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Financial Capability - young adults (16 to 18+)

What is Financial Capability?

Nationwide believes that it is particularly important for young people to develop a good understanding of how to manage their money, and eventually their debt, effectively and responsibly. Guidance for youngsters up to 16 is provided by the Department for Education, including Financial Capability through Personal Financial Education: Guidance for Schools at Key Stages 1 & 2 (DfEE, 2000) and Guidance on financial capability in the secondary curriculum: key stage 3 and 4 (DCSF, 2008).

For ages 16 through to adulthood, the Financial Services Authority (FSA) and Basic Skills Agency (now the National Institute of Adult Continuing Education - Niace) have collaborated to produce the Adult Financial Capability Framework (latest version published in 2006). The Framework breaks financial capability into three interrelated areas, each with three underlying components:

Financial Knowledge and Understanding

  • Different types of money/payments
  • Income generation
  • Income disposal

Financial Skills and Competence

  • Gathering financial information and record keeping
  • Financial planning - saving, spending, budgeting
  • Risk and return

Financial Responsibility

  • Personal choices and the financial implications
  • Consumer rights, responsibilities and sources of advice
  • Implications of finance

The Framework goes on to provide detailed objectives for each component at three levels: Basic, Developing and Extending. The 'Finance World' programme mainly links to the objectives for the most advanced (Extending) level, as well as objectives for the Business, Administration and Finance Diploma and other qualifications and UK curriculum objectives for the 16-18 age range. See the curriculum links section for more information on how the resources meet the objectives.

Engaging young adults (16 - 18+)

From age 16, young people are entering a new life stage. They are rapidly growing in maturity and have an increased desire for independence, yet they often lack knowledge and experience.

Circumstances for this age group vary dramatically. They may be looking for their first job, involved in further education, or unemployed. One in six young people aged between 18 and 24 are not in education, employment or training (DCSF, 2009). Whatever their situation, finances are usually a major concern. They may be thinking about moving out of home, saving for a major purchase like a car or holiday, dealing with the responsibility of budgeting with a student loan or grant, or just managing day to day living on a limited budget!

The economic downturn and rise in unemployment, coupled with the lack of university places and uncertainty of getting a job once their studies are completed, have left many young people extremely anxious about their future.

More than ever before, young people need support and advice about how to manage money (e.g. choosing financial products; understanding tax, interest rates and different forms of payment; understanding how to budget and avoid unmanageable debt). This guidance should equip them with the skills and confidence they need to lead the life they want.

This 'Finance World' programme has been designed to engage the interest of this age group with the exciting theme of spies and missions. The visually stimulating interactive games engage them in fun tests of skill whilst allowing them to gradually build financial understanding - without feeling as though they are actively being 'taught'. The games are supported by 'dossiers' (fact sheets) with information about all aspects of personal finance in straightforward, age-appropriate language; together with a glossary explaining financial terms, and case studies that show how the information is relevant to real life.

Programme content for 16-18+ year olds

  • Interactive board game 'Finance World'
    • Codebreaker - Cairo (Theme: Risk)
    • Double Agent - Mumbai (Theme: Documents & Income)
    • Freefall - Beijing (Theme: Currency)
    • Spot the Agent - Venice (Theme: Careers)
    • Word Hunter - Rio de Janeiro (Theme: Saving and Investing)
    • Clued Up - New York (Theme: Budgeting)
    • Spy Snaps - Moscow (Theme: Budgeting)
  • Programme content list Dossiers
    • Budgeting - Financial Planning
    • Budgeting - Staying Out of Debt
    • Budgeting - Government Budgets and the Economy
    • Budgeting Case Study - Young School Leaver
    • Budgeting Case Study - Single Unemployed Parent
    • Budgeting Case Study - University Student
    • Careers - Types of Employment
    • Careers - CVs
    • Careers - Wages and Salaries
    • Currency - Forms of Money and Payment
    • Currency - Foreign Currency and Exchange
    • Documents and Income - Record Keeping
    • Documents and Income - Bills
    • Documents and Income - Sources of Money
    • Risk - Fraud and Scams
    • Risk - Manageable Debt
    • Risk - Insurance
    • Risk - Gambling
    • Saving and Investing - Starting a Business
    • Saving and Investing - Ways to Save and Invest
    • Saving and Investing - Account Services
  • Case studies
  • CV samples
  • Glossary