Personal Money Management

Levels 1 and 2
Personal Money Management
By
Eleanore Thomas
ethomas@ccea.org.uk
Tel 07717504587
December 2009

Personal Money Management

Level 1 is available for teaching from September
2009
Level 1 is for first award in Summer 2010
Level 2 is awaiting accreditation from the
Regulatory Authorities
National Qualifications Framework (NQF)
Level 1 Same standard as GCSE D to G
Level 2 Same standard as GCS A* to C
Qualification and Credits Framework (QCF)

Personal Money Management

Available 14 years and upwards

Relevant to those who are receiving a
wage or living away from home for
the first time
To improve financial literacy
Target group will be as wide as
possible
No written examination

Personal Money Management

Guided Learning Hours is 30 Hours for
Level 1 and 80 hours for Level 2
qualification
Internally Assessed Portfolio
Externally Moderated
A maximum of 2 entry and moderation
periods per year
Registration fee which covers entry,
moderation and certification.
All training is offered FREE to centres.

Personal Money Management

Level 1 Qualification

Unit 1:

Identify personal finances

Unit 2:

Managing your own money

Unit 3:

Planning your money for a

significant expenditure

Unit 1
Candidates will demonstrate knowledge through production of various appropriate documentation

Unit 1
Identify personal finances
Money income and expenditure / sources
Savings Borrowing and Debt with
consequences of non payment - overspending
Products research notes, internet downloads,
personal money record (weekly / monthly),
comments / evaluation on items

Unit 1 Evidence Criteria

8 evidence criteria
Identify possible sources of obtaining money
Compare 4 different ways of raising additional money
Compare the costs of 3 different ways of borrowing
money
Identify personal sources of money received within the
last 12 months
Identify personal spending over the last month
Explore ways in which savings could be made
Explain the consequences of overspending
Explain the consequences of not repaying

Unit 1 Evidence

Written reports

Powerpoint presentation

Leaflet

Photostory

Website

Video role play

Brainstorming

Group discussions

Annotated printouts from the internet

Personal record of money received

Monthly expenditure log

Witness testimony

Unit 2
Candidates will demonstrate knowledge through production
of various appropriate documentation
UNIT 2
Managing your own money
Financial statements paper based / online, bank
accounts, pay slips
Account types current / deposit
Financial transactions DD, Cheque, card transactions,
SO, BACS
Payslips gross / net, additions, deductions
Products to save money pension, insurance, unit trusts,
ISA
Short term and long term personal savings
Products pay slips, flyers, bank statements, notes from
research

Unit 2 Evidence Criteria

9 evidence criteria
Demonstrate knowledge of different types of current and deposit
accounts
Choose an account to suit personal needs and explain reasons for
this choice
Explain different money transactions within accounts and sources of
obtaining this information
Compile a record using money received and personal spending
information from the last month
Explain the difference between gross and net pay
Explain the possible deductions that can be made from a payslip
Explain the possible additions that can be made to a payslip
Explain the benefits of saving for the future
Compare a range of products for short term and long term savings
based on personal needs

Unit 2 Evidence
Annotated leaflets from banks/building societies
Contributions to group discussions
Sample bank statements
Personal income and expenditure list
Annotated sample payslip
Witness testimony
Table to compare short term and long term
personal savings

Personal Money Management

Candidates will demonstrate knowledge through production of various appropriate documentation

Unit 3 Planning your money for a significant expenditure

Significant expenditure (describe)
Compare prices 2 suppliers
Raise money method of finance
Insurance / warranty most suitable
Products documents and personalised evaluations

Personal Money Management

Level 2 Qualification Awaiting Accreditation

2 Mandatory Units and 4 Optional Units

Mandatory Units

Unit 1: Personal finances income and expenditure

Unit 2: Actively managing your own money
Optional Units

Unit 3: Your money and your life

Unit 4: Understanding pensions
Unit 5: Borrowing money
Unit 6: Understanding state benefits
Unit 7: Managing household finances
Unit 8: Saving products
Unit 9: Protecting yourself and your family
Unit 10: Buying and renting a home

Personal Money Management

Level 2 Mandatory Units Awaiting Accreditation
Unit 1 Personal finances
Personal income / expenses forecast, potential ways to manage
finances, employment status
Sources of financial information internet, spreadsheets, personal
sources of income and outgoings
Unit 2 Actively managing your own money
Types of accounts current, deposit
Research tax, national insurance information
Deferring payments credit cards, loans, HP
Financial checks
Protection against identity fraud

Personal Money Management

Level 2 Optional Units Awaiting Accreditation

Unit 3
Your money and your life
Different life stages child, youth, adult, mature adult, pre retirement, retirement, plan
and generate finances
Unit 4
Understanding pensions
Types of pensions state, occupational, personal
Terminology final salary, personal
Unit 5
Borrowing money
Methods comparisons
Loans secured, unsecured
Terminology base rate, APR,AER,EAR
Product documents
Unit 6
Understanding state benefits
UK state benefits government department responsible
Eligibility requirements means / non means tested, address claims, payment
schedule

Personal Money Management

Level 2 Awaiting Accreditation

Unit 7 Managing household finances

Household budget essential / non essential items,
action plan savings, reductions
Unit 8 Saving products
Different needs short / medium / long term saving
needs, FAs and cost comparisons
Saving products accounts, child trust, insurance
Product downloads from websites, personalised notes,
spreadsheets of differences

Personal Money Management

Level 2 Awaiting Accreditation

Optional Units

Unit 9 Protecting yourself and your family

Protection needs individuals/families
Products insurances / critical illness cover / loan repayment cover
Products personalised notes after research, tables, case study
Unit 10 Buying and renting a home
Mortgages compare and contrast mortgage types and repayment
methods
Terminology landlord and tenancy responsibilities
SWOT analyse buying and renting
Products documentation and personalised comments

Support
Specification, Pupil Tracking Booklet and Admin
handbook CCEA website
Customised Individual Centre Support
Group Training Sessions
Portfolio Consultancy
Training event Spring term 2010
Pupil/Parent information leaflet
Teacher guide
Pupil event

CCEA website

CCEA website

CCEA website

CCEA website

Links to resources
http://www.nicurriculum.org.uk/microsite/financial
_capability/
http://www.citizensadvice.co.uk/moneytalks/
www.fsa.gov.uk
www.hmrc.gov.uk
www.pfeg.org
www.money-bsa.org.uk
www.moneymatterstome.co.uk
www.which.co.uk
www.natwestfsf.com
www.bbc.co.uk/skillswise

Personal Money Management

Contact Details

Eleanore Thomas
Telephone:
Email:
Mobile:

02890 261200 Ext. 2209

ethomas@ccea.org.uk
07717 504 587