Financial Literacy: Be Money Wise
Description:
Decisions about finances and personal financial management is a matter that involves everyone. Financial literacy is a lifelong skill, which will not only help you during a financial emergency but will assist you with your daily financial decisions to enrich your financial future and ensuring balance in your everyday life. Many researchers agree on the importance of financial literacy and argue that financial education should be an essential component of a university qualification. Therefore, financial knowledge is an investment in human capital with crucial implications for an individual’s financial wellbeing. The purpose of this short learning programme is to provide the necessary skills to manage your personal finances through conscious decision-making and specialised money management techniques. The programme is designed to equip you with effective strategies to manage your money, which will enforce your ability to make sound financial decisions.
Admission Requirements:
Any member of the public who is 18 years of age and above.
Curriculum:
Unit 1: Budgeting, to understand the importance of setting financial goals and drawing up a budget. This is the first unit of the Be Money Wise module, where we will look at some of the most popular principles that one needs to be aware of when it comes to drafting up a budget. We will begin by highlighting what a budget is, and this will then be followed by a discussion of the principles that need to be known to formulate a realistic budget. For this unit, it is crucial that you introspect and reflect on your finances and the role a budget has played in your current financial life. Get ready for practical applications and to acquire the skill to draft a budget and keep to it where it can positively impact your financial situation for the years to come. Unit 2: Wealth creation, including the understanding of the basic strategies: The purpose of this unit is to help you understand the basic strategies of wealth creation. It will provide a discussion on the difference between savings and investments, providing you with an understanding of when each will be suitable for your life. It will also illustrate the importance of retirement planning and how crucial it is to start at a young age. As much as you need to learn how to build wealth, you will also be introduced to concepts that discuss how you can protect the wealth that is built. A manner to protect your wealth is to take up insurance applicable to you. Unit 3: Basic economics, understanding the basic concepts of economics and apply it to your daily life: In this unit we will discover how economic factors have an impact on our personal financial planning. This will be done by discussing the basic principles of economics. The unit will first explain the difference between macroeconomics and microeconomics, which will then be followed by an explanation of the principles uncovered in the two areas of economics. Unit 4: Money management, understanding the strategies and techniques. This unit is about money management strategies. You will be studying strategies on how to control debt which will, in turn, assist you with money management. This is the last unit of the Be Money Wise module, where we will look at ways of reducing debt or staying away from it. The purpose of this unit is to help you understand how to deal with debt. The unit will assist you with strategies of reducing debt and also equip you with information about good and bad debt.
Course Instructors:
