Future REady
Better thinking about money for 16-19s
Today many school leavers are ill equipped to manage their money in adult life because they have not been taught even the basics about budgeting, bank accounts and credit whilst at school. That is why Credit Action believes it is vital to improve the provision of money education for young people.
Through this project, Credit Action aims to expand the scope of its delivery of financial education in sixth form colleges.
The purpose of the project is to deliver money education workshops to 16-19 year olds with the aim of improving the financial literacy of young people. The project has been funded by the HSBC Global Education Trust.
We believe that the years immediately post-16 are a particularly crucial time to understand about personal finance as young people gain financial independence for the first time. That is why we are dedicated to expanding our current delivery of Future Ready workshops to schools and colleges completely free of charge.
We have drawn upon our own materials and resources, which have been Quality Marked by the Personal Finance Education Group (pfeg), to put together a comprehensive money education workshop covering the basic essentials of money management.
The key topics include:
• Budgeting: distinguishing between wants and needs, understanding where money comes from, constructing a budget planner, and the importance of saving
• Credit: looking at what credit is and the different kinds of lenders who offer credit, how to maintain good credit, and what is meant by an APR
• Banks: Understanding what a bank is and the importance of shopping around for the right bank
• Student finance
Credit Action trainers are located around the country and are available to assist teachers and deliver the workshops to students. The workshops include interactive activities and group discussions and have been designed to last for 1 hour, although there is flexibility to deliver for longer or shorter sessions if required.
