15 Session round-up
In this session you’ve examined the first types of financial products that people make use of – savings accounts and bank accounts. You then looked at credit cards and their pros and cons. Using a credit card or having an overdraft facility will lead to a credit file being opened about your use of credit. Later, in Session 7 of the course, you’ll explore in detail how the credit agencies go about their work.
You should now be able to:
- go about selecting a bank account, savings account and credit card
- check your bank statement
- understand the role that credit rating agencies play in your financial life
- make good decisions about phone contracts, including whether to buy phone insurance
- undertake financial transactions securely.
In the next session you look at income from employment – a subject that requires an understanding of income tax, tax codes and national insurance contributions. You also look at price inflation and how this impacts on the value of your income.
You can now go to Session 2.
If you are a teacher working with young adults, you might find this additional guidance for teachers useful.