• What is an ISA?
• What is the hourly wage for an 18 year old?
• What is the difference between APR and EAR?
• Challenge your friends with the #yourmoney fun financial literacy app
If there are any 15-19 year olds in your household over Christmas and New Year, why not get them to download the CISI new, free #yourmoney app for some fun learning challenges?
The CISI has created the #yourmoney financial literacy app as a light-hearted approach to improving financial literacy and to show that finance can be fun.
The app challenges users with questions to determine if you are a saver or spender and whether you can spot a good deal.
Can you tell the difference between APR and EAR or do you know your ISAs from your JISAs?
There are three levels to work your way through: Entry, Challenge and Expert. Each level is timed with a leaderboard so that players can benchmark their progress against other participants.
A player faces ten questions at each level and must pass the level they are on before progressing to the next. Initially questions are fact-based to topics such as bank accounts, interest, wages, savings, borrowing, insurance and currency exchange. As they progress through the game, players are put through their paces via tougher questions, requiring them to apply their knowledge to scenario based questions.
Once each level has been completed players receive a digital certificate in addition to a 50% discount off the CISI personal finance book of the same name, #yourmoney, written by Jeannette Lichner.
When developing the app the CISI interviewed adult members of the public on a couple of financial literacy questions regarding a) the hourly wage for an 18 year old, and b) How much does it cost to send a student to Uni each year? The answers were surprising and a link to that 2 minute video is here. http://www.cisi.org/cisiweb2/yourmoney
Simon Culhane, Chartered FCSI and CISI CEO said:
“We feel that the app is a fun tool in the box which, when used in conjunction with existing financial education initiatives within schools, can help to make a difference when trying to engage young people on financial literacy. Research shows money habits are established from a young age so financial education needs to start at home.”
Financial education has been on secondary schools curriculums since September this year within programmes of study for Mathematics and Citizenship. To coincide with this the CISI and pfeg (Personal Finance Education Group) has produced new guidance for teachers and co-ordinators for Citizenship classes on how to deliver the financial education elements of the new National Curriculum.