APACS, AIC & FLA back unique new programme in personal finance

The ifsSchool of Finance is the only provider of GCSE, AS & A level equivalent qualifications in personal finance. More than 10,000 14-19 year olds are currently studying for one of these qualifications.

However, whilst it is important that future generations are equipped with the skills and confidence to make informed financial decisions, the charity recognises that many adults are also severely lacking in these essential life skills.

As a result, the ifs School of Finance has been piloting a QCA accredited adult Programme in Personal Financial Planning (PPFP) over the last few months. The Programme has now been made available to any adult learning centre, FE college or other institution that wishes to offer the course. A number of employers and housing associations have also expressed interest in offering the courses to their staff and customers.

The programme is taught in separate units, addressing five key components of managing personal finances. These are: making ends meet, keeping track of finances, planning ahead, choosing financial products, and staying informed about financial matters.

The programme is the first of its kind and comes just weeks after AIC research suggested that 90% of parents had no financial education when they were at school and that 65% of this group now wanted personal finance training as an adult.

The ifs School of Finance’s own research suggests that up to 55% of all adults would like to learn how to manage their money better.

PPFP has gained the support of a number of professional bodies and trade associations, including APACS (the Association of Payment and Clearing Services), the FLA (Finance & Leasing Association) and the AIC (Association of Investment Companies) as well as senior Labour, Conservative and Liberal Democrat MPs.

Sandra Quinn, Director of Communications at APACS said, " APACS believes that all consumers should have the opportunity to gain the skills needed to make informed financial decisions. We therefore support this new Programme in Personal Financial Planning from the ifs School of Finance which will help equip adults with such skills."

FLA Director General, Stephen Sklaroff, added: " The FLA supports all efforts to improve financial capability. Our members make every effort to ensure that they lend responsibly. This needs to be matched by responsible borrowing. The ifsSchool of Finance’s new Programme in Personal Financial Planning can play an important role in achieving this. The FLA is particularly pleased to see that in addition to providing adults with basic financial planning skills, the programme includes options in personal borrowing and debt management, and in managing personal financial risk.”

Daniel Godfrey, Director General, AIC concluded: " The AIC has always argued that financial education should be moved up the political agenda. Whilst real and significant progress has been made in the classroom, it is encouraging to see this extended to adult education initiatives, for example the ifs School of Finance's Programme in Personal Financial Planning. This is precisely the sort of approach that is needed if the full spectrum is to be covered and for all citizens to have the opportunity to develop the financial capability that would be such a positive skill in their lives."

For full details of this programme, please go to financialcapability.co.uk.