UNIT 4: FINANCIAL AND ECONOMIC LITERACY OF MIGRANT WOMEN I – BASIC SKILLS

Main ideas

The main ideas of this learning unit are:

• To support adult teachers and trainers to empower migrant women learners to develop basic knowledge and skills for financial and economic literacy for:
• better money management,
• financial goal setting
• managing financial risk and meeting their needs
• To support adult teachers and trainers to develop a range of practical studies and activities which engage their learners to demonstrate their understanding of financial and economic concepts appropriately and effectively.

Learning Outcomes

On successful completion of these Lessons, the participants will enable their learners to:

Section 1: Keeping Track of Your Money

Create a simple budget and use an income and expenditure spreadsheet for better money management that meets the financial needs and wants of migrant women entrepreneurs.

• Can identify key spending habits of self and others
• Can identify income and expenditure with regard to your personal/business situation
• Can identify how to save money using 50:30:20 budget model
• Can share key financial findings with others

Section 2: Understanding Your Payslip

Identify the deductions on a monthly salary or weekly wage slip  and differences between gross and net pay

• Can identify and recall four basic financial terms that are provided on a payslip.
• Can explain the difference between gross pay and net pay and two deductions that are usually made from salaries
• Can use an online calculator to work out National insurance payment on a salary

Section 3: Taxes We Have to Pay

Explain the different types of taxes that must be paid if you are employed, or in business and a simple tax calculation.

• Can identify the basic difference between Income Tax and Corporation tax
• Can work out a corporation tax is calculated
• Can follow a basic income tax calculation
• Can give a simple explanation why we pay taxes

Section 4: How to Manage Debt and Credit using APR

Explain how to compare interest rates on credit cards and loans

• Can identify 2 differences between using a credit card and a debit card for making purchases
• Can explain what APR means and how this affects your debt payments

Section 5: Assessing risk, comparing returns and

Demonstrate how to assess financial risks, compare rates of return and spot scams

• Can identify 2 benefits of financial inclusion for migrant women and their families
• Can research and identify a range of financial contracts and agreements
• Can compare contracts and agreements to establish the best financial products available for their needs
• Can assess financial benefits and risks and use guidance to spot scams