Date post: | 20-Jun-2015 |
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Economy & Finance |
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Consumer Education
Andrea Carlson
Megan Sullivan
Arden Katine
Rachael Kuhnmunch
Overview
Introduction Problem Statement Goals and Objectives Research Methods Findings Conclusions Future Recommendations
Introduction
Consumer rights are basic human rights
Main method: Consumer Education
Importance: Molding youth into informed consumers
Problem Statement
Lack of consumer education amongst secondary age students
Lack of comprehensive education on personal finance and loan options
Need to understand what students already know about personal finance and consumer education
Goals and Objectives
Develop better understanding of students personal savings and finance
Assess students understanding and knowledge of hire purchase and the Consumer Affairs Office
Present future groups with the information they need to create a viable consumer education curriculum
Research Methods
Vermont– Background Research
Saint Lucia– Focus Groups – Interviews– Quizzes– Surveys– Data Analysis
Findings
Savings and Personal Finance
Hire Purchase
Consumer Affairs Office
Savings
School 1• 86.4% have savings
accounts 70% w/ bank 5% w/ school 25% w/ bank and
school
• 40% know how much they spend and save
School 2• 62.5% have savings
accounts 35% w/ bank 45% w/ school 20% w/ bank and
school
• 47.4% know how much they spend and save
Hire Purchase
Students have a general understanding Main Problems
– Unfamiliar with terminology – Unfamiliar with the concepts and specifics
e.g. warranties
interest
repossession
debt collectors
Hire Purchase cont’d…
87% came from families who use hire purchase
55% don’t plan to buy on hire purchase in the future
44% plan to buy on hire purchase in the future
Unfamiliar with Alternatives to Hire Purchase– Bank Loans– Credit Union Loans
Consumer Affairs Office
Majority of students were familiar– Primarily informed via television and family
Approximately half of students surveyed said they would go for help if needed
Conclusions
Need for more information regarding personal finance and consumer rights
Lack of knowledge regarding hire purchase and bank loans
Unfamiliarity with financial terminology
Recommendations
• Expand areas of focus in consumer education • Survey wider range of schools in different
areas• Develop curriculum
– Personal Finance and Budgeting Learning how to establish credit
– Hire Purchase
Thank you
Mr. Phillip McClauren, Director of Consumer Affairs and staff
Principal Cyril Edward and the entire Piaye Secondary School
Principal Rupert Ellis and the entire Leon Hess Secondary School
Mr. Andrew Antoine, Ms. Techla Deterville, General Manager of Courts Mr. Thomas Desisto, UVM Center for Rural Studies