The Open University Business School (OUBS) has designed a new course to combat a growing debt problem among young adults, as part of an initiative to champion personal finance education across the UK. They are on a mission to get 23,000, 16 to 18 year olds to sign-up to this free badged course by Christmas.
OUBS has joined forces with MoneySavingExpert’s Martin Lewis and mathematician and star of BBC show University Challenge, Bobby Seagull to develop the Managing My Money for Young Adults course, which takes just 24 hours to complete. The course is delivered through video content, animations, case studies, activities and quizzes. To make the course easy to digest, it has been broken down in to 8 bite-sized sessions which cover topics such as:
Earning money and understanding tax
Savvy shopping and budgeting
Preparing for life after school
Living in shared households
Understanding debt and how to borrow wisely
Credit ratings and how to protecting them
Planning for later life such as buying a home and pensions
New research released by OUBS’s dedicated research centre, The True Potential Centre for the Public Understanding of Finance (True Potential PUFin), reveals that one in seven 18 year olds has already racked up debts and almost two-thirds (60%) of those in debt admit they owe money to payday loan companies - £168 each on average. In addition to this, these 18 year olds have already racked up debts on credit cards (60%) totalling £14.5 million, unauthorised overdrafts (57%), store cards (49%) and catalogues (49%). Almost two-thirds (64%) of this age group believe this could have been avoided if they’d received more effective personal finance education and 94% say it would have been prevented with some form of guidance or support.
In addition to helping young adults, this course also offers a 23-page teachers pack which provides a step by step guide around both delivery and content of the course.
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