Level 1 Personal Money Management Support 5903
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Transcript of Level 1 Personal Money Management Support 5903
Personal Money Management
Levels 1 and 2Levels 1 and 2
Personal Money ManagementPersonal Money Management
ByByEleanore ThomasEleanore [email protected]@ccea.org.ukTel 07717504587Tel 07717504587December 2009December 2009
Personal Money Management
Level 1 is available for teaching from September 2009
Level 1 is for first award in Summer 2010
Level 2 is awaiting accreditation from the Regulatory Authorities
National Qualifications Framework (NQF)
Level 1 Same standard as GCSE D to G Level 2 Same standard as GCS A* to C
Qualification and Credits Framework (QCF)
Personal Money Management
Available 14 years and upwards Relevant to those who are receiving a
wage or living away from home for the first time
To improve financial literacy Target group will be as wide as
possible No written examination
Personal Money Management
Guided Learning Hours is 30 Hours for Level 1 and 80 hours for Level 2 qualification
Internally Assessed Portfolio Externally Moderated A maximum of 2 entry and moderation
periods per year Registration fee which covers entry,
moderation and certification. All training is offered FREE to centres.
Personal Money Management
Level 1 Qualification
Unit 1: Identify personal finances
Unit 2: Managing your own money
Unit 3: Planning your money for a significant expenditure
Unit 1
Candidates will demonstrate knowledge through production of various appropriate documentation
Unit 1 Identify personal finances Money – income and expenditure / sources Savings – Borrowing and Debt with
consequences of non payment - overspending Products – research notes, internet downloads,
personal money record (weekly / monthly), comments / evaluation on items
Unit 1 Evidence Criteria
8 evidence criteria Identify possible sources of obtaining money Compare 4 different ways of raising additional money Compare the costs of 3 different ways of borrowing
money Identify personal sources of money received within the
last 12 months Identify personal spending over the last month Explore ways in which savings could be made Explain the consequences of overspending Explain the consequences of not repaying
Unit 1 Evidence
Written reports Powerpoint presentation Leaflet Photostory
Website
Video role play
Brainstorming Group discussions Annotated printouts from the internet Personal record of money received
Monthly expenditure log
Witness testimony
Unit 2
Candidates will demonstrate knowledge through production of various appropriate documentation
UNIT 2 Managing your own money Financial statements – paper based / online, bank
accounts, pay slips Account types – current / deposit Financial transactions – DD, Cheque, card transactions,
SO, BACS Payslips – gross / net, additions, deductions Products to save money – pension, insurance, unit
trusts, ISA Short term and long term personal savings Products – pay slips, flyers, bank statements, notes from
research
Unit 2 Evidence Criteria
9 evidence criteria Demonstrate knowledge of different types of current and deposit
accounts Choose an account to suit personal needs and explain reasons for
this choice Explain different money transactions within accounts and sources of
obtaining this information Compile a record using money received and personal spending
information from the last month Explain the difference between gross and net pay Explain the possible deductions that can be made from a payslip Explain the possible additions that can be made to a payslip Explain the benefits of saving for the future Compare a range of products for short term and long term savings
based on personal needs
Unit 2 Evidence
Annotated leaflets from banks/building societies Contributions to group discussions Sample bank statements Personal income and expenditure list Annotated sample payslip Witness testimony Table to compare short term and long term
personal savings
Personal Money Management
Candidates will demonstrate knowledge through production of various appropriate documentation
Unit 3 Planning your money for a significant expenditure
Significant expenditure (describe)
Compare prices – 2 suppliers
Raise money – method of finance
Insurance / warranty – most suitable
Products – documents and personalised evaluations
Personal Money Management
Level 2 Qualification Awaiting Accreditation
2 Mandatory Units and 4 Optional Units
Mandatory UnitsUnit 1: Personal finances – income and expenditureUnit 2: Actively managing your own money
Optional UnitsUnit 3: Your money and your lifeUnit 4: Understanding pensionsUnit 5: Borrowing moneyUnit 6: Understanding state benefitsUnit 7: Managing household financesUnit 8: Saving productsUnit 9: Protecting yourself and your familyUnit 10: Buying and renting a home
Personal Money Management
Level 2 Mandatory Units Awaiting Accreditation
Unit 1 Personal finances Personal – income / expenses forecast, potential ways to manage
finances, employment status Sources of financial information – internet, spreadsheets, personal
sources of income and outgoings
Unit 2 Actively managing your own money Types of accounts – current, deposit Research – tax, national insurance information Deferring payments – credit cards, loans, HP Financial checks Protection against identity fraud
Personal Money Management
Level 2 Optional Units Awaiting Accreditation
Unit 3 Your money and your life Different life stages – child, youth, adult, mature adult, pre retirement, retirement, plan
and generate finances
Unit 4 Understanding pensions Types of pensions – state, occupational, personal Terminology – final salary, personal
Unit 5 Borrowing money Methods – comparisons Loans –secured, unsecured Terminology – base rate, APR,AER,EAR Product – documents
Unit 6 Understanding state benefits UK state benefits – government department responsible Eligibility requirements – means / non means tested, address claims, payment
schedule
Personal Money Management
Level 2 Awaiting Accreditation
Unit 7 Managing household finances Household budget – essential / non essential items,
action plan – savings, reductions
Unit 8 Saving products Different needs – short / medium / long term saving
needs, FA’s and cost comparisons Saving products – accounts, child trust, insurance Product – downloads from websites, personalised notes,
spreadsheets of differences
Personal Money Management
Level 2 Awaiting Accreditation
Optional Units
Unit 9 Protecting yourself and your family Protection needs – individuals/families Products – insurances / critical illness cover / loan repayment cover Products – personalised notes after research, tables, case study
Unit 10 Buying and renting a home Mortgages – compare and contrast mortgage types and repayment
methods Terminology – landlord and tenancy responsibilities SWOT – analyse buying and renting Products – documentation and personalised comments
Support
Specification, Pupil Tracking Booklet and Admin handbook – CCEA website
Customised Individual Centre Support Group Training Sessions Portfolio Consultancy Training event – Spring term 2010 Pupil/Parent information leaflet Teacher guide Pupil event
CCEA website
CCEA website
CCEA website
CCEA website
Links to resources
http://www.nicurriculum.org.uk/microsite/financial_capability/
http://www.citizensadvice.co.uk/moneytalks/ www.fsa.gov.uk www.hmrc.gov.uk www.pfeg.org www.money-bsa.org.uk www.moneymatterstome.co.uk www.which.co.uk www.natwestfsf.com www.bbc.co.uk/skillswise
Personal Money Management
Contact Details
Eleanore Thomas
Telephone: 02890 261200 Ext. 2209Email : [email protected]: 07717 504 587