Teaching Personal Finance

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Presentation transcript:

Teaching Personal Finance SQA Personal Finance Award SCQF Level 4 ifs Certificate in Personal Finance Level 2 (SCQF Level 5)

Colin McGugan Principal Teacher: Mathematics & Numeracy Queen Margaret Academy, Ayr Involved since 2010 with SQA Involved in development of assessments for Solar Involved in development of formative questions for Solar Open Assess

Learning Intentions What do we offer? Why is it offered? Who is it offered to? How do we deliver it? Give an overview of the ifs Units Indicate some useful resources and links

What do we offer? SQA Personal Finance Award SCQF Level 4 ifs Certificate in Personal Finance Award Level 2 (SCQF Level 5)

Why is it offered? Alternative to National 4 Maths Additional qualification to National 4 Maths Qualification for Christmas leavers Additional qualification for any pupil

Who is it offered to? Any pupil in S5/6

How do we deliver it? 6 period a week 50 minute periods Joint delivery of SQA and ifs courses Deliver using the ifs Certificate in Personal Finance Award Level 2 (SCQF Level 5) materials

Overview of ifs Units ifs Certificate in Personal Finance Award Level 2 (SCQF Level 5) Consists of 3 units Unit 1: Personal Financial Encounters Unit 2: Money Management Solutions Unit 3: Personal Financial Management

August to November Unit 1 : Personal Financial Encounters Understand the features of legal tender. Understand the sources of money. Understand the documentation linked to different sources of money. Be able to carry out pay slip calculations. Understand different types of bank account. Understand the various choices available for storing money. Understand the true costs of spending. Be able to work out the true cost of spending. Understand the concept of using money to make money. Understand the concept of using money abroad. Be able to work out foreign exchange calculations.

December to February Unit 2: Money Management Solutions Understand the tools used in managing money. Understand different types of payment card. Understand different types of borrowing products. Be able to work out the cost of borrowing. Understand the benefits of paying in advance Understand the issues surrounding the provision of insurance Understand the purpose of bank statements. Be able to create a medium-term budget. Know where to go for different types of financial advice.

March to May Unit 3: Personal Financial Management Be able to use calculations to make spending choices. Understand the link between personal financial budgets and spending choices. Understand the sources of personal financial protection. Know the consequences associated with spending. Know the consequences associated with borrowing.

How do we teach it? Deliver using the ifs Certificate in Personal Finance Award Level 2 (SCQF Level 5) materials. Pupils access ifs website for materials and case studies Use of ifs printed materials Role playing scenarios Use of websites

Resources ifs website Download pdfs from SQA www.scotbanks.org.uk www.pfeg.org.uk www.moneymadeclear.org.uk www.rbsmoneysense.co.uk www.moneysavingexpert.com https://www.wonga.com http://www.scotwest.co.uk

Resources Holiday company websites Airline websites Insurance comparison websites Youtube clips, Ross Kemp in Glasgow, The Scheme (needs to be watched first to make sure content is suitable), The Debt Collector Existing textbooks

Assessment SQA Personal Finance Award SCQF Level 4 Pupils are given practice assessments on SQA’s Solar OpenAssess. When the pupil is ready they are assessed on Solar.

Assessment ifs Certificate in Personal Finance Award Level 2 (SCQF Level 5) Pupils are given practice assessments downloaded from ifs website. These are 20 multiple choice questions with short case study questions at the end Assess after each unit or at the end of the course Book written multiple choice exam papers 3 weeks before exam

Awards Pupil is awarded a certificate from ifs This is worth 14 SCQF credit points This qualification is also recognised on Insight

Next Steps We hope to deliver the SQA Personal Finance Award SCQF Level 4 to all S1–S3 pupils through the CfE courses currently delivered within the department.