An introduction to personal finance
Personal finance is about understanding the causes and effects of debt, borrowing and interest rates, as well as the benefits and drawbacks of financial products such as credit and debit cards.
Whether going to university, joining the world of work or moving out of home for the first time it's important for young people to be financially aware in all aspects of their life.
Rebecca Benneyworth is an ICAEW Chartered accountant, tax lecturer and writer. In this webinar, first broadcast in 2014, she uses her expertise to talk to students about budgeting and personal finance. She uses real-life examples to help your students to apply these ideas to their finances.
Financial education lesson plans
ICAEW provides a number of free lesson plans that can be adapted to suit your students and their needs. There are four resource packs which support the planning and teaching of financial education:
- How to manage money – including saving, budgeting and managing debt.
- Becoming a critical consumer – including making choices about spending and looking for value for money.
- Managing risk and emotions – including looking after money, protecting against financial risk and fraud.
- Understanding the important role money plays in our lives – including understanding income, deductions and financial citizenship.
Each resource pack contains one lesson for:
- Key stage 2
- Key stage 3
- Key stage 4
The ‘Becoming a critical consumer’ pack also contains a lesson suitable for key stage 1.
If you would like to receive the lesson resources please contact ICAEW on: firstname.lastname@example.org
Getting to grips with budgeting
Some of your students may have started their first job, are thinking about heading to university or are leaving home for the first time.
The Money Advice Service provides an interactive online tool that allows students to calculate how much they are spending and highlights where they can save.
The 10-minute quiz provides a detailed spending breakdown for users and is available here: Your detailed spending breakdown.
Top tips for taking control of their finances
In the three minute video below Philippa Kelly, a qualified chartered accountant a Technical Manager at ICAEW, sets out her five top tips to school and college students on how to take control of their finances.
She outlines what actions they can take to help them feel more confident in dealing with their finances. She discusses how to plan for the future, particularly the financial considerations around going to university.
Putting theory into practice...
Each year ICAEW runs a UK-wide competition for 16 to 19-year-olds to test their financial knowledge and business acumen. It's a great opportunity for students to put their classroom knowledge into practice and learn what it’s like to be a ICAEW Chartered Accountant. The competition sees teams of six students pit their wits against other groups from the local area in proposing the best solutions to a business problem. They are mentored by an ICAEW Chartered Accountant or ACA student and if they win their heat, secure their place at the National Final and the opportunity to become BASE Champions.
Not all financial education can be delivered in the classroom, below are some useful links offering resources students can access in their own time.
- Money Advice Service - Can help with budgeting, saving, borrowing money and more.
- National Debtline - A UK government funded website and helpline providing information and self-help materials for those in debt or struggling to manage money.
- My Money Steps - A free and easy-to-use online debt advice service from National Debtline. It will gives personalised plans to manage debts.
- Out of Your Hands - Provides information on mobile phone security and support to improve fraud awareness.