Skills for Life: Financial Literacy
Financial Literacy is an Open Awards Skills for Life unit on everyday money: payment methods, keeping money safe, budgeting, comparing prices and value, and saving and borrowing. Each level, from Entry 1 to Level 2, is a separate 20 hour, 2 credit unit, assessed through school-designed tasks collected in a portfolio and judged Pass or Fail. Digital demand is medium: Entry 3 learners must compare prices on online supermarkets, Level 2 learners must use the internet to compare products and summarise the security risks of digital payments, and budgets and presentations can be done digitally, but much of the unit is practical money handling.
- Awarding body
- Open Awards
- Level
- Entry Level 1 to Level 2
- Guided learning hours
- 20
- First taught
- September 2027
- Amount of digital work
- Medium
- Specification
- Open the specification
How this unit is assessed
- Entry Level 1 (CBM076) and Entry Level 2 (CBM077): Four outcomes at each level. Entry 1 learners state where money comes from, identify safe places to store money, sort money into received and spent through role play, and state a reason for saving. Entry 2 learners identify coins and notes up to £20, describe simple rules for using a bank card, complete a simple budget, check receipts and track spending, and tell needs from wants. Assessed by provider-designed tasks such as sorting, role play and simple budgets, collected in a portfolio. 20 guided learning hours and 2 credits at each level, Pass or Fail.
- Entry Level 3 (CBM078) and Level 1 (CBM079): Entry 3 learners identify payment methods, carry out simple money and change calculations, record and total income and expenditure on a budget sheet, compare supermarket prices online, describe responsible credit use and present on saving. Level 1 learners describe at least three payment methods and their benefits and risks, prepare a two-weekly budget and calculate totals, compare prices for three services, describe ways to save, and present on borrowing and repaying on time. Provider-designed tasks collected in a portfolio. 20 guided learning hours and 2 credits at each level, Pass or Fail.
- Level 2 (CBM080): Learners explain how banking methods such as direct debits and standing orders work, summarise at least three security risks of digital payments, explain essential and non-essential spending, create and analyse a monthly budget against actual spending, use the internet to compare two higher value products including add-on costs, interest and terms and conditions, and complete a key word matching exercise. Provider-designed tasks collected in a portfolio. 20 guided learning hours, 2 credits, Pass or Fail.
The digital skills in this qualification
-
Comparing prices and products online
Entry 3 learners use online supermarkets to compare the cost of goods needed for recipes and find the cheapest and most expensive overall. Level 2 learners use the internet to find and compare features of two higher value products, such as a car or mobile phone, compare costs across sites including add-on costs, discounts and interest, and show understanding of terms and conditions. Required by the Entry 3 and Level 2 guidance for criterion 3.1.
DCF: Sourcing, searching and planning digital content, Health and well-being
Getting pupils ready
- Year 7
- Pupils use two online supermarket sites to price five items for a recipe and record the prices in a table.
- Year 8
- Pupils compare the same pair of trainers on three websites, including delivery charges, and decide which site gives the best deal.
- Year 9
- Pupils compare two mobile phone contracts online, note hidden costs and key terms and conditions, and judge which is better value.
Show the specification wording and the DCF statements
Where it is in the specification: Entry 3, criterion 3.1, Indicative Content page 17; Level 2, criteria 3.1 and 3.2, Indicative Content page 23
“Learners must use the internet to find and compare features of two higher value products”
Progression step 3
I can adjust keywords and search techniques to find relevant information.
I can begin to reference sources used in my work, and consider if content is reliable.
Progression step 4
I can search a variety of sources using relevant search techniques with increased complexity.
I can make informed choices while making online choices, including making in-app purchases and clicking on adverts.
Progression step 5
I can search efficiently for information for my digital work and evaluate the reliability of sources of information, justifying opinions and reasons for choices, and I can reference work using appropriate methods.
-
Understanding the security risks of digital payments
Entry 2 learners describe simple rules for using a bank card and label a card highlighting personal information. Level 1 learners describe at least three payment methods and two benefits and risks, and Level 2 learners summarise at least three security risks of digital payment methods and explain how banking methods such as direct debits and standing orders work. Required by criterion 1.2 at Entry 2, Level 1 and Level 2.
DCF: Identity, image and reputation, Health and well-being
Getting pupils ready
- Year 7
- Pupils label a mock bank card with the details that must be kept private and write three rules for using a card safely.
- Year 8
- Pupils compare paying by card, phone and online account, listing one benefit and one risk of each in a table.
- Year 9
- Pupils investigate three digital payment risks, such as card cloning, phishing texts and fake checkout pages, and write a short guide on avoiding each.
Show the specification wording and the DCF statements
Where it is in the specification: Entry 2, criterion 1.2, Indicative Content page 15; Level 1, criteria 1.1 and 1.2, page 20; Level 2, criterion 1.2, pages 22 to 23
“Summarise the security risks associated with digital payment methods”
Progression step 3
I can understand how to protect myself from online identity theft, e.g. identifying secure sites, phishing, scam websites.
I can identify the benefits and risks of giving personal information and device access to different software.
Progression step 4
I can use strategies for guarding myself against identity theft and online scams that try to access my personal information.
I can make informed choices while making online choices, including making in-app purchases and clicking on adverts.
-
Building and analysing a budget with digital templates
Learners complete a simple budget (Entry 2), record and total income and expenditure on a budget sheet (Entry 3), prepare a two-weekly budget from an agreed template (Level 1), and create a monthly budget and analyse actual against planned spending (Level 2). The budget is required, but a spreadsheet is not: the resources list budgeting templates and digital devices for completing financial tasks.
DCF: Data and information literacy, Problem-solving and modelling
Getting pupils ready
- Year 7
- Pupils enter a week of pocket money income and spending into a spreadsheet template and use SUM to find the totals.
- Year 8
- Pupils build a monthly budget spreadsheet for a teenager with a part-time job, using formulae to show money left over.
- Year 9
- Pupils add an actual spending column to a budget spreadsheet, calculate the difference from the plan, and chart where spending went over.
Show the specification wording and the DCF statements
Where it is in the specification: Learning outcome 2, Entry 2 to Level 1; Level 2, criteria 3.2 and 4.1; Indicative Content, Level 1 page 20, Level 2 page 23; Physical Resources, page 7
“create a two-weekly budget from an agreed template”
Progression step 3
I can construct, refine and interrogate data sets within tables, charts, spreadsheets and databases to test or support an investigation.
I can use a range of spreadsheet formulae, e.g. + - / x, sum, average, max, min.
Progression step 4
I can create a simple model or self-contained algorithm.
I can perform analysis on simple data sets including grouping data as appropriate.
-
Presenting saving and borrowing advice
Entry 3 learners work in a group and then individually create a short presentation about when and how to save money, and Level 1 learners do the same for borrowing money safely. The presentation is required by the guidance for outcome 4; it does not have to be digital.
DCF: Creating digital content, Evaluating and improving digital content
Getting pupils ready
- Year 7
- Pupils make a three slide presentation on one reason to save, with a heading, an image and a short tip on each slide.
- Year 8
- Pupils create a short slide show for Year 7 on how to save for a big purchase, choosing fonts and images to suit the audience.
- Year 9
- Pupils create a presentation on borrowing safely, ask a partner for feedback using comments, and improve it before presenting.
Show the specification wording and the DCF statements
Where it is in the specification: Entry 3, criteria 4.1 and 4.2, Indicative Content page 17; Level 1, criteria 4.1 and 4.2, Indicative Content page 20
“individual creation of a short presentation about borrowing money safely”
Progression step 3
I can use a range of software to select, produce and edit a range of multimedia components for a purpose, such as:
- text and images, e.g. format text (bold, underline, italics, highlight); insert and edit text boxes; columns; use refine tools (spellchecker, find and replace); word wrap; crop; alter size and shape; alter images; add effects; trim and split sound and video clips; transitions; onion skin
- presentation, e.g. page orientation; animations; transitions; remove and alter images; use background; use action buttons to create hyperlink; embed objects.
I can use software tools to enhance the outcomes for specific audiences.
Progression step 4
I can select and use a variety of appropriate software, tools and techniques to create, modify and combine multimedia components for a range of audiences and purposes, such as:
- text and images, e.g. explore and use effectively image manipulation techniques; explore and use appropriately the many aspects of document layout; use animation, video and audio effects such as echo, tempo, envelope, layering, frame rate, key frames
- presentation, e.g. use design tools; adapt themes and colours to suit the purpose; create master templates.
I can suggest and make improvements that are relevant for audience and purpose, based on feedback and self-evaluation of my digital work.
Good to know
- Each level is a separate unit with its own code, worth 2 credits and 20 guided learning hours: CBM076 (Entry 1), CBM077 (Entry 2), CBM078 (Entry 3), CBM079 (Level 1) and CBM080 (Level 2); every unit page states "Guided Learning Hours: 20" (Unit Content, pages 11 to 22).
- Only one level counts in a qualification: "with the exception of British Sign Language (BSL), units with the same title at different levels are barred for completion within the same qualification" (Level 1 Qualification Guide, Qualification Units, page 17).
- Tasks are set by the school: the unit is "assessed through assessment tasks and activities designed by the provider", tasks need pre-course verification, and "All assessment criteria must be met in full for the learner to be awarded a 'pass'" (Assessment Approach, page 8).
- Evidence goes in a portfolio of evidence, on paper or digital, and "Wherever possible, e-portfolios are encouraged" (Assessment Approach, page 8).
- Resources must include "access to digital devices (e.g., computers or tablets) for research and completing financial tasks", calculators, budgeting templates, and "access to online tools or simulated banking environments where appropriate" (Physical Resources, page 7).
- The unit specification has no rule on AI tools; the qualification guide only requires that evidence must "Be the learner's own work" (Level 1 Qualification Guide, Assessment Conditions, page 30).
- The Level 2 unit looks like a draft: criteria 2.2 and 2.3 repeat 1.1 and 1.2 (banking methods and digital payment risks), 3.1 repeats 2.1, outcome 3 (consumer choices) has "Create a personal budget" as 3.2, and outcome 4 (saving, borrowing and investment) has "Analyse actual vs planned spending" and "Compare financial features of products" (pages 22 to 23). The guidance numbers do not match the criteria, and the progression table's Level 2 saving and borrowing content is only covered by a key word matching exercise (page 23). Check with Open Awards before planning Level 2.
Links with other qualifications
Financial Literacy links with GCSE Mathematics and Numeracy, which cover budgets, best buys, percentages and interest, and with GCSE Digital Technology, which covers online payment security and spreadsheets. The Level 2 comparison of higher value products, with add-on costs, interest and terms and conditions, matches consumer and finance topics in GCSE Business. Within the Open Awards Skills Suite, Business Finance applies the same budgeting and pricing skills to a fundraising activity, and Online Safety covers scams and safe online shopping that support the digital payment risks here. Compared with the Pearson Financial literacy unit, the Open Awards unit names specific online tasks, online supermarkets at Entry 3 and internet product comparison at Level 2, so its digital demand is higher.
Source: Open Awards Skills for Life Unit Specification, Financial Literacy, Entry Level 1 to Level 2.