Financial Education PROGRAMME FRAMEWORK
Financial Education A brochure has been created which will be used to communicate the details of the Financial Education Programme to schools with sixth form capability, alternative educational establishments and charitable organisations. Follow up communications will be sent out to get feedback on the brochure and a log will be kept with name, address, e-mail, contact details, phone number, and when they were initially communicated with. We will also keep a record of when other follow ups were sent so we can track communications with potential clients. During the initial meeting with the school, we will explain that we have a catalogue of financial education programmes available and work with the organisation to identify areas of focus to compliment the needs of their students in terms of specific topics. We will also discuss a schedule of timings for delivery, recommending one session per week.
The initial session plan includes: Financial Lifecycle Intro
This is an introduction to all the sessions that will form the full financial lifecycle of 12 sessions and also includes details on the benefits of the course and content. The session will also include details on how students can open online or high street bank accounts, as well as how they compare and contrast them and the benefits of having bank accounts.
Budgeting
In this session the content will firstly explain what a budget is, and then cover what is contained within a budget and the difference between fixed and variable costs in everyday life as well as needs and wants. It will include asking students what they consider to be typical considerations regarding costs of everyday expenditure for a young adult including council tax, water rates, gas and electricity.
Credit Scores
This session will explain the importance of credit scores and the factors that influence them. It will include what details are held and the consequences of having a high and low credit score.
Lending
This session covers the different ways that individuals can borrow money. Credit cards, loans, overdrafts, and store cards will all be explained, with insights into how each should be used. There will also be a brief introduction into actions that can be taken when things go wrong, mentioning bailiffs, court action, attachment orders and HCEO.
Financial Safety
In this session students will establish what good practices are when it comes to their own finances, as well as what scams are about and how scammers obtain their details, as well as consequences of poor financial safety. This links with credit scores and possible court action and other financial implications.
Online Savings
This session will focus on how students can make savings online when purchasing, including details of saving forums, discount codes, cashback sites, leaving items in your basket, registering for newsletters, or asking students for uniday details.
Wage Slips
This session focusses on the various elements included on a wage slip. Including Net Pay, Gross Pay, National Insurance, Tax, Employee Number etc. The session will also explain the minimum wage for various age groups, tax codes, as well as differentiating between working for cash in hand as well as through the books.
Financial Risks
This session helps young people understand the potential financial risks which could be involved in activities such as renting a flat, applying for a credit card, going to university, and starting a new job. It presents participants with a real-life scenario where a threat to their financial security could occur.
Ways to save Money
This session explores different ways that young people can save money and reduce spending whilst living independently. Participants will also have the opportunity to follow the stories of two young people, helping them consider practical tips on how to reduce spending and help with independent living.
University Finances
This session encourages young people to think about the financial aspects of going to university. It considers the different types of financial support available and the impact of future repayments. Participants will also get to explore a young person’s story, to get them thinking practically about how to transition smoothly into university and manage their work/life balance. This session will also encourage participants to look at ways in which university financial assistance can support their progression within higher education.
Introduction to Rent/Mortgages
This session introduces young people to the concept of renting properties as well as mortgages, so gives them an overview of previously mentioned sessions, Budgeting and Credit Scores. It will possibly signpost to government initiatives LISA and Help to Buy ISA as well as other linked needs such as saving for a deposit. It will introduce typical expenses that they may not have been exposed to previously, including council tax and utility bills, as well as explain checks that will be conducted on them. It will also give details of organisations who can help such as mortgage advisors and may also include various legalities such as landlord obligations and the need for contents insurance etc.
Transition to ESG/Environment
This session forms the initial introduction to ESG as students will be taught about the sustainability relating to borrowing and how they should try and live within their means, by saving and having a solid budget. This will then be expanded upon to talk about sustainability within the world, fossil fuels, climate change, what they can do to make changes to their own lives with regards to behaviours and habits.
The aforementioned session 12 “Transition to ESG” could have several spin off sessions which are yet to be determined. These can be created once the direction they would like the workshop/sessions to take has been agreed by the Senior Management Team. Once the sessions have been agreed, then the school will provide a register of students and timings they would like to arrange the sessions for. Upon completion of the individual courses, the students will be asked to give digital feedback to enable the sessions to be constantly improved. Schools will also be provided with a template certificate for them to distribute to students upon completion of their sessions. This should be housed with their certificate of achievement and can be shared with future employers to show additional courses and qualifications attended or achieved.