Consumer Education

1
Consumer Education

• Andrea Carlson
• Megan Sullivan
• Arden Katine
• Rachael Kuhnmunch

2
Overview

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

3
Introduction

• Consumer rights are basic human rights
• Main method Consumer Education
• Importance Molding youth into informed consumers

4
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

5
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

6
Research Methods

• Vermont
• Background Research
• Saint Lucia
• Focus Groups
• Interviews
• Quizzes
• Surveys
• Data Analysis

7
Findings

• Savings and Personal Finance
• Hire Purchase
• Consumer Affairs Office

8
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

9
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

10
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

11
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

12
Conclusions

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

13
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

14
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