types of current and deposit accounts  Choose an account to suit personal needs and explain reasons for this choice  Explain different money transactions within accounts and sources of obtaining this information  Compile a record using money received and personal spending information from the last month  Explain the difference between gross and net pay  Explain the possible deductions that can be made from a payslip  Explain the possible additions that can be made to a payslip  Explain the benefits of saving for the future  Compare a range of products for short term and long term savings based on personal needs

11. Unit 2 Evidence Annotated leaflets from banks/building societies  Contributions to group discussions  Sample bank statements  Personal income and expenditure list  Annotated sample payslip  Witness testimony  Table to compare short term and long term personal savings

12. Personal Money Management Candidates will demonstrate knowledge through production of various appropriate documentation Unit 3Planning your money for a significant expenditure  Significant expenditure (describe)  Compare prices – 2 suppliers  Raise money – method of finance  Insurance / warranty – most suitable  Products – documents and personalised evaluations

13. Personal Money Management Level 2 Qualification Awaiting Accreditation 2 Mandatory Units and 4 Optional Units Mandatory Units Unit 1:Personal finances – income and expenditure Unit 2:Actively managing your own money Optional Units Unit 3:Your money and your life Unit 4:Understanding pensions Unit 5:Borrowing money Unit 6:Understanding state benefits Unit 7:Managing household finances Unit 8:Saving products Unit 9:Protecting yourself and your family Unit 10:Buying and renting a home

14. Personal Money Management Level 2 Mandatory Units Awaiting Accreditation Unit 1Personal finances  Personal – income / expenses forecast, potential ways to manage finances, employment status  Sources of financial information – internet, spreadsheets, personal sources of income and outgoings Unit 2Actively managing your own money  Types of accounts – current, deposit  Research – tax, national insurance information  Deferring payments – credit cards, loans, HP  Financial checks  Protection against identity fraud

15. Personal Money Management Level 2 Optional Units Awaiting Accreditation Unit 3Your money and your life  Different life stages – child, youth, adult, mature adult, pre retirement, retirement, plan and generate finances Unit 4Understanding pensions  Types of pensions – state, occupational, personal  Terminology – final salary, personal Unit 5Borrowing money  Methods – comparisons  Loans –secured, unsecured  Terminology – base rate, APR,AER,EAR  Product – documents Unit 6 Understanding state benefits  UK state benefits – government department responsible  Eligibility requirements – means / non means tested, address claims, payment schedule

16. Personal Money Management Level 2 Awaiting Accreditation Unit 7Managing household finances  Household budget – essential / non essential items, action plan – savings, reductions Unit 8 Saving products  Different needs – short / medium / long term saving needs, FA’s and cost comparisons  Saving products – accounts, child trust, insurance  Product – downloads from websites, personalised notes, spreadsheets of differences

17. Personal Money Management Level 2 Awaiting Accreditation Optional Units Unit 9Protecting yourself and your family  Protection needs – individuals/families  Products – insurances / critical illness cover / loan repayment cover  Products – personalised notes after research, tables, case study Unit 10Buying and renting a home  Mortgages – compare and contrast mortgage types and repayment methods  Terminology – landlord and tenancy responsibilities  SWOT – analyse buying and renting  Products – documentation and personalised comments

18. Support  Specification, Pupil Tracking Booklet and Admin handbook – CCEA website  Customised Individual Centre Support  Group Training Sessions  Portfolio Consultancy  Training event – Spring term 2010  Pupil/Parent information leaflet  Teacher guide  Pupil event

19. CCEA website

23. Links to resources  http://www.nicurriculum.org.uk/microsite/financial _capability/ http://www.nicurriculum.org.uk/microsite/financial _capability/  http://www.citizensadvice.co.uk/moneytalks/ http://www.citizensadvice.co.uk/moneytalks/  www.fsa.gov.uk www.fsa.gov.uk  www.hmrc.gov.uk www.hmrc.gov.uk  www.pfeg.org www.pfeg.org  www.money-bsa.org.uk www.money-bsa.org.uk  www.moneymatterstome.co.uk www.moneymatterstome.co.uk  www.which.co.uk www.which.co.uk  www.natwestfsf.com www.natwestfsf.com  www.bbc.co.uk/skillswise www.bbc.co.uk/skillswise

24. Personal Money Management  Contact Details Eleanore Thomas Telephone: 02890 261200 Ext. 2209 Email:ethomas@ccea.org.ukethomas@ccea.org.uk Mobile: 07717 504 587