Financial Capability | Policy on Pensions and Debt

Financial Capability | Policy on Pensions and Debt How far does policy towards pensions, debt and the financial sector reflect the publics level of financial capability? The public’s level of financial capability is an area that is causing policy makers great concern, especially in these times of economic uncertainty and instability. Financial capability is about being able to being able to manage money and keep track of your finances. It is also about being able to plan ahead and choosing the right financial products and about staying informed about financial matters. The rapidly changing demographics of our population and the associated changes in our society means that policy makers are having to This essay will firstly look at the concept of financial capability. It is a relatively new idea without an established consensus about what it actually means. This essay will try and determine some of the key characteristics of this concept. It will then turn to consider how financially capable the public is as a whole. Finally this essay will consider just what this means for policy makers in pensions, debt and the financial sector and how in line current policy is with the how the public view these areas. Atkinson et al (2006) provide the most comprehensive study of financial capability in the UK. From their studies they have determined that this concept can be broken down into four key domains. These are, managing money, planning ahead, choosing products and staying informed. It is worth looking at these terms in a little more detail. Managing money is how well you are able to make ends meet and how well you are able to keep track of your money. It should be noted that those on a higher income may be able to make ends meet but have no money management skills. Planning ahead is the ability to deal with financial commitments that are coming in the future and also unexpected events. Retirement is one of the most significant financial commitments that people are expected to deal with and plan for. Choosing products is the knowledge and the ability to choose financial products that are best suited to the needs of the individual such as credit cards, mortgages and loans. The final domain o f financial capability is staying informed. This is measured by how well people keep informed about financial issues, whether their own or financial issues in the wider world. It would be useful to now look at how financial capable the public is in the UK. Again, the most comprehensive work in this area comes from Atkinson et al (2006) who conducted a survey of over 5000 people to determine just how financially capable we as a nation are. It is important to note from the outset that because financial capability is broken into these four separate domains, it is possible that an individual can be capable in one but not so capable in the others. This essay will now turn to look at each of these separate domains in turn to determine the financial capability of the public. Atkinson et al (2006) found that on the whole the UK is quite good at making ends meet. They did identify a minority who did not do so well. Those were young people who rented their homes and managed a cash budget. This group included lone parents, the unemployed and those who had been out of work for a while due to illness. Atkinson et al (2006) found that there was no pattern to those who kept track of their money. They suggest that it is a skill that some people acquire over time. Planning ahead was an area that Atkinson et al (2006) found that the UK was not very good at. They found that over half the people they surveyed had made any provisions for a drop in income. This trend was also evident in preparing for retirement. The survey found that older people and those on higher incomes were better at planning ahead. Education also played a key role with those having achieved A-levels or higher being more likely to plan ahead. However, the survey found that if presented with the opportunity to plan ahead by an employer then people are more likely to take them up. The 2006 survey found that the public was generally poor when it came to choosing the appropriate financial products for them. It found that people were not willing to shop around to find the best product for them. Only a small minority had sought advice before purchasing products and only a small minority of this group had read the terms and conditions on these products. The survey did find that capability usually went up with the more products that people bought. In a sense, you learn by experience. Middle-aged people scored most highly in this domain, while young people scored badly. Atkinson et al (2006) found that most people surveyed felt it was important to keep up to date with financial changes but few actually did so. The survey found that an important aspect of financial capability is the ability to deal with disputes and complaints. Here, people are more likely to complain about financial services rather than about financial products. This could be that they didn’t know who they could complain to. On the whole this survey paints a picture of the UK public not being that financially capable. The public is strongest when it comes to making ends meet but in the 3 other domains there lacks any level of real financial capability. This essay will now turn to look whether policy in pensions, debt and the financial sector reflects that. The 2006 white paper from the pensions department entitled, Personal accounts: a new way to Save, sets out the governments vision when it comes to pension policy. It recognises the fact that the public isn’t so capable when it comes to choosing the best financial products for them. Therefore, the government is trying to limit the amount of choices that the individual has to make. The white paper states that it is trying to give savers, â€Å"flexibility without complicating their decisions†. The government is also trying to improve the public’s knowledge about financial products so that in the future they will make better informed choices. Raising awareness and educating people about financial products is a key government policy in this area. John Tiner, the FSA Chief Executive argues that, â€Å"if people know what they want and how to get it, the market for financial services becomes less one-sided and a lot more efficient. Consumers will demand better, cheaper and more appropriate products and services† (2004). Debt is an interesting area because it is an area where there has been massive change over the past few months. A Treasury Study conducted in 2007 stated that most consumers were able to manage their credit successfully and that over-indebtedness was only a problem for a small minority. This is certainly in line with the findings of Atkinson et al (2006). However, recent events have shown that the problem of over indebtedness is much larger than could have been anticipated. The government is trying to ensure that there is transparency in the financial sector and better access to services such as debt advice. The government currently has three priority areas for tackling this financial exclusion. These are access to banking, access to affordable credit and access to face-to-face advice. The 2006 survey found that the public as a whole are far from capable when it comes to seeking out help and advice so the government policy certainly reflects the public’s capability in this are a. Government policy in relation to the financial sector has also been affected by the events of the past few months. Perhaps the most obvious example of the government’s commitment to making sure that the public are treated correctly was the formation of the FSA with consumer protection and awareness at the heart of it’s remit. The government is trying to get the financial sector to simplify it’s products so that the consumer has a better chance of choosing the right product for them. The government has also called on the financial sector to lend responsibly so that levels of over-indebtedness don’t go up. The government recognises the value of financial capability as an important life skill. Having a public that is financially capable means that they are less likely to go into debt, can handle unexpected financial obligations and they are more likely to save for future events such as retirement. Good financial capability also increases competition in the financial sector as customers seek out the best deals for them. The government’s policies largely reflect the public’s current levels of financial capability. However, more effort must be made to increase awareness about financial products and services that are available to them. Bibliography and References Department of Trade and Industry, Tackling over-indebtedness: annual report, 2006. Department for Work and Pensions, Personal accounts: a new way to save Regulatory Impact Assessment, December 2006. Financial Services Authority, Building financial capability in the UK, 2004. Financial Services Authority, Personal Finance Research Centre: University of Bristol, Levels of Financial Capability in the UK: Results of a baseline survey, March 2006. HM Treasury, Promoting financial inclusion, December 2004. HM Treasury, Financial Capability: the Governments long-term approach, July 2007.

Dynamic Change and Collaborative Learning Environments :: Education, Leadership and Organizational Theory

Dynamic Change and Collaborative Learning Environments The continuous transformation in educational organization requires investigation of how the organization can be equipped to collaboratively handle constant changes and still improve. Leadership and organizational theory provide the support into looking at how an organization functions and how change happens within that organization. Educational organizations are always trying to catch up; hence, a system of improvement is necessary for teachers to have direct access to in-house experts to learn. (W. W. Burke, 2008) identifies an educational environment as an â€Å"open system† because it depends on a constant connection with the environment. The literature offers many distinctions about the â€Å"what† of change, such as planned or unplanned; however, there is a lack of information about the â€Å"why† and â€Å"how† of implementing change. Burke (2008) refers to the â€Å"what† part of change as content and the â€Å"how† as the process. As stated by Burke (2008), â€Å"†¦management consulting tends to focus on the content- on what needs to be changed. The process of how to bring about the change is either ignored or left to others, especially the client, to implement† (p. 165). Dufour and Eaker (1998), report that trying to change beliefs and habits will be complex and difficult to achieve. They state, â€Å"†¦if a change initiative is to be sustained, the elements of that change must be embedded with in the culture of the school† (p. 133). As stated by Fullan (2008), â€Å"Systems can learn on a continuous basis. The synergistic result of the previous five secrets in action is tantamount to a system that learns from itself† (p 14). Performance and outcomes will always change so the system will have to learn from itself in order to move forward with changes for continual success. In addition, Bandura (1997) supports the idea of a system learning from itself when he s ays that people can and do control their own motivation and thought process using observation and self-assessment to change their behaviors and attain goals. Peer observation is one way the system (the school) can learn from itself. The Professional Learning Community as a whole is the stakeholder. Administrators, teachers, staff, and students all hold a piece to the success of a community of learners that look to increase their knowledge capacity by learning from each other.

Chinese Cinderella Extended Response

The novel ‘Chinese Cinderella’ is an autobiography written by Adeline Yen Mah, describing her childhood and younger teenage years as an unwanted daugther. Unlike most children, Adeline had a difficult time growing up. All throughout her life she was bullied and looked down upon by most of her family. At a young age Adeline is constantly being left behind by her family, leaving her to feel like the unwanted daughter. Throughout the whole novel, Adeline is looked down at and is never acknowledged for her hard work â€Å"Nobody was there to pat my head or congratulate me†¦Ã¢â‚¬  page 17.Adeline’s Father, who is a wealthy businessman, has a small role in the book. This is because Niang seems to be the ‘head of house’. Whenever he is involved, he seems to not care, he is often forgetful or simply uninterested about her, admitting to Adeline â€Å"I have forgotten your Chinese name†¦ † page 140. Even by her siblings Adeline is abused or m istreated, â€Å"But then Mama died giving birth to you. If you had not been born, Mama would still be alive. She’ died because of you. â€Å"You are bad luck. † page 3. †¦He took my right arm under the table and gave it a quick hard twist. † page 10. Although Adeline tries her best to please her father and siblings she is continually being rejected by them. Adeline was looked down on and hated by her family, especially by Niang, who was the hardest to please, throughout Chinese Cinderella, it shows that Niang was never happy with Adeline â€Å"You don’t deserve to be housed and fed here. Girls like you should be sent away† page 113. Niang physically abuses Adeline by hitting her, kicking her, slapping her.Adeline is always left miserable, lonely and feeling helpless and afraid. One day, Adeline’s classmates had discreetly followed her home, hoping to give her a surprise party. Instead, they heard Niang beating and screaming at her, â⠂¬Å"Liar! You planned it, didn’t you, to show off our house to your penniless classmates. How dare you! † page 127. â€Å"I realised Niang’s blows must have caused a nosebleed, and that my face was probably smeared with a mixture of blood, mucus and tears†¦I felt naked and ghastly and vulnerable. † page 129.Niang continues abuse Adeline despite her doing nothing wrong she was unloved by Niang and alone with nobody there to support her. Adeline was different. Her family were the ones who put a label on her and her friends all realised that she was different. She is an unwanted daughter â€Å"†¦despised daughter publicly rejected by her parents. † page 133. Although Adeline is a smart girl going to expensive schools, she does not fit in very well with her classmates. This is because Adeline â€Å"†¦neither receives eggs or visits† â€Å"†¦rushing around in that infantile brown dress. page 194. In chapter 18 is shows that Ad eline hates being â€Å"the object of anyone’s charity or pity† Page 195. Even though it is clear Adeline and her classmates were never really on the same level of friendship. Back in the primary school in Shanghai, Adeline where tried hard to fit in with her classmates, She befriended Wu Chun-Mei who quickly became her best friend, the only one she had during primary. In conclusion all through Adeline’s life Niang shows multiple times through the book that Adeline is not a loved child in her family.

The Red Pony Death and Rebirth Essay - 1473 Words

The Red Pony: Death and Rebirth The pony still lay on his side and the wound in his throat bellowed in and out. When Jody saw how dry and dead the hair looked, he knew at last that there was no hope for the pony . . .he had seen it [the dead hair] before, and he knew it was a sure sign for death. In Steinbecks The Red Pony. death played an intricate role in the life of Jody, an adolescent farmers child. With the reoccurring theme of deaths association with violence, we are eventually enabled to discover that from one such horrific incident, a rebirth of life can be formed. In Steinbecks classic tale of a young boys coming of age and his initiation into manhood, this sense of life and rebirth played harmonious roles†¦show more content†¦In accordance with the storys theme, he points to the west, long a symbol of the wretchedness of the time. The family, disconcerted at the appearance of such a stranger, invited the man to stay for a short while. While on the farm, the old man spotted an declining horse, as close to death as he was. Before anyone could really become acquainted with Gitano, he had stolen the horse, although it was dying like himself, and headed out towards the enigmatic mountain regions of the west. As a contrast to the references to death, a new rebirth is also explored. With the comming of the spring season came also the birth of a new horse, which would belong to Jody after it was born. As typical with the style, though, in order for the rebirth, death must coincide with it. As the horse, Nellie, entered labor, a complication occurred in the pregnancy. Eventually killing the older horse to make way for the newer one, Steinbeck added one more reference to his thought that along with a sense of happiness, one of discontent is bound to follow. As in the case of Steinbecks novel the reoccurrence of death played a role in the development in the maturity of the main character, Jody. On one occurrence of breakfast together, Billy Buck the gifted cow-hand for the Tifflin family, noticed the blood spot on one of Jodys eggs, mentioning it was only a sign that the rooster leaves. Steinbecks theme of the death-life cycle had already been instated, for theShow MoreRelated John Steinbeck was born to middle-lower class family in the farming1689 Words   |  7 Pageshis father always kept a sunny disposition and took the family on frequent trips across California. These small towns and cities John and his family would visit, later served to be the local of his future novels such as: East of Eden and The Red Pony(Fontenrose, 2). John even used his home town of Salinas to serve as the setting for the short story, The Chrysanthemums(Charters 705). Here John was able to see the effects of the early twentieth-century economy on the every day farmers in hisRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagesstress, and encourage organizational members to act ethically and further promote the interests of the organization.21 If bureaucracies are not managed well, however, many problems can result. Sometimes, managers allow rules and SOPs, â€Å"bureaucratic red tape,† to become so cumbersome that decision making is slow and inefï ¬ cient and organizations Jones−George: Contemporary Management, Fourth Edition I. Management 2. The Evolution of Management Thought  © The McGraw−Hill Companies, 2005