The Financial Awareness unit incorporates the following topics:
1. How Good Are You With Money?
Awareness of some debt statistics within the UK; emotions surrounding money; money in music; attitudes to cash; and, categorisation of items of expenditure as essential or non-essential.
2. Cash in Hand – It’s Small Change
Awareness of current personal financial situation; what would you do with £1 million; going to the cinema and lending money to a friend; introduction to budgeting; and, role play situation.
3. A Company is not Your Friend
Understanding that most companies seek to maximise their profits and encourage customers to purchase through the use of promotional tactics. Realising that knowing about financial terms and being good with money are separate areas. Investigation to find the cheapest source (online) for a selection of products.
4. Time to Visit the Bank
What is banking?; the financial terms that would appear when selecting a bank account eg interest rates, overdraft, bank charges; and, an investigation into different bank accounts available.
5. Being Savvy with Money
Pupils investigate a potential holiday for a fictional character based on a limited budget, including additional financial terms eg Gross Pay, Net Pay and Minimum Wage.
6. Handling Debt
Understanding of the term “debt”; the difference between “good debt” and “bad debt”; and, the “debt spiral”. Understanding the advantages and disadvantages of Credit Cards.
7. Tackling Debt with Budgeting
Discussion of potential income and expenditure items for pupils in class; creating an individual budget using a spreadsheet; using a case study pupils prepare a budget for a 12-month period for a fictional character based on information provided.
Pupils will be asked to:
- Share learning intentions and success criteria
- Discuss ideas and concepts related to financial education
- Research financial topics in order to report back to the class
- Work as part of small groups, aiding discussion during the course
- Show self-awareness as a learner, writing about achievements in learning
Use ICT skills to document findings