The Open University

Free online personal finance education from the Open University

For many years the Open University has offered personal finance education to the public through  a series of free short online courses.

Now with the economy struggling under the twin pressures of the Covid pandemic and the changes evolving from Brexit there is growing concern about household finances. Unemployment is rising and may increase further when the current furlough schemes end. Those using savings to help their retirement income are seeing interest rates close to zero.

The pressures on government finances presage hikes in taxes. So against this backcloth there are now even greater reasons for households to sharpen up their personal finance skills.

To date 270,000 people have studied the free personal finance courses offered on the OU’s OpenLearn and FutureLearn platforms, with these courses covering the financial education needs of all those from their teenage years to those in retirement.

“Generation Covid”, young people aged 12-24, have had their learning, finances and mental health impacted by the pandemic. Those from deprived backgrounds in particular, have had their earnings and job prospects hit hardest according to a report from The Health Foundation. At the Open University we have tried to support young people in a variety of ways throughout the pandemic, but providing tailored resources to ensure long-term financial confidence and capability has never been more timely.

Managing My Money for Young Adults has a target audience of those aged from 14 up to the mid-20s. The course, funded by The Chartered Accountants’ Livery Charity, comprises eight bite-sized, video-based sessions of learning and quizzes – each taking around two to three hours of study time. The course covers the financial education needs of those moving on in their adult lives to employment, apprenticeships and higher education. It can be studied at any time that suits at home or in group sessions in schools or colleges, facilitated by teaching staff.

Classroom support for teachers is available in a course overview and set of eight guidance notes. These include details on the objectives of each session and also provide suggestions for further discussion areas and exercises.

Successfully completing the course and its quizzes earns learners an Open University digital badge and a certificate ‘statement of participation’ which can be added to their CVs, to support applications to potential employers, universities or other education providers.