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Lessons in Financial Education (LiFE)

Financial Capability

Lessons in Financial Education (LiFE)

LiFE gives students financial education on a 'learning by doing' basis through accessible e-learning.

Watch our LiFE video
Two girls working at a computer

About the qualification

The LiFE Programme has been developed to ensure more students gain invaluable financial awareness. Despite the inclusion of Financial Capability in the National Curriculum, schools continue to experience difficulty allocating time and space in the curriculum to deliver financial education. Mapped to the coverage in Mathematics and Citizenship, this flexible programme accessible anywhere, meets the current restraints on teacher’s time and resources, while giving students key life skills.  

The LiFE Programme 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 programme. Students can study at their own pace on an online learning platform that really engages them with the content.

Starting from just £10 per student, the LiFE Programme enables students to receive financial education at a fraction of the cost of formal qualifications. 

The LiFE Programme is

  • Relevant: Real life, engaging activities and contextual maths
  • Flexible: Cross-curricular and fits into clubs, enrichment activities and homework
  • Progress: Observe and track your learners progress and interaction at every stage
  • Independent: Minimal need for guidance, learners can work at their own pace
  • Employability: Preparing learners for adulthood and the world of work

Read the LiFE Award qualification specification

Read the LiFE Certificate qualification specification

 

Find out more about how we are using LiFE in our Outreach work with charities and community groups to support financial capability for adults and young people across the UK.

Units

Students progress through the units and once completed learners will be able to access the LiFE Award and Certificate to get a formal recognition of their work.

The LiFE Programme is made up of three units and is designed to be delivered over a 12 month period.  Although students can complete the learning independently, tutors have additional functions to monitor their progress. Once students have completed the learning for Unit 1, they will be able to take the formal assessment, the LiFE Award. Once the learning for Units 2 and 3 are completed, they will be able to take the formal assessment, the LiFE Certificate.

The LiFE Award has a TQT (total qualification time) of 48.5 hours, with 18.5 Guided Learning hours. The LiFE Certificate has a TQT of 179 hours, with 92 Guided Learning Hours.

Unit 1 - Your personal finances

1) Money
2) Sources of money
3) Storing money safely
4) Spending and budgeting
5) Saving and selling
6) Borrowing
7) What is insurance
8) How do we keep our money safe?

 

Unit 2 - Money management for your generation

1) Modern banking
2) Pay and pay calculations
3) Types of payment card
4) The cost of borrowing
5) Using money abroad
6) Financial difficulties and their consequences
7) Financial advice and protection

Unit 3 - Your future, your career

1) Employability: applying for a job
2) Roles and career paths
3) The financial services industry
4) Routes into financial careers and other industries

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(It) Gives young people the skills, knowledge and confidence to plan for all financial eventualities in life Kiran Ranchod -Uxbridge High School, Curriculum Leader for Vocational Education and Work Related Learning

Progression

Students can progress through the programme, gradually building on their skills and challenging themselves to proceed to the next level. Once they have completed the suite, they may want to progress onto our Level 3 qualifications which carry the maximum UCAS points or make a good foundation for those considering an apprenticeship.

LiFE Programme
The LiFE Programme covers all three units, but is not formally assessed. The programme records students 'feelings and understanding' before and after each topic so their progress is clearly displayed. Each topic includes a 'check your understanding' activity and short multiple-choice quiz to make sure students have improved their knowledge before they move onto the next topic and unit. At the end of each unit students will receive a completion certificate.

LiFE Award
The Level 1 LiFE Award is the formal assessment for Unit 1. Students must have completed Unit 1 of the LiFE Programme to be assessed. Students are tested via our e-test platform and are able to resit twice.

LiFE Certificate
Students who have achieved the LiFE Award will be able to progress to the Level 1/2 LiFE Certificate, which is awarded to those who have passed the formal assessment for Units 2 and 3. Students must have completed the learning for Units 2 and 3 before the assessment and are tested via our e-test platform. Students are able to resit each unit twice.


Watch our LiFE video

Assessment

Unit 1 
30 stand-alone multiple-choice questions (total marks 30), to be completed in 30 minutes

Unit 2
44 stand-alone multiple-choice questions (total marks 44), to be completed in 45 minutes

Unit 3
16 stand-alone multiple-choice questions and 2 case studies each with 5 associated questions (total marks 26), to be completed in 30 minutes

Grading

SEND Guide resources for Unit 1

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Frequently Asked Questions

No, as we provide topic hand outs and suggested activities that can be used in an alternative classroom setting. Learners can then follow up independently by accessing the programme and completing the topic and activities. 

If you are already running the LiFE Programme you can tick a box next to the learner name and press submit to register them for the LiFE Award via MyLIBF. Alternatively you can contact the Financial Capability Support team who will talk you through the process.

Contextual mathematics is experienced throughout Unit 1 and Unit 2 but the more engaging activities are contained within Unit 2. 

Yes. LiFE tutors have additional online functions to monitor individual learners' progress. They can see the last time they logged on and what stage the learner has reached. They can also view the results of each survey and end of topic quiz, and track progress. Spreadsheets of this data can be downloaded into Microsoft Excel and used to demonstrate progression and predict results.  

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. This allows for cohorts of various abilities and guarantees no students will be held back from progressing at their own pace, offering complete flexibility to teachers and learners.

All learners study online starting with Unit 1 of the LiFE Programme. Once you receive login details, all you need is internet access and a set of headphones (paper and pen will also be useful). You access the e-learning platform via MyLIBF.

There are no entry requirements although students are expected to be able to study in English and have basic IT and numeracy skills (manipulate basic financial and numerical data).

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