Consumer Education Andrea Carlson Megan Sullivan Arden Katine Rachael Kuhnmunch

Overview Introduction Problem Statement Goals and Objectives Research Methods Findings Conclusions Future Recommendations

Introduction Consumer rights are basic human rights Main method: Consumer Education Importance: Molding youth into informed consumers

Problem Statement Lack of consumer education amongst secondary age students Lack of comprehensive education on personal finance and loan options Need to understand what students already know about personal finance and consumer education

Goals and Objectives Develop better understanding of students personal savings and finance Assess students understanding and knowledge of hire purchase and the Consumer Affairs Office Present future groups with the information they need to create a viable consumer education curriculum

Research Methods Vermont – Background Research Saint Lucia – Focus Groups – Interviews – Quizzes – Surveys – Data Analysis

Findings Savings and Personal Finance Hire Purchase Consumer Affairs Office

Savings School % have savings accounts 70% w/ bank 5% w/ school 25% w/ bank and school 40% know how much they spend and save School % have savings accounts 35% w/ bank 45% w/ school 20% w/ bank and school 47.4% know how much they spend and save

Hire Purchase Students have a general understanding Main Problems – Unfamiliar with terminology – Unfamiliar with the concepts and specifics e.g. warranties interest repossession debt collectors

Hire Purchase cont’d… 87% came from families who use hire purchase 55% don’t plan to buy on hire purchase in the future 44% plan to buy on hire purchase in the future Unfamiliar with Alternatives to Hire Purchase – Bank Loans – Credit Union Loans

Consumer Affairs Office Majority of students were familiar – Primarily informed via television and family Approximately half of students surveyed said they would go for help if needed

Conclusions Need for more information regarding personal finance and consumer rights Lack of knowledge regarding hire purchase and bank loans Unfamiliarity with financial terminology

Recommendations Expand areas of focus in consumer education Survey wider range of schools in different areas Develop curriculum – Personal Finance and Budgeting Learning how to establish credit – Hire Purchase

Thank you Mr. Phillip McClauren, Director of Consumer Affairs and staff Principal Cyril Edward and the entire Piaye Secondary School Principal Rupert Ellis and the entire Leon Hess Secondary School Mr. Andrew Antoine, Ms. Techla Deterville, General Manager of Courts Mr. Thomas Desisto, UVM Center for Rural Studies