Level 1 Personal Money Management Support 5903

Personal Money Management

Levels 1 and 2Levels 1 and 2

Personal Money ManagementPersonal Money Management

ByByEleanore ThomasEleanore Thomasethomas@ccea.org.ukethomas@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 : ethomas@ccea.org.ukMobile: 07717 504 587