Making money management part of vocational learning
In partnership with the National Skills Academy for Financial Services
Focus group members
Bournemouth and Poole College, City College Norwich, Colchester Institute, Hull College, South Downs College, Westminster Kingsway College.
Aim
To increase the financial awareness of vocational students in order that they become more capable of managing money during their working life.
Background
Many people successfully completing vocational training courses will become self-employed, possibly even setting up their own small business. Developing strong financial skills and money awareness plays a big part in ensuring their future success.
Action
Vocational students participating in the focus group were on a variety of programmes across different specialisms, including hospitality and catering; interactive media and health and social care.
Using a range of teaching and learning activities and methods, the focus group members made financial capability a part of at least one of their vocational training courses.
Outcome
Previously financial capability was something only acquired in an ad hoc way after learners had completed their studies and had begun to work. Through the Money for Life programme these vocational students got an earlier opportunity to become more confident in dealing with money matters. Tutors were able to develop tailor-made solutions and choose the financial capability topics that met the needs of their learner groups.
At South Downs College, hospitality students tested the Money for Life programme through six weekly tutor group sessions. Learners got a basic grounding in tax and National Insurance; budgeting and planning finances; how debit, credit and store cards work; managing savings and dealing with debt.
Many students have to buy their own equipment. For example, catering students need quality knives, and for many these are expensive purchases. Learners were taught how to plan and budget in order that they could meet these costs, even when managing on the low incomes associated with a first job placement after leaving college.
From the learning outcomes the focus group has created a How To Guide…Vocational . It will help trainers teach vocational learners more about money management, especially in relation to self-employment or small business start-ups. Typical subjects covered include financial planning and budgeting.
Testimonial
Student Ryan Humphrey from South Downs College
“The session about tax and National Insurance was really useful. I learnt about allowances and the different tax brackets. Looking at my own pay slip, I realised my tax code was wrong. The College helped me get it changed, but without Money for Life I wouldn’t have realised there was a mistake.”
