Personal Finance Award SCQF Level 6

Introduction

This pack is designed for learners studying the Level 6 Personal Finance Award. The Award is made up of two units:

1.  Money Management

2.  Personal Finance in Action

To gain the Award learners must achieve both units.

Once learners have studied the content of the units, they will sit their final assessments via SQA’s on screen assessment system (SOLAR).

This pack is intended to help learners become familiar with the terms used in financial products and services and understand more about how they work and what they are used for before they sit their final assessment. Questions included in the final assessment will draw from the content of units one and two.

Learners can use the explanations and descriptions given within this pack as a starting point for further investigation into the various topics covered, or they can use it as a reminder of the various topics covered.

PLEASE NOTE

Where terms are defined in this document by giving examples of specific values that might apply, the values given are usually based on 2021-22 rates. For example: VAT; Income Tax Bands; Land and Buildings Transaction Tax rates; ISA savings limit; Capital Gains Tax threshold; etc. Learners must be aware that the government has the authority to increase or decrease tax and threshold rates each year depending on inflation and other economic, societal or political factors.