A startling statistic has emerged, shedding light on a concerning trend: more than 40% of Irish adults lack the minimum level of financial literacy needed to navigate today’s complex financial landscape. This revelation underscores the urgent need to address financial literacy gaps and empower individuals with the knowledge and skills needed to make informed financial decisions.
Financial literacy is essential for navigating life’s financial challenges, from managing budgets and saving for the future to understanding financial products and investments. Yet, a significant portion of the population lacks the foundational understanding necessary to effectively manage their finances.
The consequences of low financial literacy can be far-reaching, impacting individuals’ financial well-being, economic stability, and long-term prosperity. Without the necessary knowledge and skills, individuals may fall prey to predatory lending practices, accumulate unsustainable levels of debt, or miss out on opportunities to grow their wealth and achieve financial goals.
Addressing financial literacy gaps requires a multi-faceted approach involving collaboration between government, educational institutions, financial institutions, employers, and community organizations. By working together, we can develop comprehensive strategies to improve financial literacy levels and empower individuals to take control of their financial futures.
Educational initiatives play a crucial role in promoting financial literacy from an early age. Integrating financial education into school curricula can provide young people with the foundational knowledge needed to make sound financial decisions as they transition into adulthood. Additionally, adult education programs and workshops can offer opportunities for ongoing learning and skill development for individuals of all ages.
Financial institutions also have a responsibility to promote financial literacy and empower their customers with the information and resources needed to make informed decisions. By providing clear and transparent information about financial products and services, as well as offering financial literacy workshops and resources, banks and credit unions can help individuals build the confidence and skills needed to manage their finances effectively.
Employers can also play a role in promoting financial literacy among their employees by offering workplace financial wellness programs and resources. By providing access to financial education workshops, retirement planning assistance, and other support services, employers can help their workers improve their financial literacy and well-being.
Community organizations and non-profit groups can further support efforts to improve financial literacy by offering free or low-cost financial education workshops, counseling services, and resources to individuals and families in need. By working collaboratively with other stakeholders, these organizations can reach underserved populations and provide targeted support to those most in need.
Ultimately, improving financial literacy levels in Ireland requires a concerted effort from all sectors of society. By raising awareness, investing in education and resources, and fostering collaboration among stakeholders, we can empower individuals with the knowledge and skills needed to make informed financial decisions and achieve financial security and independence.
Finance Course (QQI Level 6)
This QQI Level 6 Finance module is designed to provide the learner with understanding, knowledge and practical skills required to understand the basics of finance and how money works.
Learners who successfully complete this course will:
- understand financial jargon
- develop an awareness of the key elements to good financial management
- demonstrate their ability to read financial statements
- be able to assess financial viability and performance
- develop their confidence in communicating regarding financial matters
- appreciate the importance and the elements of monetary control within an organisation
- be familiar with the time value of money.
Topics covered include:
- Unit 1: Understanding Financial Statements
- Unit 2: Budgeting and Cashflow Management
- Unit 3: Costing & Pricing
- Unit 4: Capital Budgeting
Entry Requirements / Prerequisites:
- Level 5 certificate or equivalent in a relevant subject area (Business) and/or relevant practical experience (3 years minimum) – Please ask about our requirements surrounding Recognition of Prior Learning (RPL) for entry.
- Mature students (over 23 years) may be exempt from the above prerequisites.
- English Language Requirement: Students entering programmes leading to awards at Level 6 are expected to be able to: fluently read, draft, prepare and understand complex information, including quantitative information, that is personally relevant and reflecting a broad knowledge base. For example, this might include text and other information relating to abstract theoretical ideas, concerns or procedures, such as local planning concerns in relation to broader spatial strategy, political issues in relation to particular agenda, budget plans/ specifications.
- Learners undertaking this programme must have basic IT skills and access to the necessary equipment to enable them to undertake an online programme: computer, broadband, email, Microsoft, recording equipment necessary for some skills demonstration tasks, and where applicable any other specialised software/equipment.
- As this programme is delivered through distance learning or eLearning, students must be capable of studying on their own initiative.
Progression to further Studies:
This course leads to a level 6 award on the National Framework of Qualifications. You can use this credit towards completing a major award in any of the following Major awards:
- 6M5013 Administration
- 6M4985 Business
- 6M4587 Management.
Assessments:
Examination: 60%
Assignment: 40%
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