Consumer education

Personal finances are one of the household's material resources. Personal financial status is determined by the household's disposable income. The acquirement of personal financial skills makes possible the rational use of one's own resources to balance income and expenditure. 

Economic skills are the ability to transact responsibly in accordance with one’s personal financial situation and the ability to assess and source information concerning the management of the domestic environment. Systems thinking and foresight are also key elements of economic skills.

Objectives

Learners use resources appropriately and manage personal finances in an entrepreneurial manner. They deal with and take responsibility for their personal financial situation, and understand the link between consumption and the economy as a whole. Learners acquire, evaluate and use information on the micro and macro economy from various sources.

Learners will

• Be aware of the relationship between the national economy and the financial situation of the individual household.
• Take responsibility for their own financial situation, understand what constitutes income and expenses and be able to plan and control the flows of money in their own household.
• Understand and know where and how assistance can be obtained if financial difficulties arise.
• Be aware of economic factors while using digital technology and media.
• Be able to compare price and quality based on household needs. 

Core contents

• Principles of financial management
  • Roles of individuals and households in the national economy
  • Consumption habits
  • Consumers' opportunities to influence the situation
  • Responsible household management and individual well-being
  • Personal solvency
  • Income and expenses
  • Long time economic planning and management
  • Taxes, tax returns, declaration
  • Terms of insurance, insurance payments
  • Sustainable lifestyles
  • Planning purchases
  • Repair and maintenance
  • Eco-efficient thinking and product lifecycle awareness
  • Transportation optimisation (products and people)
  • Utilisation rate of space and using one space for multiple purposes
• Flows of money in a private household
  • Safe flows of money
  • Bank accounts, bank statements
  • Methods of payment and their costs (debit card, credit card, online services etc.)
  • Forms of saving and borrowing
  • Responsibilities of the debtor
  • Budgeting, invoicing, long-term costs
• Regulations pertaining to private finances
  • Using online markets
  • One-time purchases (e.g. downloading a logo or wallpaper)
  • Standing subscriptions (e.g. subscribing to a weekly horoscope)
  • Data transfer (downloading games or videos from the Internet on a mobile phone)
  • Balance limits, blocking services, itemised invoices, prepaid cards, cancelling a subscription for a connection or service
  • Additional services for devices, free services, liability services, blocking services, safety considerations
  • Use of online technology
  • Data security, privacy protection
• Financial difficulties
  • Interest on late payments
  • Debt collection
  • Debt collection through courts of law
  • Distraint
  • Fines
  • Credit information, bad credit record
  • Financial advisory services and credit counselling
  • Ability to get information and help when faced with financial problems