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Our Goal
As borrowing is very much a part of everyday life, whether through
credit cards, store cards or personal loans, it’s important that
young people get an early understanding of the implications of
borrowing. The ‘Borrow Wisely’ study cards illustrate that there are
similarities between borrowing a fiver from a friend and borrowing
£10,000 for a car, and invite students to work out solutions to a
series of debt issues experienced by the fictional Wisely family..
The project starts with a questionnaire, which is designed to reveal
current awareness about money issues facing students.
Then, three lesson activities help students to analyse and evaluate
the financial options available to the Wisely family. They help to
teach them about the importance of personal finance, how to make the
right financial decisions, the costs of borrowing, and the
terminology, for example, APR and ‘higher purchase’.
Once students have completed the three lessons on debt decisions
facing the Wisely family, they are then asked to complete the
questionnaire again to see how their thinking has changed.
FirstPlus’ Borrow Wisely cards aim to cover all the basic topics
needed to provide students with a sound understanding of what it is
to manage money effectively. Jeremy Masding, Chief Executive Officer
for FirstPlus, said, “The ability to understand financial
information and products is important to us all. We all make choices
about whether to borrow and/or save for the future and there are
more financial products available than ever before. It’s critical
that more is done to improve understanding of finance – in effect,
how to make the best choice dependent upon personal circumstances.
“FirstPlus is a keen supporter of the Government’s drive to improve
financial literacy. We hope these cards will play an important role
by giving teachers an intelligent resource to help them teach
children how to make sensible, informed financial decisions
throughout their adult lives.”
The cards are suitable as teaching tools for teachers as well as an
easy lesson to learn at home. To receive a copy of the ‘Borrow
Wisely’ Study Card Pack, please contact Camilla Bond or Sharon Kerby
on 01242 633 100.
www.firstplus.co.uk |
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