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Financial Capability in Scottish Schools: FSA Baseline Survey 2006

This survey explores financial behaviors and awareness among 5,300 adults, highlighting gaps in financial education and planning. It covers key components such as Making Ends Meet, Keeping Track of Finances, Planning Ahead, Choosing Financial Products, and Staying Informed. Findings reveal areas where individuals may lack financial preparedness.

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Financial Capability in Scottish Schools: FSA Baseline Survey 2006

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  1. Financial Capability in Scottish schools Dunblane 2006

  2. FSA Baseline survey • 5,300 people – over 18 • 70% of people have made no personal provision to cover an unexpected drop in income • 33% of people, who hold no more complex products than general insurance, bought their policy without comparing it to even one other product • 40% of people who own an equity ISA are not aware that its value fluctuates with stock market performance

  3. Survey covered 5 components • Making ends meet • Keeping track of finances • Planning ahead • Choosing financial products • Staying informed about financial matters

  4. Making ends meet • Large majority of people good at this • Some may use credit to do it • Over-indebtedness not especially widespread • 500,000 people in the UK have real financial problems

  5. Keeping track of finances • People slightly worse of are better at this • Women better than men • Age less important

  6. Planning ahead • Majority of people don’t • 70% have no provision for a drop in income • Age is important

  7. Choosing products • Experience counts • Under 30’s perform very badly • Women tend to be less capable than men

  8. Staying informed • Level of income and education • Men do better than women • Diversity in scores

  9. League table • England • Scotland • Wales • Northern Ireland

  10. FSA Benchmark Survey • Survey carried out with 1156 schools • 87 primary schools and 128 secondary in Scotland • 91% of secondary and 74% of primary said they were delivering some personal finance education • 98% of secondary viewed this as fairly or very important

  11. Where is finance taught • Mathematics • PSE • Business Education

  12. What are we doing well in Scottish schools? • Awareness of the issues higher in Scotland • 2/3 of Scottish schools stated that they use LTS guidance • Resource production • Education industry links • Scottish primary schools are doing significantly more than others across UK

  13. Where are there problems AREAS NOT ADDRESSED • Ethical issues • Taxation • Rights and responsibilities

  14. SCFE strategy • Focus on local authorities • Enterprise in education • Personal and social education • Credit unions in schools forum

  15. New resources • Talk Money, Talk Solutions • Money Week • On the money • Tackling Debt

  16. A Curriculum for Excellence Our aspiration for all children and for every young person is that they should be • successful learners, • confident individuals, • responsible citizens and • effective contributors to society and at work.”

  17. Principles for curriculum design • Challenges and enjoyment • Breadth • Progression • Depth • Personalisation and choice • Coherence • Relevance

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