module specification

This module has been nationally promoted by the UK financial regulator the Financial Services Authority (FSA), [now Financial Conduct Authority (FCA)], as a ‘unique idea’ in their ‘National Strategy for Financial Capability in Higher Education’ (2009), and disseminated to all universities as an exemplar for raising student interest, expertise and enthusiasm in personal finance.  FSA refers to London Metropolitan University as one of only four universities awarded the FSA Curriculum Development Grant for “unique ideas” put forward for the creation of a financial capability module, the unique idea for this University being the innovative Competency Based Action Learning (CoBAL) curriculum which is the outcome of doctoral level research conducted in collaboration with real-world organisations such as the National Institute of Adult Continuing Education (NIACE), the FSA, and the National Research and Development Centre for adult literacy and numeracy (NRDC). 

The module underlines the role personal judgement plays in personal finance, and the many perspectives that inform personal judgement, enabling the student to formulate and employ Action Learning strategies for the development of knowledge, skill and attitudinal competencies in personal finance, and for increased ability and confidence in dealing with the complexities of making financial decisions in the five domains of financial capability identified by the FSA.

This is an Extension of Knowledge (EoK) module which any student on any course in the University is able to take as an option module subject to their course incorporating a relevant slot in their course structure.  The module’s EOK status recognises the need for students of all subjects to have a good grasp of Personal Finance.

Ecological financial worlds/arenas/perspectives: LO1
Scenario analysis
SWOT analysis

Competency based Action Learning (CoBAL):
Integration of Competencies and Action Learning for effective financial performance

Knowledge competency:
Personal finance concepts and theory
Effective rates of interest, time value of money, inflatin and taxation in a personal context LO1,LO2

Skills Competency:
Personal financial calculations and spreadsheets
Web searches

Attitudinal Competency:
Behavioural finance, Psychology of financial decision-making
Action Learning strategies

Money management:
Personal balance sheet management
Budgeting, reducing expenditure, increasing income LO2,LO3
Debt management
Investment management

Keeping track of finances

Planning ahead:
Financial planning process; Cash flow forecasts; Delay discounting & Locus of control
Pension planning
Financial protection, insurance
Personal tax and trust planning

Choosing products:
Borrowing choices, evaluation of loans/mortgages
Saving and investment options

Staying informed

Scheduled learning and teaching for this module comprise face-to-face contact hours consisting of weekly 2-hour lectures and 1-hour seminar. The virtual learning environment (Weblearn) supports the relevant module learning and teaching materials such as lecture slides, seminar questions, case studies, guideline answers to case studies / seminar questions, past examination paper, coursework brief, assessment and grading criteria, deadlines and feedback details. The Barco suite and Bloomberg lab may be used for specified seminar sessions to promote interactive learning using Excel and Bloomberg.

Students are encouraged to reflect on their learning development through seminar participation, feed-forward and feedback sessions.  They are expected to develop subject specific knowledge and skills as well as cognitive abilities and generic skills that enable an appreciation of the nature of the personal context in which their finances can be seen as operating.

On successful completion of the module students will be able:
1. to formulate and employ Action Learning strategies involving the cycle of experience, reflection, understanding and action/decision for the development of knowledge, skill and attitudinal competencies in personal finance
2. to synthesise theory and practice by critically evaluating personal finance concepts and theory and their practical application in relation to one's own individual circumstances
3. to demonstrate critical knowledge and skills competencies in the domains of financial capability identified by the Financial Services Authority: money management, keeping track of finances, planning ahead, making choices and staying informed

Diagnostic and formative assessment will take place in seminars to develop understanding as well as theoretical, analytical, interpersonal and communication skills.

Summative assessment will take place in weeks 13-15 with a 2-hour unseen written examination.

Books

Core Texts
Luu, L., Lowe, J., Butler, J. and Byrne, T. (2017) ‘Essential Personal Finance: A Practical Guide for Students’ Routledge, London
McGill, I. and Brockbank, A. (2004) ‘The Action Learning Handbook’ Routledge Falmer, London
Redhead, K. (2012) ‘Personal Finance and Investments: A Behavioural Finance Perspective’‎, Routledge Abingdon

Other Texts
King, J. and Carey, M. (2017) ‘Personal Finance’ 2nd Ed., Oxford University Press, Oxford
Callaghan, G. Fribbance, I. and Higginson M. (Eds.) (2011) Personal Finance Palgrave Macmillan, Chichester

Journals:
Financial Services Review
Journal of Consumer Research
Journal of Economic Psychology
Journal of Consumer Studies
Journal of Business Research
Current Option in Psychology
Journal of Banking and Finance
Journal of Financial Service Professionals
Journal of Economic Behavior & Organization
Sociological Review
The Journal of Consumer Affairs

Professional Journals/Newspapers:
Financial Times
Financial World

Policy Report:
Atkinson, A., McKay, S., Kempson, E. and Collard, S. (2006) Levels of Financial Capability in the UK: Results of a baseline survey, Prepared for the Financial Services Authority by Personal Finance Research Centre University of Bristol

Websites:
Student Resources: http://learning.londonmet.ac.uk/sdp/
The Financial Services Ombudsman: http://www.financial-ombudsman.org.uk
The Money Advice Service: www.moneyadviceservice.org.uk
Personal Finance Society (PFS): http://www.thepfs.org/

Electronic Databases:
Science Direct
Emerald Management eJournals
IngentaConnect