Financial Skills for Life

• newEditor
• PSHE
• Functional Skills
• +1
• Upper Secondary (Key Stage 4)
• Further Education (Key Stage 5)
• Lower Secondary (Key Stage 3)
• BTEC, GCSE

Introductie

Welcome to this lesson on Financial Skills for Life. You can modify this lesson for your learners easily, and there are lots of fun activities to engage your class.

Financial Skills for Life

Hello and welcome to this lesson on Financial Skills for Life!

Do you consider yourself to be good with money?

1

Yes

2

No

3

Give me some and I'll tell you...

We start with a couple of poll questions as starters.

What do you spend most of your money on?

1

Entertainment subscriptions

2

Gym membership

3

Car/Transport

4

Food

5

Something else

And here is the next poll starter!

Lesson Objectives

By the end of this lesson you will:

• Understand basic budgeting and saving

• Explain how financial choices affect the future

It's the lesson objectives page!

Why Financial Skills Matter

• Money affects everyday life

• Budgeting reduces stress

• Saving creates security

• Smart habits grow over time

Informative slide.

Needs vs Wants

WANTS

NEEDS

Luxury Items

Gaming Extras

Housing

Fashionable Trainers

Trend Purchases

Water

Transport

Food

A drag and drop exercise. This could be modified to include more draggable items or made more complex.

What is the hardest to manage?

1

Saving money

2

Avoiding impulse buying

3

Sticking to a budget

4

Understanding bank accounts

5

Planning ahead

Another poll to generate engagement.

Money management takes practice

• Everyone finds different things difficult

• Good habits take time to build

• Small changes can make a big difference

• Planning ahead reduces problems

An informative slide.

Budgeting basics

A budget tracks

• Money coming in

• Money going out

• Savings goals

Simple rule:

Spend less than you earn.

Another informative slide here.

• Saving Goal: A target amount of money you want to save for a specific purpose.

• Deposit: To put money into a bank account.

• Investment: Putting money into something with the hope that it will grow.

• Loan: Money you borrow that you must pay back, usually with interest.

• Bank Account: A safe place to keep your money, which the bank looks after for you.

• Withdrawal: Taking money out of your bank account.

• Compound Interest: Interest on your savings that is calculated on the initial amount and also on the interest that has been added.

• Budget: A plan for how you will spend or save your money.

• Interest: Money the bank gives you for keeping your savings with them.

• Expenses: Things you spend your money on.

Saving Goal

Deposit

Investment

Loan

Bank Account

Withdrawal

Compound Interest

Budget

Interest

Expenses

Fill in the Blanks!

Fill in the blanks exercise. If you wanted to you could introduce these terms first and then use this for AFL. I chose it as a engaging way to actually introduce the terms in a low stakes way.

Why budgeting works

Budgeting helps people:

• Avoid debt problems

• Reach savings goals

• Reduce stress

• Prepare for emergencies

Small habits build financial confidence.

Informative slide.

Why do people overspend?

Your budgeting tips

How can budgeting help students?

Budgeting for Beginners

Word cloud with categories - you could alter the headings if you wish to suit your learners.

What financial habit would help you most?

Open questions now to generate more depth of discussion.

How can budgeting reduce stress?

This happy piggy bank marks the second of these questions,,,,,,

What could you start saving for now?

And finally this last open question functions as an exit ticket.

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