Financial Capability An update for Hair and Beauty.

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 DavidDavid 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 wasBetween 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 OthersTeach Me

Money for Life ChallengeEmbedding

Teach Others75 Applicants already!

Teach MeA 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:

[email protected]@colegaucymru.ac.uk

THANK YOU