Financial Capability (FC)
within the NI Curriculum
Mrs Jill Black
CCEA – Education Manager
Financial Capability
JBlack - Financial Capability (APO)
Learning Outcomes
To develop a clear understanding of:
The definition of FC.
The rationale for FC.
FC within the NI Curriculum
Available resources/websites
JBlack - Financial Capability (APO)
What is Financial Cap?
Fundamentally:
It’s about being able to
manage your finances now and in the future!
JBlack - Financial Capability (APO)
What is Financial Cap?
Making financial ends meet
Keeping track of finances
Planning ahead for financial needs
Choosing financial products
Staying informed of economic indicators
Managing Money, 2005:
Survey conducted by the NICC & FSA
JBlack - Financial Capability (APO)
What is Financial Cap?
Financial capability is more than the ability to
add/subtract money and to know what your change
should be when shopping. It is about making informed
choices based on :Needs
Wants
Budget
Best Value
JBlack - Financial Capability (APO)
What is Financial Cap- Interrelated Themes?
Financial Knowledge and Understanding
Understanding the concept of money
Where does it come from?
Where does it go?
Financial Skills and Competence
Knowing how to look after and manage money
How do we plan to look after our spending?
How can we evaluate basic risk and return?
Financial responsibility
Making personal life choices, and thinking about the
ethics of money
Do the choices we make impact on others – and if so, how?
JBlack - Financial Capability (APO)
Financial Cap. Rationale
•Almost 900 people in Northern Ireland went bankrupt in 20052006’ (citizens advice bureau)
•More than a quarter(27%) used no information at all when
making financial decisions. (NI Consumer Council/FSA, 2005)
• 1 in 3 people in Northern Ireland did not feel they could
manage for more than a month if their income fell.’
(NI Consumer Council/FSA, 2005)
JBlack - Financial Capability (APO)
Financial Cap. Rationale -Money in the 21st century
Changes in shopping habits mean
‘ children may now be
experiencing very different situations:
•paying with ‘plastic’ or a cheque
•‘cash-back’ or cash dispensers
•Pocket money
•Direct debit , standing orders and e-banking.
JBlack - Financial Capability (APO)
Why teach Financial Cap. ?
•To develop a generation of financially capable
citizens
•Entrepreneurial skills do not necessarily lead to FC.
•Accessibility to debt
•We must prepare the future generation with:
- the knowledge and skills to budget / handle
money wisely
- the ability to make informed and sound
judgements
JBlack - Financial Capability (APO)
Financial Cap. Warnings?
•It is very important to recognise that some children’s
experience of money is still very much within a cash
economy
•Some children may live in a financially excluded
society which does not have access to legal financial
services
•Cultural diversity can give children varying and
different experiences of finance/financial services
JBlack - Financial Capability (APO)
JBlack - Financial Capability (APO)
JBlack - Financial Capability (APO)
Just Some Resources!
Talk Money, Talk solutions
Money Week
On the Money
Making sense of money
Moneyville.co.uk
Pfeg: www.pfeg.org
JBlack - Financial Capability (APO)
Reasons for not teaching Financial Capability:Not having enough time
Other priorities
Not appropriate for children of this age
Lack of staff time
Lack of awareness of the topic
Parental responsibility
Source: FSA(2002) Personal Finance Teaching in
Schools
JBlack - Financial Capability (APO)
Schools would be helped by:•More materials
•More training and more advice
•More information from financial companies
•Exemplar lessons and examples of good
practice
•Information of how to integrate financial
capability into the curriculum
(PFEG)
JBlack - Financial Capability (APO)
Just Some Resources!
www.pfeg.org*
www.nicurriculum.org.uk
www.consumercouncil.org.uk
www.fsa.gov.uk/consumerhelp
www.citizensdvice.co.uk/moneytalks
JBlack - Financial Capability (APO)
Contact Details
Jill Black – Education Manager
Tel: 028 9026 1200 Ext 2616
Mob: 077 8652 8830
E-mail: jblack@ccea.org.uk
JBlack - Financial Capability (APO)