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ACCA and The Open University
Financial literacy course supported by ACCA
25 Sep 2007
ACCA is supporting The Open University’s financial literacy course, You and Your Money: Personal Finance in Context.
Launched in November 2006, and with more than 2,000 people having already taken the course, this exclusive partnership with ACCA will ensure that participation in You and Your Money: Personal Finance in Context reflects the latest thinking in personal finance.
With ACCA’s support, The Open University will also be able to expand the course’s reach, with plans in the future to work with other agencies to offer free financial healthchecks accompanied by the offer of places on the course to those on low income; to undertake further work in schools and produce a co-branded newsletter focussing on financial issues for parents, encouraging them to consider taking the course to improve their financial literacy.
The agreement brings together the expertise and strength of ACCA, the largest and fastest-growing international professional accountancy body and The Open University, the UK's only university dedicated to distance learning.
Clare Minchington, managing director – education, learning and development at ACCA, says: ‘This strategic deal is being announced the day before the publication of ACCA’s learning and skills manifesto – ACCA Championing Learning and Skills an agenda for England – which calls for the development of a financially intelligent society. The UK needs to see a new approach to personal financial management to stop consumers spiralling further into debt.
‘Attitudes to debt, savings and pensions need to be changed. This can be achieved through education and The Open University’s You and Your Money course prepares people to become more financially literate. We therefore look forward to working with The Open University in the future and supporting their work in educating people about this important issue.’
Commenting on the deal between ACCA and The Open University, course chair Ian Fribbance, of The University’s Faculty of Social Sciences, says: ‘In an environment when the need for financial education is at an all-time high, the course is an important component of the campaign to make consumers more financially literate. More than 2,000 people have already completed the course, which proves that our original promise to educate people about important financial issues, such as debt management, is working. This figure also highlights the British public’s overwhelming desire to gain a thorough grounding in financial matters. Ultimately, it’s our aim for the course to better equip people to take a firm control of their own decision-making in financial matters.’
The You and Your Money course covers the most common issues affecting consumers – such as borrowing and debt, planning for retirement and family finances. It aims to develop consumers’ practical financial skills and importantly, the course places the study of personal finance firmly within the broader social and economic background.
The course focuses on four broad themes:
- the importance of the changing economic and social environment to personal finances;
- the relationship between individuals and households in financial matters, including couples managing their money, the financial implications of having children or caring for an elderly parent;
- the importance of change over time on income and spending plans;
- financial planning, including the use of personal balance sheets, budgeting and cashflow statements.
Potential students looking for more information can log in on The Open University website (please click on the link under 'see also'), call 0845 300 60 90 or email general-enquiries@open.ac.uk.
For media enquiries please contact:
Helen Thompson, ACCA press office
phone: +44 (0)20 7059 5759 / + 44 (0) 7725 498 654
e mail: helen.thompson@accaglobal.co.uk
Neil Coaten, Open University media relations,
phone: +44 (0)1908 652580 / +44 (0)7901 515891
email: n.d.coaten@open.ac.uk