How-To...-Vocationalx - Money for Life Programme

groanaberrantInternet and Web Development

Feb 2, 2013 (4 years and 6 months ago)

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How To...



embed financial capability into
your vocational
hospitality curriculum











Lloyds Money for
Life Project

How to
embed financial capability into
your vocational hospitality curriculum



Sections
/pages

Setting the scene


a
context

The focus group Money for Life project

This ‘How to’ guide is the culmination of a research project carried out by six FE colleges
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6 week period as part of the learners’ main programme and not as a separate
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terms a person’s ‘personal finance know how’. The Money Advice Service,
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“The ability to manage one’s own finances and to become questioning and informed
users of financial services”


(Consumer Financial Education B
ody, 2011)


Adult financial capability framework


This f
inancial
l
iteracy resource was developed in collaboration
between The Basic Skills
Agency and

the Financial Services Authority
.


The framework

helps
the user

to identify and understand the needs of le
arners and to
plan
their

work with
their learner groups, or with individuals
. It sets out the required
skills, knowledge and understanding at three distinct levels
.

Each of the three levels is
sub divided

into the following sections: Financial knowledge an
d understanding; Financial





skills and competence; Financial responsibility. It is mapped to the core curricula
.


The framework has three sections, each covering a section that go together to form
financial capability.


1.

Financial knowledge and understanding

How to make sense of money in the different forms a person would come across
it in their lives. It deals with financial knowledge and understanding to enable
people to acquire the skills needed to cope with everyday financial transactions.


2.

Financial ski
lls and competence

This is a person’s ability to apply knowledge and understanding across a range of
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3.

Financial responsibility

This concerns a
person’s ability to appreciate the wider impact of financial
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1.

Basic understanding and developing confidence

Aimed at those adults who require the knowledge and skills to make informed
choices over their personal finances and how to use appropriate financial
services.


2.

Developing competence and confidence

Aimed
at those adults with a basic understanding and competence in handling
financial services products and services and the knowledge to apply their existing
skills to meet their personal needs.


3.

Extending competence and confidence

Aimed at those adults
requiring the skills and knowledge to understand the
wider range of products and services offered by the financial services industry,
and to be able to make informed decisions regarding their own circumstances.


There are nine topics covered across each of

these three levels. These are:


a.

Different types of money/payments

b.

Income generation

c.

Income disposal

d.

Gathering financial information and record keeping





e.

Financial planning


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Risk and return

g.

Personal choices and the financial
implications

h.

Consumer rights, responsibilities and sources of advice and guidance

i.

Implications of finance


Using the framework

It
s purpose is essentially practical.
It’s a tool to be used when undertaking financial
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To identify the knowledge, understanding and skills required by an individual or
group. And then to set up an action plan for them to follow.



To identify the support a person may need in sorting out
their financial
problems.


Colleges and learners involved in this focus group

South Downs College: Hospitality
Department

A group of 16
-
18 year old catering
students on a one year vocational full
time programme.

Westminster Kingsway College:
Division
of Culinary Arts

The learner group was mixture of Chef
students and Front of House student
.

Hull College: Hospitality
Department

The control group was made up
of
:

a.

Students
on a Foundation Level
NVQ Mult
i
-
Skilled Hospitality
course (all 16
-
19 years old)

b.

St
udents on a Level 3 Advanced
Craft/Professional Cookery
course (a mixture of 16
-
19 year
olds with mature learners)

Colchester Institute: Centre for
Hospitality and Food Studies

A group of 14
-
16 year old students who
are taking a Level 1, NVQ Certificate i
n
Food Preparation and cooking. The
students have a low attention span and
need to be constantly stimulated and
given new activities to do

Bournemouth & Poole College:
Catering and Hospitality Faculty

The control group was made up of 2
groups of learners;

a.

Students on a NVQ in hospitality
(16
-
19 year olds)






b.

Mature students on a
Foundation Degree in Culinary
Arts

Newbury College: Health and
Social Care / Media Departments

4 different groups were chosen to
assess the impact of the financial
capability
sessions across the learners;

a.

Students on a Level 1 Certificate
in Caring for Children

b.

Students on a Level 2 Diploma
in Public Services

c.

Students on a Level 3 National
Diploma in Health & Social Care

d.

Students on a Diploma in
Interactive Media



Teaching an
d learning

Each of the colleges were asked to comment on what things worked well, and what
things didn’t work well when delivering the personal finance topics they chose for their
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What worked well

1.

Choosing topics that are relevant to the students’ lives now

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Choosing topics that are relevant to the students’ lives now
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engaged “they learnt a huge amount in
a fun environment”. They were “fast and
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i.e. answers”.




One tutor, working with largely 19+ students on a foundation degree found that
getting students to record everything they spent over a week worked
well. They
brought this information into college and put it into a “personal profit and loss
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topic”. The tutor developed this activity by showing how a restaurant/hotel
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PowerP
oint presentations were common, but included in them were mini, real
life case studies


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activities in the same teaching session. In one college, the tutor said “the
students particularly enjoyed case study work and using calculators”.




A range of delivery methods were successfully u
sed, apart from tutor led
PowerP
oint present
ations (which must contain only a few slides) and case
studies; these included; role plays, group discussions, pair work, individual




learning tasks (either on a pc or with a worksheet). In one college they combined
different groups of learners i.e. chef a
nd front of house students who do not
normally study in this way. Where video clips were chosen and used by the
college tutor, the learners enjoyed them as part of their overall learning during a
session.


6.

There is a “tentative connection between hospitali
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They’re reminded how they’d feel if they wasted the same value if it wa
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What didn’t work (comments selected from different college experien
ces)

1.

Group discussions need to be carefully structured and managed in order for the
group to remain controlled, focused and to be effective


2.

With foundation level students, asking them to produce a power point
presentation or asking them to give feedback o
n a task, works less well


3.

Some foundation level learners struggled to differentiate borrowing for major
purchases (e.g. mortgages, car) from borrowing as a way to increase a person’s
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There was a lot of acronyms and jargon on many of the websites. So the tutor
had to spend a great deal of time going through the websites to find appropriate
resources that could be easily explained to the students. Where
there were
‘ready made’ PowerPoint presentations on some websites, there was frequently
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More than one tutor decided to de
-
mystify the jargon and terminology.
The only
term s/h
e struggled to explain was APR.


6.

Resources provided were not identified as subject specific i.e. hospitality. So
personal finance generic materials had to be explained or adapted, which was
not ideal and time consuming.


7.

The learners found the activity ab
out converting money and budgeting for a
holiday complicated as it relies on significant numerical skills when doing the
calculations


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When the learners were set class tasks, these were perceived as assessments,
which the learners don’t like since many see them having to pass assessments,
which is not what’s intended by the tutor. Examples of tasks set in class were;
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Resources used/recommended and tutor comments:

The NSAFS provided a comprehensive database of web links t
o resources across a range
of personal and business finance topics. From the list provided, the most useful ones
were identified as:

1.

http://www.moneymakesense.co.uk/keystage16_19.htm
.

CAB r
esource. This
was found to be very
useful;

however, the resources went into far too much
detail for the time allocated to run the delivery sessions. Consequently, the
tutors had to spend a great deal of time sieving through the different resources,
and e
diting them to fit their lesson plans. A typical example is the power point
presentations


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http://images2.moneysavingexpert.com/attachment/teen_cash_guide_notw_m
ar10.pdf
.

This is the Martin Lewis, personal finance media guru’s website. This
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students’ lives/needs.




http://www.moneysavingexpert.com/protect/demotivator/
.

The same website
as number 2, but the tutor said the learners enjoyed the ‘Demotivat
or’ activity.
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amount of ‘hands on’ learning that suits kinaesthetic learners.




http:/
/yourmoney.moneyadviceservice.org.uk/tools/creditcard_calculator.html
.
The tutor used this website to start a group discussion on buying a car or paying
for a holiday and looked at the different ways that they could be paid for. It
became really clear to t
he student just how much they would be paying
back in
top of the initial sum
(“the students were a little shocked!”).




http://mymoneyonline.org/resources
.
This site has a good choice of games,
mostly suited to 14
-
16 year olds. One activity that worked especially well was
FORTUNITY. A payslip game was also recommended. “The game itself was more
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wage)”




Using examples of salary and wage slips with the learners to help them
appreciate the difference between gross and net salary/wage. These are
availab
le by doing a Google Search and can be printed or cut and pasted into a
work sheet or handout.

7.

http://www.bbc.co.uk/business/video

clips including


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8.

High street banks Saving accounts

and loans leaflets plus leaflets from Job Centre
Plus


9.

http://www.nationwideeducation.co.uk/finance
-
education/personal/students/14
-
16_savings
-
lifeskills/games.php



10.

The right blend of activities seemed to be
, where

tasks used on line activities and
required the students to set the scenario, present the outcomes and investigate
the impact. The role playing activity drew the most learni
ng out of the students.
Online activities where students asked to present back to group their findings
involving investigating skills worked well


11.

One tutor created

a

10
step

PowerPoint

plan to start up a hospitality/restaurant
business. Students presente
d their ideas to local hotel manager who gave them
honest feedback on ideas. Clips for BBC site of past Dragons Dens used to show
the process.


12.

One tutor adapted some of the
PowerPoints

from the resource database to
create their own, shorter slide show, wh
ich was more user friendly. After the
presentation the tutor set

the learners

a fun activity to do that he had created.

Additional tutor comments




There is clearly a plethora of personal finance resources available online but the
quality varies consider
ably, some that I would not be happy to use.




All personal finance topics had been carefully chosen by teachers and tutors to
ensure there was no repetition of learning that may already have been covered in
their main courses.




Embedding financial literacy

at the start of the year into students’ SOWs may be
beneficial rather than delivery within tutorials




I would strongly recommend that the subject of personal finance area is
embedded into the Level One or First Years Student Tutorial scheme of work. This

would be of real use to them and could be a mechanism to ensure that they could
become more responsible in later life. I think that the other areas about business
could be embedded into
our

Level 2 and 3 teaching to ensure that there is
recognition of th
e importance of understanding and managing the financial
aspect of a business.




It was important to address the subject of finance without scaring the students as
some had quite bad experiences of maths at school








There is clearly an opportunity where we c
ould integrate or embed some of this
subject in Functional Skills Maths.




One consideration may be to follow a more structured programme, perhaps
working towards an award or qualification of some kind. However, this may be
affected by the available funding

for qualifications which are additional to the
learners’ primary learning goal.




Having the specific materials written and designed in a language that the
students could relate to would be beneficial for example if being delivered to a
group of trainee
chefs relate the topics to food.




The embedding of financial topics is a good idea but this needs to be planned in
at the start of the academic year so it is brought more into context and delivered
at the appropriate time




The barriers to addressing these
topics would be the lack of time available to
divert from the set curriculum as such activities would be unfunded in the future.
To overcome such constrains would be to ensure there are fundable and
accredited qualifications that enable Colleges to deliver

such important themes








External stakeholders

Whilst all of the colleges in this focus group have good contacts with hospitality
employers and other external stakeholders, it wasn’t possible in all cases for them to
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The m
anager of prestigious Sandbanks Hotel, Bournemouth.
He g
ot involved
in
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.




Ruby Sheikh from East Yorkshire Citizen Advice Bureau

helped run many of
the delivery session at Hull College




South Downs

College

has a go
od network of employers in the vicinity from
local family run establishments to five star luxury hotel chains. At the
beg
inning of the project the tutor

outlined the project
goals,

and without
exception
,

all employers were extremely positive and receptive.

They
wholeheartedly endorsed the concept and recognized the importance of
learning the key life skill of personal money management
. South Downs
College will get these employers involved in next year’s financial capability
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6 Top tips for
colleges

1.

Only chose

personal finance
topics that are relevant to the students’
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-

i.e. not what they’ll have to think about in the future e.g. mortgages
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When you can get internet access
PCs

for a lesson, make use of the online
g
ames and quizzes from the recommended websites


3.

If you are going to use activities that involve learners doing numerical
calculations, make sure they have the right knowledge and skills beforehand,
to avoid anxiety amongst some learners in the group


4.

Spend

time going through the resources available and expect to have to adapt
to fit your learners


by 慧攬e慢楬楴i⁡湤⁶o捡瑩Wn慬a捯u牳攠b敩eg⁴a步n




Video clips, from, amongst places, the recommended sites are a good way to
introduce a personal finance topic.

Whether it’s followed by a group
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Most students (and many staff) find finance scary,
so approach it as sensitive
topic, as many students have had a negative experience of maths at school
and cannot see that maths and finance are two different things. Albeit they
overlap in places. Also, many students have had, or come from a home where
t
here are serious ‘money problems’






Case studies



see Money for Life report


Summary of analysis

Colleges involved in

this focus group

(
Focus Group 2
)

are;



Hull



Colchester Institute



South Downs



Bournemouth and Poole and



Westminster Kingsway College

Students in this focus group are studying towards vocational (rather than academic)
qualifications, with a focus on hospitality. The charts below show the learner’s ages
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Male

52%


Female

48%

Fourteen
to
Fifteen

3%


Sixteen
to
Eighteen

59%


Nineteen
to Twenty
Four

38%


Twenty
Four and
Over

20%





In the main, this Focus Group is younger than the overall group, with 28% fewer
students falling into the 24+ age group, and 7% more students falling into the 14


15

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Independently

13%


Part of
Family

87%

Full Time

6%


Part
Time

19%


Not
Employed

75%

Level 1 or
below

60%


Level 2

19%


Level 3

21%





Learners classed themselves in the following ethnic
groups;



The sub
-
categories of those groups break down as follows;

Asian



2

in total


0% Bangladeshi




0% Indian




0% Pakistani




100% Other


Black


11

in total

9.09% Caribbean




81.82% African




9.09% Other


Mixed


8

in total

37.50% White/Asian




37.50% White/Black African




25%% White/Black Caribbean




0% Other


White

104

in total

97.12% British




1.92% Irish




0.96% Other

















Asian

1%


Black

9%


Mixed

6%


White

82%


Chinese

2%





Learners were asked to categorise how they felt about money by selecting which of
the following
statements they felt most applied to them;



I struggle to make ends meet



I am coping with my money



I am able to save for something special



The statistics for this Focus Group are very close to those of the overall group. The
majority of learners felt
that they were coping with their money. 2% more learners
felt that they were struggling to make ends meet.

Learners were then asked to complete a questionnaire to assess their personal
financial knowledge. There were 8 questions in total and the learners c
hose the
answer they felt was most appropriate for them. The graphs below show the
comparison with the original data.


(All vertical axes show the percentage of respondents. All percentages are rounded to the nearest two
decimal places)



Question 1


I know

where to get financial advice

Learners were asked to answer yes, no or don’t know. The majority of learners
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Struggle

31%


Coping

49%


Able to Save

20%

0
10
20
30
40
50
60
70
Yes
No
Don't Know
Overall Data
Focus Group 2







Question 2


I have a bank account and use it regularly

Again, learners were asked to answer yes, no or don’t know. 93.44% said that they did
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Question 3


I know a bank offers more services than a current
account

Learners were asked to select from the same three options. 61.66% agreed that they
did know banks offered more services than a current account, 9.17% did not and
29.17%
said they were unsure.












0
10
20
30
40
50
60
70
80
90
100
Yes
No
Don't Know
Overall Data
Focus Group 2
0
10
20
30
40
50
60
70
Yes
no
Don't Know
Overall Data
Focus Group 2







Question 4


I’m certain about the difference between a debit
card and a credit card

Once again, learners could choose from yes, no and don’t know. 74.17% said they did
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Question 5

I’m sure what is meant by bank interest rate rises

There were yes, no and don’t know options for this answer. 54.17% of learners said
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0
10
20
30
40
50
60
70
80
Yes
No
Don't Know
Overall Data
Focus Group 2
0
10
20
30
40
50
60
Yes
No
Don't Know
Overall Data
Focus Group2







Question 6


I budget my money…

Students could opt for weekly, monthly or not at all. 42.62% of students said they
budgeted weekly, 30.33% said they budgeted monthly and 27.05% said that they did
not budget at all.







Question 7


What do you think of

as debt?

Learners had to select which of the following options they thought of as debt;

o

Bank loan

80.83%

o

Credit card

73.33%

o

Store card

43.33%

o

Door step lenders

53.33%

o

Loa
n from family/friends

75.00%








0
5
10
15
20
25
30
35
40
45
50
Weekly
Monthly
Not At All
Overall Data
Focus Group 2
0
10
20
30
40
50
60
70
80
90
Overall Data
Focus Group 2







Question 8


Which of the following do you

think you must buy
insurance for?

Learners selected from the following options;

o

House/flat

67.39%

o

Car

87.00%

o

Health

44.20%

o

Pet

26.05%

o

Holiday

40.16%



There are some interesting conclusions which can be drawn after comparing the
overall data to that of Focus Group 2.



Overall, learners in Focus Group 2 felt that they knew more about their
personal finances, with a small percentage decrease in the number
of “no” or
“don’t know” answers for questions 1


4



Learners were more likely to budget monthly than the overall group, and
were almost 4% less likely to “not budget at all”



These results indicate that learners have a confidence in their own
understanding



Learners in this group were clearer overall about what was meant by debt,
and what their insurance responsibilities are



A higher proportion of learners felt that they were coping with their money,
however a higher proportion felt that they were struggling,

with fewer overall
being “able to save”



A higher percentage (+17%) of learners in this focus group fell into level 3 of
learning



A significantly higher proportion of the learners in this focus group were aged
between 16 and 19


Lesson plan

(will be available after the England conference)


Example resources used by colleges

(will be available after the England

0
10
20
30
40
50
60
70
80
90
100
Overall Data
Focus Group 2




conference)


Practical steps to take


these will be added after the England
conference