We use cookies on all our websites to gather anonymous information about your visit that helps us to make improvements and increase performance. By continuing you are consenting to these cookies.

If you would like more information or would like to change your cookie preferences, please visit our cookies page.

LIFE-1

Lessons in Financial Education (LiFE) Foundation

LiFE Foundation gives students a basic understanding of money and finance via an accessible e-learning platform.

About the qualification

Despite the inclusion of Financial Capability in the National Curriculum, schools continue to experience difficulty in allocating time and space in the curriculum to deliver formal financial education. This flexible programme, accessible in school, from home or even on the go, helps to meet the current restraints on teacher’s time and resources, whilst helping to inform students about key life skills.

LiFE does not rely on timetabled teaching time, requiring minimal intervention by teaching/support staff; in fact, students will be able to use tutor/mentor time, after school clubs and a host of enrichment opportunities to access the learning. Students can study at their own pace on an online learning platform that really engages students with the content.

The only 'money' I remember studying in maths was in primary school when we played with pound coins and ten pence pieces, that’s not going to help me when I need to buy a house. LiFE Student, The Beacon Centre, South Shields
FC-11SIF_020

What progression does the Foundation offer?

Once your students have completed the LiFE Foundation course, they can achieve a level 1 qualification. All they need to do is register for the Life Award which will assess them on the knowledge they have gained throughout the foundation course. No further study is required as the foundation has already covered the key learning points.

Topics

The LiFE Foundation programme is broken down into eight topics. Students can make their way through the topics at their own pace, slowly building on their financial knowledge and confidence.

Students take control of their learning; they simply tick the box when they complete each section and receive a coin once they have completed the topic. Once they have collected all the coins, each student will receive a certificate of completion.

How long does it take?

Once registered, students have 12 months to work their way through the topics and complete the programme. There are no set deadlines for each topic and the programme can be paused at any time with students restarting where they left off.

Traditional teaching TQT (previously GLH) equates to 48.5 hours.

1. Money and Income

Introduction to the features of money; the differences between coins, banknotes and electronic balances and why money replaced bartering. Discusses income and earnings, reading a payslip and understanding income tax and National Insurance.

2. Storing money safely

Considers the places where money can be stored and the advantages and disadvantages of each. Helps students to understand what a current account is and how it works. Explores debit cards, payment methods and ensuring payments are mad safely, such as by never sharing a PIN or saying it out loud.

3. Spending and budgeting

Looks at different attitudes to spending and asks which spending is essential and which is non-essential (i.e. needs v wants). Provides students with an introduction to gambling, highlighting risks and statistics. Explores simple budgeting to help keep spending on track, and how to update a budget when things change.

5. Borrowing

Explores why people borrow money, how lenders charge for loans and the different ways of borrowing money sensibly. Focuses on which lenders to avoid and why, and introduces different type of loans including credit cards and overdrafts.

7. Fraud and scams

Encourages students to think about how to keep money safe. Explores what fraud is, how criminals try to steal people's identities, what to look out for and how to avoid fraud. Helps students to realise the importance of account security, what to do if they suspect fraud, and how to buy safely online.

4. Saving and selling

Focuses on the many reasons for saving money, the features of different saving accounts and the reasons people choose one account over another. Discusses how selling items we don't want can help with saving money,  and where and how to sell items sensibly.

6. What is insurance

Explains what insurance is and how insurers make their money. Explores the difference between compulsory and voluntary insurance, and why people might choose to buy insurance even when they don't have to. Focuses on how insurance protects people against the financial risks of theft, injury and accidental damage

8. Where can we get financial advice

Brings together many themes of LiFE Foundation to encourage making the right decisions with money. Shows students where to find financial advice and how it can help them make the right financial choices in life. Explains the role of financial advisors and organizations like Citizens Advice.

Assessment

The LiFE foundation is not formerly assessed, the programme records their 'feelings and understanding' before and after each topic so their progress is clearly displayed.

And each topic includes a 'test your understanding' activity and short multiple-choice quiz to make sure they have improved their knowledge before they move onto the next topic. At the end of the course students will receive a completion certificate.

Grading

The foundation course does not include grading, once completed students will receive a certificate. They are then qualified to complete Level 1 LiFE Award.

Screenshot of LiFE e-learning program
LIFE-7
LIFE-6


You may also be interested in 

Lessons in Financial Education

LiFE Award

Following completion of the foundation course, students can gain a Level 1 qualification by sitting assessment in the LiFE Award.

View course

Lessons in Financial Education

LiFE Certificate

After attaining the LiFE Award, students can further their understanding of money and finance with the Level 2 certificate.

View course

Looking for further information

Contact

If you're looking for further information get in touch via our online form or you might find the answer in our FAQ's.

Contact us FAQ’s

Download a brochure

All the information you need about our suite of Financial Capability qualifications.

Download