ALTW 223: INDEPENDENT LIVING SKILLS: FINANCIAL LITERACY
Foothill College Course Outline of Record
| Heading | Value |
|---|---|
| Units: | 4 |
| Hours: | 4 lecture per week (48 total per quarter) |
| Degree & Credit Status: | Non-Degree-Applicable Credit Course |
| Foothill GE: | Non-GE |
| Transferable: | None |
| Grade Type: | Letter Grade (Request for Pass/No Pass) |
| Repeatability: | Not Repeatable |
Student Learning Outcomes
- Demonstrate understanding of checking and savings accounts, differences between the two accounts and how to open an account with a bank or credit union
- Discuss why people apply for credit cards, responsible use of credit cards and consequences of missed or late payments of credit card debt
- Student will be able to budget for needs/ wants and to set a financial goal.
Description
Course Objectives
The student will be able to:
A. Use banking tools, including:
1. Savings and checking accounts
2. ATM cards
3. Debit cards
4. Online accounts
5. Direct deposit
B. Understand how banks and credit unions operate
C. Explain how credit works and factors that affect credit
D. Recognize the importance of employment choices for financial independence
E. Read a paycheck and understand deductions
F. Develop an understanding of options for saving that may be offered from a job, including:
1. Basic retirement savings
2. Flexible spending accounts
G. Research typical expenses incurred when living independently, including:
1. Rent
2. Utilities
3. Food
4. Entertainment
H. Prepare a personal budget and develop system for cash flow management
I. Minimize the risk of identity theft
Course Content
A. Types of financial institutions and services provided
B. Checking accounts and savings accounts
1. Setting up an account
2. The purpose of different accounts
3. Managing and monitoring money in accounts
C. Use of ATM and debit cards
D. Building and managing credit
1. Evaluate costs, benefits and pitfalls of credit cards
2. Maintaining a good credit score
3. Explanation of how credit is damaged
4. Identify how credit cards and debit cards differ
E. Employment and financial independence
1. Earning potential for different jobs
2. Plan to reach job goal
3. Saving programs that may be offered by an employer, including:
a. Basic retirement accounts
b. Flexible spending accounts
4. Reading a paycheck
a. Gross pay versus net pay
b. Taxes
c. Payroll deductions
F. Budget based on expected income and expenses
1. Setting financial goals
2. Planning for unexpected expenses
3. Researching and comparing realistic expenses
4. Making wise budgeting decisions
5. Managing cash flow to avoid overspending
6. Paying bills
G. Internet and financial safety
1. Appropriate personal information sharing and passwords
2. Identity theft
3. Consumer rights and protection laws
Lab Content
Not applicable.
Special Facilities and/or Equipment
Method(s) of Evaluation
A. Group and individual projects
B. Participation in in-class activities
C. Quiz/Final exam
Method(s) of Instruction
Lecture, discussion, industry guest speakers, cooperative learning exercises.
Representative Text(s) and Other Materials
Ryan, Joan. Personal Financial Literacy. 2nd ed. Cengage Learning, 2012. ISBN-13 9780840058294.
Types and/or Examples of Required Reading, Writing, and Outside of Class Assignments
A. Students identify appropriate jobs and determine average yearly salary through internet research.
B. Students research the current rental market to determine average rent for suitable accommodations.
C. Students create plan for of expenses for independent living, including rent, entertainment, utilities, phone, and transportation costs.
D. Students compare credit cards rates and offers, create a presentation and report findings to class.
E. Students read chapter one of textbook and define key terms.
F. Students visit the Federal Trade Commission website at www.consumer.ftc.gov to locate information on protecting identity. Complete a worksheet and present answers to classmates.
G. Students write a 250 word reflection paper on industry speaker presentation.