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Financial capability is becoming more important as
people are faced with increasingly complex financial
decisions. The flexible labour market, lifelong
learning, short-term contracts, and greater longevity
all have serious implications for how we undertake
financial planning. Financial choices and decisions will
have significant consequences for future financial well
being. Financial capability is an important life skill
for everybody: the ability to make financial decisions
is the key to identifying and making best use of the
opportunities in today's changing world.
(Financial Capability through Personal Finance
Education, Guidance for Schools at Key Stages 3&4)
Financial capability encompasses three strands:
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Financial knowledge and understanding is
about helping students understand the concept of
money; where it comes from and how it circulates
to make the economy work at a personal and
universal level.
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Financial skills and competence is about
developing the know how to manage money
effectively; to identify the problems and issues
involved and to make competent decisions.
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Financial responsibility is about the wider
impact of money and personal financial decisions
on others.
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Personal Finance Education is an essential element of
Enterprise.
American Express Europe funded a
project in Sussex to support the promotion of Personal Finance
Education in schools. This successful project, which was managed by Sunny Spells Limited, ran from September 2004 for 2 years. The project culminated in 3 schools attaining the locally developed Quality Award.
The Quality Award is still available to schools across Sussex - contact Maureen for more information.
Maureen is currently working freelance for the Personal Finance Education Group ('pfeg') on their Learning Money Matters initiative. She is their consultant working with schools in Sussex and Brighton and Hove.
Available here for downloading free are a variety of resources that have been developed locally. There are lessons and activities and also some useful tools for managing a personal finance education programme in school.
See also our Links to useful
sites page for other sites that deal with Personal
Finance Education. These sites also have resources and
downloads available.
For more information contact Maureen Jackson on 07946
735674
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