The pfeg Quality Mark shows that this resource meets the pfeg quality standards. At the time of issue the resource contains educational benefits and accurate financial information. Please visit www.pfeg.org for further information.

Home
Finance Skills
Personal Finance (Financial Capability)

Fact dossiers

The 'Finance World dossiers' contain a wealth of straightforward information about a range of different aspects of financial capability, in age-appropriate language. They are designed to help young people gain a basic understanding of the world of adult finance. A summary of their content is described below:

BUDGETING

Financial Planning - Why budgeting is important and how to do it; checking and balancing your budget.
Staying Out of Debt - Recognising debt and dealing with it; budgeting for debt by reducing spending or increasing income; tips and getting advice.
Government Budgets and the Economy - How national and local government is funded; types of tax (e.g. Income Tax, Council Tax, VAT); how the economy works.

CAREERS

Types of Employment - Full- and part-time work; self-employment; apprenticeships; voluntary/unpaid; unemployment.
CVs - What to include; how they're used by employers; covering letters.
Wages and Salaries - What affects your earning; wages versus salaries; minimum wage; pay deductions (Income Tax, National Insurance Contributions, company pension).

CURRENCY

Forms of Money and Payment - Different ways to pay (e.g. cheque, credit/debit cards, direct debit, travel cards, vouchers).
Foreign Currency and Exchange - World currencies; exchange rates; ways to exchange money.

DOCUMENTS AND INCOME

Record Keeping - Why record keeping is important; filing or destroying documents; examples of financial documents (e.g. account statements, bills, insurance documents).
Bills - Types of bills (e.g. credit card, utility, telephone); receiving and paying them.
Sources of Money - Different forms of income (e.g. wages/salary, borrowing, selling, interest, benefits, pensions, student finance).

RISK

Fraud and Scams - Fraud/scams relating to identity, the internet, credit/debit cards, cheques, cashpoints, mobile phones and how to protect yourself.
Manageable Debt - Manageable versus unmanageable debt; choosing lenders; interest rates; credit rating; getting advice.
Insurance - Types of insurance (e.g. health, home, motor, travel) and tips.
Gambling - Types of gambling; addiction and advice.

SAVING AND INVESTING

Starting a Business - Knowledge/skills needed; researching the product; creating a business plan and forecast; business finances.
Ways to Save and Invest - Different types of financial institutions (e.g. building societies, banks, credit unions); types of savings account and interest; types of investment and tips.
Account Services - Different services available (e.g. cheques, standing orders, direct debit, interest, overdrafts); types of account and how to set one up.