Consumer Education Andrea Carlson Megan Sullivan

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Consumer Education Andrea Carlson Megan Sullivan

  1. 1. Consumer Education Andrea Carlson Megan Sullivan Arden Katine Rachael Kuhnmunch
  2. 2. Overview <ul><li>Introduction </li></ul><ul><li>Problem Statement </li></ul><ul><li>Goals and Objectives </li></ul><ul><li>Research Methods </li></ul><ul><li>Findings </li></ul><ul><li>Conclusions </li></ul><ul><li>Future Recommendations </li></ul>
  3. 3. Introduction <ul><li>Consumer rights are basic human rights </li></ul><ul><li>Main method: Consumer Education </li></ul><ul><li>Importance: Molding youth into informed consumers </li></ul>
  4. 4. Problem Statement <ul><li>Lack of consumer education amongst secondary age students </li></ul><ul><li>Lack of comprehensive education on personal finance and loan options </li></ul><ul><li>Need to understand what students already know about personal finance and consumer education </li></ul>
  5. 5. Goals and Objectives <ul><li>Develop better understanding of students personal savings and finance </li></ul><ul><li>Assess students understanding and knowledge of hire purchase and the Consumer Affairs Office </li></ul><ul><li>Present future groups with the information they need to create a viable consumer education curriculum </li></ul>
  6. 6. Research Methods <ul><li>Vermont </li></ul><ul><ul><li>Background Research </li></ul></ul><ul><li>Saint Lucia </li></ul><ul><ul><li>Focus Groups </li></ul></ul><ul><ul><li>Interviews </li></ul></ul><ul><ul><li>Quizzes </li></ul></ul><ul><ul><li>Surveys </li></ul></ul><ul><ul><li>Data Analysis </li></ul></ul>
  7. 7. Findings <ul><li>Savings and Personal Finance </li></ul><ul><li>Hire Purchase </li></ul><ul><li>Consumer Affairs Office </li></ul>
  8. 8. Savings <ul><li>School 1 </li></ul><ul><ul><li>86.4% have savings accounts </li></ul></ul><ul><ul><ul><li>70% w/ bank </li></ul></ul></ul><ul><ul><ul><li>5% w/ school </li></ul></ul></ul><ul><ul><ul><li>25% w/ bank and school </li></ul></ul></ul><ul><ul><li>40% know how much they spend and save </li></ul></ul><ul><li>School 2 </li></ul><ul><ul><li>62.5% have savings accounts </li></ul></ul><ul><ul><ul><li>35% w/ bank </li></ul></ul></ul><ul><ul><ul><li>45% w/ school </li></ul></ul></ul><ul><ul><ul><li>20% w/ bank and school </li></ul></ul></ul><ul><ul><li>47.4% know how much they spend and save </li></ul></ul>
  9. 9. Hire Purchase <ul><li>Students have a general understanding </li></ul><ul><li>Main Problems </li></ul><ul><ul><li>Unfamiliar with terminology </li></ul></ul><ul><ul><li>Unfamiliar with the concepts and specifics </li></ul></ul><ul><ul><li>e.g. warranties </li></ul></ul><ul><ul><li> interest </li></ul></ul><ul><ul><li> repossession </li></ul></ul><ul><ul><li>debt collectors </li></ul></ul>
  10. 10. Hire Purchase cont’d… <ul><li>87% came from families who use hire purchase </li></ul><ul><li>55% don’t plan to buy on hire purchase in the future </li></ul><ul><li>44% plan to buy on hire purchase in the future </li></ul><ul><li>Unfamiliar with Alternatives to Hire Purchase </li></ul><ul><ul><li>Bank Loans </li></ul></ul><ul><ul><li>Credit Union Loans </li></ul></ul>
  11. 11. Consumer Affairs Office <ul><li>Majority of students were familiar </li></ul><ul><ul><li>Primarily informed via television and family </li></ul></ul><ul><li>Approximately half of students surveyed said they would go for help if needed </li></ul>
  12. 12. Conclusions <ul><li>Need for more information regarding personal finance and consumer rights </li></ul><ul><li>Lack of knowledge regarding hire purchase and bank loans </li></ul><ul><li>Unfamiliarity with financial terminology </li></ul>
  13. 13. Recommendations <ul><li>Expand areas of focus in consumer education </li></ul><ul><li>Survey wider range of schools in different areas </li></ul><ul><li>Develop curriculum </li></ul><ul><ul><li>Personal Finance and Budgeting </li></ul></ul><ul><ul><ul><li>Learning how to establish credit </li></ul></ul></ul><ul><ul><li>Hire Purchase </li></ul></ul>
  14. 14. Thank you <ul><li>Mr. Phillip McClauren, Director of Consumer Affairs and staff </li></ul><ul><li>Principal Cyril Edward and the entire Piaye Secondary School </li></ul><ul><li>Principal Rupert Ellis and the entire Leon Hess Secondary School </li></ul><ul><li>Mr. Andrew Antoine, </li></ul><ul><li>Ms. Techla Deterville, General Manager of Courts </li></ul><ul><li>Mr. Thomas Desisto, UVM Center for Rural Studies </li></ul>

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