Personal Finance Level 4 and 5

The Personal Finance Award at SCQF levels 4 and 5 is designed to equip students with essential financial skills for life beyond school. Here’s a brief overview:

Key Features:

The Principles of Money

Identify Money including what makes money legal and acceptable tender

Identify and describe different forms of income including payslips, minimum wage, benefits and tax credits.

Describe ways to store and access money including types of bang account, debit cards, ATM and credit cards.

Create and use a budget and bank accounts including savings schemes and short term financial planning.

Compare foreign currencies and use foreign exchange

Money Management

Investigate costs and bills including utility bills, mobile phones, motoring and travel

Borrowing money including loans, terms, rates of interest, credit and store cards.

Investigate and calculate insurance including home, content and life insurance, pension rates and private pension schemes.

Prepare for buying and selling including hire purchase, credit, cash, discount schemes, auctions, profit and loss.

Numeracy (Level 4 or 5 depending on prior attainment)

Select appropriate numerical notation and units. Carry out calculations including adding, subtracting, multiplying, dividing, rounding (significant figures), percentages, fractions, speed, distance, time, volume, area, perimeter, ratio, direct and indirect proportion. Interpret and make decisions based the results of a calculation

Extract and interpret data from tables, graphs, charts, diagrams and maps Make decisions based on the interpretation of data and probability

• Focus:
• Practical mathematical skills used in daily life
• No final examination
• Assessment:
• Two end-of-unit e-assessment tests using SOLAR (SQA’s e-assessment system)

Progression Opportunities:

• Personal Finance Award at SCQF level 5

Additionally, students will also be taught and assessed at National 5 numeracy, enhancing their overall mathematical proficiency.

This award is highly relevant and practical, preparing students for real-world financial decision-making.