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Home Economics Teachers Conference 2011 Savings Options Paul Gray CCEA Education Manager Home Economics Teachers Conference 2011 Savings Options Paul Gray CCEA Education Manager

Financial Management Issues for the Consumer – Savings Options Evaluate a range of saving Financial Management Issues for the Consumer – Savings Options Evaluate a range of saving options (short term and long term) in relation to personal circumstances, interest rates and flexibility. Decision-making Should we save? Where & how will we save?

Savings Options? If you saved £ 1 a day starting at 18 and got Savings Options? If you saved £ 1 a day starting at 18 and got 5% interest annually, how much would you have by the time you’re 65? A. £ 17, 166 B. £ 28, 024 C. £ 44, 703 D. £ 68, 306

Savings Options? Savings Options?

Diamond Game What are the most important factors to consider when choosing a savings Diamond Game What are the most important factors to consider when choosing a savings account (product)?

Frequency of saving Requirement to save monthly or yearly. Savings Taxable Will tax be Frequency of saving Requirement to save monthly or yearly. Savings Taxable Will tax be removed on interest? Level of Risk Is the rate of interest guaranteed? Interest Rate The amount payable on your savings. Notice to Withdraw How much notice, if any, must be given? Account Management On-line, over-phone or over-counter Type of Institution Bank, Building Society, Credit Union Frequency of interest Is it paid annually or monthly? Initial Deposit Level of initial deposit required?

Factoring influencing Saving Decisions Age/Life Stage: Teenager Single Married (With or without children) Retired Factoring influencing Saving Decisions Age/Life Stage: Teenager Single Married (With or without children) Retired Employment Status: Employed (permanent/temporary) Employed (part time/full time) Student/Training Unemployed

Story of Mr & Mrs Tener Bill and Penny Tener have been married for Story of Mr & Mrs Tener Bill and Penny Tener have been married for 40 years and have both recently retired. They are living on their state pension and a small private pension Anne paid into. Both these pensions provide a moderate income, enough to live on with a bit left over for a few luxuries. They have just sold their house and are now living in a smaller house which is easier to manage. This has given them a lump sum which they would like to save. They would like the money to generate an income that can be used to supplement their pensions.

Finding the Right Saving Account? Consider the following personal stories and match them to Finding the Right Saving Account? Consider the following personal stories and match them to the right savings accounts (products) using the Diamond Savings Game

Story of Mr & Mrs Moneywise They have been married for a year and Story of Mr & Mrs Moneywise They have been married for a year and have just finished paying for their wedding. They had taken out a bank loan to pay for the wedding and were paying £ 400 per month. Having paid off the wedding they want to continue paying the money into a bank account. They are hoping to start a family soon and intend to use some of their savings for this.

Story of Mrs Moneypenny Susan is divorced and has one child Cashel who is Story of Mrs Moneypenny Susan is divorced and has one child Cashel who is three. She doesn’t work and is receiving benefits. She is hoping to return to work once Cashel starts school next year. She used to work in the local hospital as a clerical assistant. She receives some child maintenance for Cashel and would like to save it for him to have in the future.

Story of Mr Pounds Charlie is a widower with three children. He works full Story of Mr Pounds Charlie is a widower with three children. He works full time as a Headteacher in the local school. Due to his wife’s life insurance policy payments and his income he wants to save a significant amount of money each month earning a high interest rate. He is happy to leave it untouched for years.

Information & Resource Links www. nicurriculum. org. uk/fc www. cfebuk. org. uk www. pfeg. Information & Resource Links www. nicurriculum. org. uk/fc www. cfebuk. org. uk www. pfeg. org

Contact Details Paul Gray Education Manager Tel: 028 9026 1200 Ext: 2616 pgray@ccea. org. Contact Details Paul Gray Education Manager Tel: 028 9026 1200 Ext: 2616 [email protected] org. uk