The course takes no more than 24 hours of study with learners typically completing it in 12 to 16 hours.Is this course for me? Managing your money really is a true skill for life. This free Open University course will give you the confidence and tools to be in control whether you are:still studying at school or college starting work or an apprenticeship going to universityIn this video, radio presenter, maths teacher and University Challenge contestant Bobby Seagull introduces the course. Bobby also helps you in the course sessions.This course has been awarded the Young Money Financial Education Quality Mark.You study eight straight-forward online sessions of 1-2 hours each with:plenty of step-by-step animations and practical tips to help you straight away real-life case studies featuring current school students and university students who reflect on their experiences living away from home for the first time useful videos from money expertsThere are also short quizzes to help you remember what you have studied.You will learn how to make your money work harder and go further, online and at your own pace - at any time, you can save what you have done and return to the course.This course can also be studied in the classroom as well as the home. To support study in the classroom, guidance for teachers has been included65. This guidance has details about the course and suggestions about how specific sections can be adopted for classroom sessions. Why spend 12-16 hours studying this free course?On successful completion, you are awarded an Open University Digital badge to download and share and this badge has recognised status with employers You gain the skills and tools to take control and avoid money worries in future You can use this course for your Duke of Edinburgh Award skills development You get free online tools to help you budget easily and effectively You get a free Statement of Participation to go with your other achievements You can talk about this independent learning in job interviews and on your university statementStart the course now to be able to:understand how to choose and manage bank and savings accounts understand how to finance further and higher education studies budget effectively, throughout different stages of your life borrow sensibly and manage debts effectively plan ahead to make your goals financially achievablePracticalities… Moving around the courseIt’s good practice to open the course in a new window or tab, so you can easily return to where you’ve come from without having to use the back button on your browser.There is a link to the next session in the ‘Summary’ at the end of each session. If you want to return to the start of the course, click on ‘Full course description’ and use the links there or use the session links at the top of every page of the course.Once you are signed in, you can manage your digital badges online from My OpenLearn. In addition, you can download and print your OpenLearn statement of participation - which also displays your Open University badge.This course has been generously funded by the Chartered Accountants’ Livery Company Charity to ensure that young people have access to personal finance learning that will enable and empower them to make the best possible financial decisions now and in the future. For more information about the charity go to Chartered Accountants’ Livery Company Charity website  66.This course has generously been supportedby Harrison Centre for Social Mobility,  whoseaim is to make a difference in social mobility througheducation, training and skills development. For more information about thecharity go to HarrisonCentre for Social Mobility. This course is accredited by the CPD Standards Office. It can be used to provide evidence of continuing professional development and on successful completion of the course you will be awarded 24 CPD points. Evidence of your CPD achievement is provided on the free Statement of Participation awarded on completion.Anyone wishing to provide evidence of their enrolment on this course is able to do so by sharing their Activity Record on their OpenLearn Profile, which is available before completion of the course and earning of the Statement of Participation.
Overview
Syllabus
- Introduction and guidance
- Introduction and guidance
- What is a badged course?
- How to get a badge
- Acknowledgements
- Session1Session 1: You and your money
- Introduction
- 1Â Talking points
- 2Â You and your money now
- 3 Why a bank account?
- 4 Which bank account?
- 5 How to check your bank account
- 6 Staying secure
- 7 Why a savings account?
- 8 Do I pay tax on the interest I earn?
- 9 Why different interest rates?
- 10 Calculating interest on savings accounts
- 11 Alternatives to savings accounts
- 12 Your first credit card
- 13 What is the credit card statement telling me?
- 14 End-of-session quiz
- 15 Session round-up
- Glossary
- Acknowledgements
- Session2Session 2: Earning money, understanding tax
- Introduction
- 1 Earning while you’re learning
- 2 Zero-hours contracts – good or bad?
- 3 Understanding Income Tax
- 4 Understanding National Insurance Contributions
- 5 What’s the right tax code?
- 6 Do you need to complete a tax return?
- 7 Why pay taxes? Are you entitled to benefits?
- 8 End-of-session quiz
- 9 Session round-up
- Glossary
- References
- Acknowledgements
- Session3Session 3: Being a savvy shopper and building a budget
- Introduction
- 1Â Talking points
- 2 How to manage your spending
- 3Â Â Your phone contract and insurance
- 4 Your biases do affect your shopping
- 5  Comparison websites – not the full story
- 6 Virtual shopping – pros and cons
- 7 The reasons for budgeting
- 8 Budgeting when at home
- 9 Building your first budget
- 10Â Â Budget case studies
- 11 End-of-session quiz
- 12 Session round-up
- Glossary
- References
- Acknowledgements
- Session4Session 4: Preparing for life after school
- Introduction
- 1 Planning a gap year
- 2 Going into an apprenticeship
- 3 Starting a career
- 4 Going on to further and higher education
- 5  Student loans – what can you get?
- 6 Student loans – accumulating and repaying the debt
- 7 Other sources of income and funds for study
- 8 Making the most of discounts and deals
- 9 Upgrading your bank account
- 10 Budget pressures away from home
- 11Â Â A budget for living away from home
- 12 What if spending exceeds income?
- 13 How to make economies on spending
- 14 End-of-session quiz
- 15 Session round-up
- Glossary
- References
- Acknowledgements
- Session5Session 5: Living in shared households
- Introduction
- 1 Finding the right property
- 2 Deposit and rent
- 3 The tenancy agreement
- 4Â Â Shared bills and a household bank account
- 5 Moving in and taking control
- 6 Resolving issues
- 7 A budget for shared rentals
- 8Â Â Towards the end of the tenancy agreement
- 9Â Â No longer a student
- 10 End-of-session quiz
- 11 Session round-up
- Glossary
- References
- Acknowledgements
- Session6Session 6: Understanding debt and how to borrow wisely
- Introduction
- 1  Borrowing – when and why?
- 2 Debt – some basic facts
- 3 The impact of compounding interest
- 4 Alternative interest rate bases
- 5 Annual percentage rate of interest (APR)
- 6 The role of the Bank of England
- 7 Good debt, bad debt?
- 8 Who are the lenders?
- 9 Debt products
- 10 Danger! Payday lenders
- 11 End-of-session quiz
- 12 Session round-up
- Glossary
- Acknowledgements
- Session7Session 7: A good credit rating and how to keep it
- Introduction
- 1Â Â To borrow or not to borrow?
- 2Â Â Credit reference agencies and you
- 3Â Â They are watching you
- 4 The credit ranking game
- 5 Credit assessments: myths and facts
- 6 Taking control of your credit assessment
- 7 Debts and repayments – build them into your budget
- 8 Budget shortfall? Do not borrow!
- 9 Help! Is there anyone out there?
- 10 End-of-session quiz
- 11 Session round-up
- Glossary
- References
- Acknowledgements
- Session8Session 8: Planning now for later in life – buying a home and planning your pension
- Introduction
- 1 Talking points
- 2 Why buy your own home?
- 3Â Â Getting the funds together
- 4 What are the costs of buying?
- 5Â Â Completing the transaction
- 6 Thinking ahead about your pension
- 7Â Â The state pension
- 8 Auto enrolment onto a pension scheme
- 9 Occupational pensions
- 10 Personal pension schemes
- 11 Recent pension reforms in the UK
- 12 A model for financial decision making
- 13 Applying the model to your decisions
- 14Â Â Bobby says goodbye
- 15 End-of-session quiz
- 16 Session round-up
- Where next?
- Tell us what you think
- Glossary
- Acknowledgements
