Financial Capability An update for Hair and Beauty

Rationale ‘ Through up skilling the sector we want to create a generation of learners better able to manage their money, reduce their debt and access or remain in further education.’ … understand money and self employment?

How does poor financial literacy affect lives?

Statistics Breaking up over money worries

Our learners are living in a rapidly changing financial world Meet David David needed to borrow £180 until he next got paid. He applied online and got his money in an hour. David repaid this loan when he got paid 28 days later at a total cost of £225. Representative APR 1737% (variable*)

Representative APR 4214%

Payday loans 'cheaper than overdraft charges' There’s always more to learn...

RESEARCH FINDINGS – STAFF At one FE college, research carried out amongst staff indicated ‘that there is a considerable reluctance to engage with the topic [Financial Capability] because of a lack of confidence’. In a staff focus group at another participating FE college: Only 29% of staff questioned felt confident or very confident to deliver aspects of financial capability Across all the organisations involved with the project there was evidence that organisations and their staff do not always have the confidence and skills to support their learners in financial capability.

RESEARCH FINDINGS – LEARNERS 18% of learners had money worries 13% of learners did not know what their financial position was Between 20% and 40% of learners were ‘not well in control’ Tutors also reported that learners ‘didn’t understand the long term impact of poor financial management’

2011/20012 Four strands Teach Others Teach Me Money for Life Challenge Embedding

Teach Others 75 Applicants already!

Teach Me A 30 hour on-line course to raise awareness of financial matters 50 signed up!

An opportunity for Hair and Beauty students? Could a team develop tips for saving money, luxury versus less luxurious products – test these products over a week and compare results? Money saving beauty tips etc. Get that look on a budget! How? A short video, photos, Information sheet, event, mime, performance. Anything goes!

Embedding Tool kit – NGFL Cymru Teaching essential skills short course – numeracy through financial contexts (Deeside College) The MoneyforLife Challenge – skills across the curriculum Mobile phone app

For further information on Teach Me,Teach Others or the Money for Life Challenge contact: THANK YOU