Initiatives to protote financial literacy/capability in the UK - PowerPoint PPT Presentation

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Initiatives to protote financial literacy/capability in the UK

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  1. Initiatives to protote financial literacy/capability in the UK

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

  3. Building Financial Capability in the UK • 5 Year Strategy • Linked to other strategies (e.g. Skills for Life) • The strategy focuses on seven themes: • Schools • Young Adults • Retirement • Families • Advice • Workplace • Debt

  4. 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. 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. 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. 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. Structure of the framework

  9. Structure of the framework9 components

  10. 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