Consumer Education

Andrea Carlson Megan Sullivan Arden Katine Rachael Kuhnmunch

Overview

Introduction Problem Statement Goals and Objectives Research Methods Findings Conclusions Future Recommendations

Introduction

Consumer rights are basic human rights

Main method: Consumer Education
Importance: Molding youth into informed consumers

Problem Statement
Lack of consumer education amongst secondary age students Lack of comprehensive education on personal finance and loan options Need to understand what students already know about personal finance and consumer education

Goals and Objectives

Develop better understanding of students personal savings and finance

Assess students understanding and knowledge of hire purchase and the Consumer Affairs Office Present future groups with the information they need to create a viable consumer education curriculum

Research Methods

Vermont

Background Research

Saint Lucia

Focus Groups Interviews Quizzes Surveys Data Analysis

Findings

Savings and Personal Finance

Hire Purchase
Consumer Affairs Office

Savings

School 1

School 2

86.4% have savings accounts

62.5% have savings accounts

70% w/ bank 5% w/ school 25% w/ bank and school

35% w/ bank 45% w/ school 20% w/ bank and school

40% know how much they spend and save

47.4% know how much they spend and save

Hire Purchase

Students have a general understanding Main Problems

Unfamiliar with terminology Unfamiliar with the concepts and specifics e.g. warranties interest repossession debt collectors

Hire Purchase contd

87% came from families who use hire purchase 55% dont plan to buy on hire purchase in the future 44% plan to buy on hire purchase in the future Unfamiliar with Alternatives to Hire Purchase

Bank Loans Credit Union Loans

Consumer Affairs Office

Majority of students were familiar

Primarily informed via television and family

Approximately half of students surveyed said they would go for help if needed

Conclusions

Need for more information regarding personal finance and consumer rights Lack of knowledge regarding hire purchase and bank loans Unfamiliarity with financial terminology

Recommendations

Expand areas of focus in consumer education Survey wider range of schools in different areas Develop curriculum

Personal Finance and Budgeting

Learning how to establish credit

Hire Purchase

Thank you

Mr. Phillip McClauren, Director of Consumer Affairs and staff Principal Cyril Edward and the entire Piaye Secondary School Principal Rupert Ellis and the entire Leon Hess Secondary School Mr. Andrew Antoine, Ms. Techla Deterville, General Manager of Courts Mr. Thomas Desisto, UVM Center for Rural Studies