Following the season of lavish spending over the Christmas period, it's now the time of year many people look at getting their finances back on track and spend more consciously.
However, recent studies have shown that young people are now more likely than ever to turn to payday lenders as they struggle with personal finances, with no real knowledge of how to manage their own money.
It’s worrying to see reports that the level of debt amongst 18-34 year olds has doubled and this is in part due to many young people seeing payday loans as a solution; in fact, these young people are in more debt than they were this time last year due to borrowing habits.
As many people look at self-improvement and making resolutions in the new year, now is the perfect time for young people to take control of their finances and become confident in managing their money. With many students leaving school and continuing in Further Education or looking for a job, it’s crucial that they have a good grasp on their own finances. Personal money management is vital in order for anyone to become self-sufficient in their life.
These skills will not only enable learners to live comfortably and stay out of debt, it would improve their employment prospects. Numeracy skills are high on the political agenda, with the major parties vowing to improve the nation’s English and maths skills. Personal money management shows a jobseeker is adept at not only working with numbers, but applying them to real life situations. Many employers would value prospective employees who can budget well, research getting the most out of their money, and understanding the financial situation of the company.
At NCFE we believe these important life skills should be something that are taught from a young age. That’s why we have the NCFE Level 1 Award in Personal Money Management (500/8624/8) and NCFE Level 1 Award in Managing Your Money (601/3558/X). The award focuses on managing money not only in the present, but teaches learners how to anticipate future needs and compare prices to ensure they get the most out of their money.
We also have a number of standalone units that focus on particular strands of money management, including Understanding what money is used for (D/600/0438/UNIT), and Working with money (T/505/4745/UNIT).
Our single unit awards are also ideal short qualifications to add to your curriculum; the NCFE Level 1 Award in Maths: Working With Money (601/1169/0) can help your pupils understand how they might work with money once they enter the world of work, and the NCFE Entry Level Award in Maths: Using Money (Entry 2) (601/0896/4) not only helps learners identify where their money is best used, but is designed to work as an add-on to your curriculum. The single unit nature of this qualification means it can be embedded within your curriculum, or taught alongside it without taking up too much time, but will provide learners with a certificate of achievement that they can provide alongside job applications.
What do you think? Do you teach the value of money in your school? What else can we do to ensure your pupils leave school with the ability to manage their own finances?
