Personal Financial Encounters

PFE aims to increase students’ understanding of the sources of money and the importance of budgetary control, enabling them to make informed decisions about their finances.

Lesson 12 - Scams

Lesson 12 - Scams

Task 2 - Now that you have looked at a few scams you need to create a PowerPoint presentation explaining three different scams that people need to watch...
Personal Finance Revision Session

Personal Finance Revision Session

Soon you will attempt your first exam in IT and Personal Finance - This is going to be one of 3 exams that you have in this subject that will give you...
Lesson 11 - All About Brands

Lesson 11 - All About Brands

Today you are going to watch a video about brands. You need to make notes about the different brands that you see and the different ways that they work....
Christmas Party Poster

Christmas Party Poster

Today you are going to make a poster for a Christmas party for your year group. The poster will need to contain the following information: Where...
8 - Budgets

8 - Budgets

Today we are going to look at how budgets work:    
Lesson 6 - Tax

Lesson 6 - Tax

Today we are going to learn about tax!    
Lesson 4 - Part 2

Lesson 4 - Part 2

During this lesson you are going to develop a job advert for either: Someone to do some of your chores (What jobs would you like someone to do for...
Lesson 1 - Sources of Money

Lesson 1 - Sources of Money

This is the start of your Personal Finance GCSE course. Download this worksheet and complete it as you go through the lesson.  

Understand the key features, sources and uses of money.

  • easily recognised by everyone
  • accepted by people and shops
  • easy to carry around
  • available in different amounts
  • hard-wearing so it lasts a long time
  • always worth the same amount
  • metallic strip
  • signature
  • security features
  • watermarks
  • forgery
  • Legal tender and the right to refuse (including regional variances eg Scottish / Northern Irish
  • Old and damaged notes:
  • phasing out of old denominations
  • introducing new ones
  • time limit of acceptability
  • changing old and damaged notes at the bank

Sources of money

  • State benefits
  • Education maintenance allowance
  • Job seekers allowance
  • Income support (in terms of lone parents / learners / pregnant women / caring for the sick and elderly)
  • Employment and support allowance (formerly Income Support and Incapacity Allowance)
  • Child benefit
  • Basic state pension / work place pensions
  • Investments
  • Gifts
  • Inheritance and its implications (wills / inheritance tax)
  • Learner loans

Types of employment:

  • full and part time; casual; self employed; shifts
  • Terminology: employees / employer
  • Definition of PAYE
  • Payslips
  • National insurance contributions (the concept / bands)
  • Income tax and tax codes (also self-assessment and different rules)
  • Personal allowance (how much can be earned before tax needs to be paid / what happens if a person starts work / goes from part-time to full-time employment – why tax might not be paid initially)
  • Gross / net pay deductions
  • Overtime
  • Sick pay
  • Minimum wage / Living Wage
  • Other documents (P45 and P60)

 

  • Storing money
  • Mattress
  • Parents
  • Bank / Building society

 

  • Types of accounts (savings including ISAs and Junior ISAs; current; basic; mortgage offset; loan; packaged current accounts that for a monthly fee come with additional benefits)
  • How bank accounts work (statements; how to pay money in; paying-in slips; access; cheques; clearing cycle; cash and debit cards; overdrafts; telephone banking; online banking; mobile banking (apps))
  • Joint and several liability
  • Joint mandate
  • Signatures (power of attorney; instructions to banks / who can sign in different circumstances)

 

  • Savings providers (banks; building societies; post office including the size, structure and ownership of these; high street shops; supermarkets)
  • Other financial service providers (national savings and investments; savings stamps; Christmas clubs and credit unions including the size, structure and ownership of these)

 

  • Distinguish between short-term savings and long-term investments
  • Savings (notice accounts; instant access; regular savings; ISAs and other types of savings
  • Investments (buying a property and pensions)
  • Access
  • Saving
  • Interest (AER)
  • Safety / security
  • Incentives
  • Information
  • Culture eg ethical finance / Sharia compliant
  • Risk

 

  • Cost of purchases
  • Value for money (price comparison websites)
  • Shopping around (shop discounts; special offers; buying in bulk)
  • Buying the label
  • Opportunity cost
  • Taxes on spending (eg VAT and the insurance premium tax)
  • Hidden charges
  • Online shopping / can’t see before you buy
  • Risk and reward
  • National savings and investments / premium bonds
  • Lottery
  • Gambling / losing your stake
  • Shares
  • Swapping / exchange
  • Variable rates (buy / sell; overtime; between providers)
  • Commission
  • Where to exchange money
  • Terminology (currency; types of currency eg euro, dollar, sterling; traveller’s cheques; bureau de change; commission; exchange rate
  • Using cards abroad (credit, debit, pre-paid)
  • Travellers cheques
  • Term exchange rate risk

 

  • Basic wage calculations based on a case study (income tax as well as general wage calculations)
  • Simple value for money / price calculations based on case studies
  • Understand how to make simple foreign exchange rate calculations based on case studies