Learning outcomes
This section lists all the learning outcomes (LOs) from each Unit of Module 6 of the LCA Social Education course ‘Taking Charge’.
Not all of the LOs from ‘Taking Charge’ relate to personal finance. LOs that are not addressed by this resource are noted below.
| Unit 1: A place of my own (None of these LOs are supported by this resource) |
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| The student will be able to: |
| 1. examine the reasons why a young person might wish to move away from home
2. examine the accommodation options available to young people and list the factors he/she would consider when making a choice of where to live 3. research the accommodation options available in the local area and report on the cost and conditions which apply to each 4. list the steps to be taken when finding a place to rent for the first time 5. explain what is meant by a lease and list the points that should be clarified between the tenant and the landlord before signing a lease 6. list the rights and responsibilities of tenants 7. list the people/agencies who can provide support and advice if difficulties arise in relation to the landlord/accommodation 8. discuss the duties involved in running a home and prepare a daily, weekly and monthly schedule of tasks based on two people sharing 9. discuss issues that can cause conflict when living with other people 10. interview a young person living away from home and report on the costs involved the advantages and disadvantages the daily routine use of free time social outlets coping with independence 11. understand the issues which confront single parents when seeking accommodation 12. identify relevant safety practices |
| Unit 2: Making ends meet |
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| The student will be able to: |
| 1. list the essential food items required for a balanced diet and calculate the cost per week (this LO is NOT supported by this resource)
2. investigate other items apart from food which must be purchased when living independently and calculate the cost per week (this LO is NOT supported by this resource) 3. list additional financial commitments that occur at regular intervals 4. investigate the financial systems available for helping people plan their expenditure eg. Easi-Pay, budget accounts etc 5. plan a comprehensive and realistic annual expenditure budget for a young person living away from home based on actual costs and current starting pay scales 6. draw up a list of leisure activities that they could participate in given limited financial resources (this LO is NOT supported by this resource) |
| Unit 3: Account options |
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| The student will be able to: |
| 1. identify the reasons for opening an account in a financial institution
2. investigate his/her local credit union and report on findings 3. complete the necessary forms for:
(this LO is NOT supported by this resource) 4. list the services provided by banking institutions 5. complete the procedures for the following banking transactions
(this LO is NOT supported by this resource) 6. investigate the financial service provided by the post office and advantages of using the post office 7. investigate the financial service provided by the building societies 8. explore the various options for an investment of £100 (this LO has been amended to reflect the Euro changeover a larger sum of money) |
| Unit 4: Saving and borrowing |
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| The student will be able to: |
| 1. explore the reasons for saving
2. investigate saving for a specific item 3. prepare a savings scheme taking into account other financial commitments 4. investigate the possibility of taking out a loan 5. explain what is meant by a hire purchase agreement including the advantages and disadvantages of this scheme |
| Unit 5: Buying my own home (None of the LOs are supported by the resource) |
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| The student will be able to: |
| 1. investigate the lending agencies providing finance for house buyers
2. explore and report on options, procedures and conditions attached to house loans from building societies, banks, local authority etc 3. research the local house market for new and second hand homes 4. explain what is meant by:
5. describe the main steps and costs involved in buying a house, both new and second hand |
| Unit 6: Understanding insurance |
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| The student will be able to: |
| 1. list the general types of insurance available
2. explain the following terms – premium, insurance policy, insurance broker, certificate of insurance 3. outline one type of insurance transaction and explain:
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| Key assignments |
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| I prepared a step by step guide to leaving home and finding a place to live. I included the different considerations that need to be taken into account. |
| I conducted and recorded (audio, written etc) an interview with a young person living away from home on their own. |
| I prepared a weekly budget for a young person living on his or her own. I based this budget on the current weekly wage of a young person who has just started working. |
| As part of a group, I participated in a discussion with a visitor representing a bank, credit union or building society, and reported on what I learned from the discussion. |
