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• 86.4% have savings

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

school

• 40% know how much they spend and save

School 2• 62.5% have savings

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

school

• 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 cont’d…

87% came from families who use hire purchase

55% don’t 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