1. Personal Finance – Unit 302

2. Learning Objectives By the end of the session you will: 1.Understand the advantages and disadvantages of borrowing money. 2.Understand the advantages of saving money. 3.Understand why it is important to keep personal financial information secure. 4.Have an overview of Universal Credit and how it will affect you.

3. Methods of Borrowing Group 1 Family and friends Bank loan Overdraft Credit card Group 2 Building society Payday lender Pawnbroker

4. Keeping personal information safe Personal information can be stolen from you by: Phishing websites and email – fake sites and emails that trick you into giving your bank and/ or credit card details Hacking into your computer using Trojan malware programs Hoax phone calls asking for financial information Cloning debit/credit cards Source: UK Government website

5. Keeping personal information safe Keep Personal information safe by: Regularly changing passwords/pin numbers Not writing passwords/pin numbers down Not using simple passwords/pin numbers, Paying for purchases only on secure websites Using security software Only giving personal information to those you know Shredding paperwork that contains personal details Erasing all data from your old phones, tablets or computers

6. Universal Credit A major change to the existing benefits system. Designed to help people on a low income or out of work. Consists of a single monthly payment which is transferred directly to a bank account. Currently being rolled out across the UK in phases. Source: UK Government website

7. Universal Credit What benefits will Universal Credit replace? Income-based Jobseeker’s Allowance Income-related Employment and Support Allowance Income Support Child Tax Credit Working Tax Credit Housing Benefit Source: UK Government website

8. Managing your own Finance Why is it important to manage your own finance? Housing benefit will be paid directly to you Payments will increase or reduce depending on whether you are working and the hours in work Payments can be claimed singly or as a joint claim where you would get 1 monthly payment All previous credits will be replaced by Universal Credit paid directly to you

9. Personal Finance – Unit 302