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Open University to offer free finance modules

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14/11/2013
The Open University (OU) will offer free personal finance modules to the general public from next year.

The first module, which will be available from spring 2014, will cover household budgeting, borrowing and debt management, managing savings and investments, how to arrange insurance cover and organise a pension.

The second and third modules, which will be produced later in 2014 and 2015, will help individuals gain an understanding of investment and risks, the financial industry and consumer rights.

The modules will be delivered by the OU’s True Potential Centre for the Public Understanding of Finance, which launched today.

The research centre brings together academics with expertise in regulation of the financial services industry; investment, pension funds and mis-selling; consumer behaviour and customer relationship management; the role of emotion in financial decision-making and taxation.

“The need for such a centre has never been greater,” said Professor Rebecca Taylor, Dean of The Open University Business School.

“Many people in the UK are struggling to pay their bills, let alone save for a pension; interest rates are low and more emphasis is being placed on the individual to take financial responsibility for their future.

“Financial literacy in the UK is at rock bottom. Whilst important steps are being taken to introduce financial education to the school curriculum this will only benefit school-aged children. The Centre will use its research expertise to develop courses relevant to the needs of individuals managing their personal finances and looking to invest in their future. The research findings will also help organisations reach and understand the behaviours of such individuals in the future.”

 

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