Finance Fundamentals: Financial Planning and Budgeting starts by looking at the current economic backcloth and its impact on household finances. We then move on to explore your attitude to financial management and whether you have bad financial habits and how these should be addressed.
We introduce a simple four-stage model for making financial decisions before moving on to examine the two components of household budgeting – income and expenditure. In doing this we learn about the impact of inflation and taxation on incomes and the support to households provided by the state benefit system.
In examining expenditure we look at the pressures placed on us to spend our money, how to shop with confidence on the internet and on how ‘heuristics’ can interfere with good spending decision-making.
The course finishes by looking at a key area of household spending: insurance. We examine when to ensure and when to bear the risks yourself without buying an insurance policy. We use the financial planning model, introduced at the start of the course, to make good decisions when buying insurance.
This facilitated 4-week course is up-to-date and uses an array of audio-visual assets to help you through the subject matter.
Develop fundamental business and finance skills
This course has been developed by The Open University Business School – a pioneering institution that is triple accredited by AMBA, EQUIS and AACSB.
It is one of eight from The Open University, designed to help you gain fundamental business and financial skills, including communication, networking, relationship building, project management, personal financial planning and management, investment and financial services.
You can complete this course as part of one of these two programs:
Finance Fundamentals: four courses, which will give you valuable skills to manage finances at home and at work, and enable you to earn a FutureLearn Award.
Business and Finance Fundamentals: eight courses; holders of FutureLearn Certificates of Achievement for all eight courses can earn 30 UK credits towards The Open University Business School’s BA in Business Management by passing a linked Open University assessment module (requiring separate OU registration and fee).
The True Potential Centre for the Public Understanding of Finance (True Potential PUFin)
This course has been adapted from original material created by The Open University’s True Potential Centre for the Public Understanding of Finance and was made possible thanks to the generous support of True Potential LLP.
What topics will you cover?
- Financial planning over the life course
- Prioritising plans
- Human behaviour and financial decisions
- Applying a financial decision-making model
- Income and inflation
- Income and taxation
- Government benefits
- Factors influencing household expenditure
- Creating and managing a household budget
- Understanding when to buy insurance products
- The range of insurance products
What will you achieve?
- Identify and understand how financial needs change over the life course
- Identify, understand and apply a model for financial decision-making
- Identify and appreciate how human behaviour affects financial decisions
- Identify and understand the impact of inflation and tax on incomes
- Apply and appreciate the social and economic factors that influence spending
- Design and manage a household budget
- Identify and understand insurance products and when to buy them
Who is the course for?
For further information about registration, the final assessment course, your eligibility and the BA in Business Management, visit the Open University website. The Open University does not operate in Cuba, Iran, North Korea, Sudan and Syria. This means that Learners based in those countries will not be able to convert their participation in this Programme to Open University course credits.
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