Headlines 2008 News - Unique new programme equips adults with essential personal finance skills
The ifs School of Financeis the only provider of GCSE, AS & A level equivalent qualifications in personal finance. More than 10,000 14-19 year olds are currently studying for one of these qualifications.
However, whilst it is important that future generations are equipped with the skills and confidence to make informed financial decisions, the charity recognises that many adults are also severely lacking in these essential life skills.
As a result, the ifs School of Finance has been piloting a QCA accredited adult Programme in Personal Financial Planning (PPFP) over the last few months. The Programme has now been made available to any adult learning centre, FE college or other institution that wishes to offer the course. A number of employers and housing associations have also expressed interest in offering the courses to their staff and customers.
The programme is taught in separate units, addressing five key components of managing personal finances. These are: making ends meet, keeping track of finances, planning ahead, choosing financial products, and staying informed about financial matters.
The programme is the first of its kind and comes just weeks after AIC research suggested that 90% of parents had no financial education when they were at school and that 65% of this group now wanted personal finance training as an adult.
The ifs School of Finance’s own research suggests that up to 55% of all adults would like to learn how to manage their money better.
PPFP has already gained support from a number of professional bodies, financial charities and trade associations as well as senior Labour, Conservative and Liberal Democrat MPs.
Anne Kiem, Director of External Affairs at the ifs School of Finance, said:
“A quarter of the country have no idea how much they spend each week, almost 80% don’t understand basic financial terms such as APR, half of Britons don’t understand what a credit report is and almost 50% of all adults don’t check their credit card statements thoroughly.
Based on such evidence, it is perhaps unsurprising that so many adults would like to improve their financial capability.
The Programme will enable adults from all backgrounds to understand basic financial terms, to budget and to deal effectively with everyday financial situations.
By taking this course, adults can gain the skills and confidence to engage fully in financial processes and make informed financial decisions.”
For full details of this programme, click here
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