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ACCT8011 - Financial & Consumer Studies

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Title:Financial & Consumer Studies
Long Title:Financial & Consumer Studies
Module Code:ACCT8011
 
Duration:1 Semester
Credits: 5
NFQ Level:Advanced
Field of Study: Accounting, Auditing and Accountability
Valid From: Semester 2 - 2021/22 ( January 2022 )
Module Delivered in 1 programme(s)
Module Coordinator: Claire OSullivan Rochford
Module Author: SYLVIA DEMPSEY
Module Description: This module aims to equip students with knowledge and understanding to allow them to engage in, and teach and assess students in, financial planning and consumer studies of various types of households. This approach will foster a life-long learning approach to effective organisation and management of available resources to satisfy personal and family needs in a continuously changing economic, social and technological climate. It will encourage students to become discerning consumers, by being able to seek out and evaluate information and make sound consumer judgement and choices.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Research, analyse and evaluate savings, investment and loan products with reference to terms and conditions and perform calculations such as annual equivalent rate (AER) for savings and annual percentage rate (APR) for loans
LO2 Apply the principles of insurance and evaluate various insurance products, pension schemes and social welfare supplements.
LO3 Perform income tax computations, file personal annual tax returns online and claim tax credits and expenses
LO4 Prioritise financial needs for individuals and households with varying degrees of wealth and communicate advice for households on annual household budgets
LO5 Research and evaluate factors that affect consumer decision-making and apply the principles of consumers' rights, responsibilities (including responsibility towards the environment), consumer protection and legislation for sound consumer judgement and choice
LO6 Evaluate different approaches to teaching and assessing household finance and consumer studies
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).

Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.

No requirements listed
 

Module Content & Assessment

Indicative Content
Savings, Investments and Loan Products
Saving products, risk/return trade-off, Annual Equivalent Rates (AER), Loan products (including housing finance), Annual Percentage Rates (APR). Use of Excel to perform and communicate calculations.
Insurance, Pensions and Social Welfare Supplements
Overview of insurance, pensions and social welfare supplements. Principles of insurance, insurance calculations, personal & household insurance policies. Retirement planning, defined benefit, defined contribution, annuities and perpetuities. Department of Employment Affairs & Social Protection (DEASP); family income supports; health supports (benefits); unemployment supports (benefits), etc.
Household Income
Computation of net income. Compulsory deductions : Pay as you earn (PAYE), Universal Social Charge (USC) and Pay Related Social Insurance (PRSI). Voluntary deductions: pension, union fees, private health insurance etc. Filing individuals returns on Revenue online service (ROS). Claiming medical expenses.
Prioritise Individual and Household financial needs
Managing household expenditure. Exploring the household budget survey (undertaken every 5 years). Fixed, irregular and discretionary expenditure. Comparative websites. Management of household finances. Preparation of household budgets using Excel. Cashflow deficit/surplus. Responsible borrowing. Spending beyond their means.
Consumer choices
Factors affecting consumers' decision making. Income, merchandising, advertising, packaging and labelling. Retail psychology. Shopping patterns. Consumer research.
Consumer rights, responsibilities, protection and legislation
Responsibility of the consumer in informed decision-making. Consumer information and rights. Management of the environment (renewable resources, recycling, pollution and sustainability). Rights of the consumer. Statutory consumer protection bodies - National Consumer Agency, Office of the Ombudsman, National Standards Authority of Ireland. Voluntary bodies - Consumer Association of Ireland, Advertising Standards Authority of Ireland. Consumer complaints procedure. Small claims procedures.
Pedagogy
Throughout all aspects of this module students will debate how to teach (and assess) family resource management, management of household finances, housing finance and consumer studies to second-level students. This will include the use of technology - internet, Excel, Word, Powerpoint etc
Assessment Breakdown%
Course Work100.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Written Report Prepare a report outlining a major capital spend for the household, evaluating different brands, environmental impacts and financing options, and advising on the product and financing option chosen. 1,5 25.0 Week 5
Presentation Group presentation by means of a poster and pitch on an innovative way to teach/assess a topic in household finance and consumer studies 1,2,3,4,5,6 50.0 Week 10
Multiple Choice Questions MCQ to examine the theory and calculations in all aspects of the module 1,2,3,4,5 25.0 Week 13
No End of Module Formal Examination
Reassessment Requirement
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.

The institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Lectures, discussions, group work 2.5 Every Week 2.50
Independent Learning Self-directed learning 4.5 Every Week 4.50
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.50
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Lectures, discussions, group work 2.5 Every Week 2.50
Independent Learning Self-directed learning 4.5 Every Week 4.50
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.50
 

Module Resources

Recommended Book Resources
  • Brooks, Neil, Gannon, Sandra and Kerby, Jill, TAB Guide to Money, Pensions and Tax, updated annually Ed.
  • Ward, Anne Marie 2016, An Introduction to Personal Finance, 4th Ed., Chartered Accountants Ireland Publishing Ireland [ISBN: 978-1-910374]
Supplementary Book Resources
  • Low, John 2022, Money Doctor, Providence Press Dublin [ISBN: 9781838236137]
  • Hayes Culleton, Susan 2021, Money Matters, CFA Society Ireland
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_FHOEC_8 Professional Diploma in Education - Home Economics 4 Mandatory

Cork Institute of Technology
Rossa Avenue, Bishopstown, Cork

Tel: 021-4326100     Fax: 021-4545343
Email: help@cit.edu.ie