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Personal Finance Education Group

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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 Financial Planning: Why budgeting is important and how to do it; checking and balancing your budget.

Staying Out of Debt 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 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.

Case Study: Young school leaver Case Study - Young school leaver: Some of the different income and expenditure considerations of this individual including different career options to increase income, costs of buying and maintaining a car and mobile phone contracts vs. prepaid.

Case Study: Single unemployed parent Case Study - Single unemployed parent: Some of the different income and expenditure considerations of this individual including maternity pay, child benefits and child-related expenses.

Case Study: University student Case Study - University student: Some of the different income and expenditure considerations of this individual including applying for a student loan, student accomodation and discounts.

CAREERS

Types of Employment Types of Employment: Full- and part-time work; self-employment; apprenticeships; voluntary/unpaid; unemployment.

Types of Employment CVs: What to include; how they're used by employers; covering letters. Example CVs are provided as samples on how to write one.

Wages and Salaries 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 Forms of Money and Payment: Different ways to pay (e.g. cheque, credit/debit cards, direct debit, travel cards, vouchers).

Foreign Currency and Exchange Foreign Currency and Exchange: World currencies; exchange rates; ways to exchange money.

DOCUMENTS AND INCOME

Record Keeping Record Keeping: Why record keeping is important; filing or destroying documents; examples of financial documents (e.g. account statements, bills, insurance documents).

Bills Bills: Types of bills (e.g. credit card, utility, telephone); receiving and paying them.

Sources of Money Sources of Money: Different forms of income (e.g. wages/salary, borrowing, selling, interest, benefits, pensions, student finance).

RISK

Fraud and Scams 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 Debt: Manageable versus unmanageable debt; choosing lenders; interest rates; credit rating; getting advice.

Insurance Insurance: Types of insurance (e.g. health, home, motor, travel) and tips.

Gambling Gambling: Types of gambling; addiction and advice.

SAVING AND INVESTING

Starting a Business Starting a Business: Knowledge/skills needed; researching the product; creating a business plan and forecast; business finances.

Ways to Save and Invest 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 Account Services: Different services available (e.g. cheques, standing orders, direct debit, interest, overdrafts); types of account and how to set one up.

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