LO1: To understand what was used before money and recall world currencies LO2: To demonstrate an ability to balance needs and wants LO3: Discuss real-life.

LO1: To understand what was used before money and recall world currencies

LO2: To demonstrate an ability to balance needs and wants

LO3: Discuss real-life money decisions and evaluate ways to save money

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Session 1: Making Money Choices

Financial Literacy Scheme

KNOW WHAT HOW LEARNTWhat do we already

know?What else do we want to learn?

How can we learn more?

What have we learnt?

KWHL – Our Learning

What did we do before money?

Bartering is the oldest method of conducting business.

Bartering is simply trading one item for another; an apple for an orange.

But bartering can also involve services; for example dental care, making a custom wedding dress, doing someone’s gardening or making dinner.

CURRENCY

Worth

Definition

World currencies In the UK? In the rest of Europe?

Pounds and PenceEach letter of the alphabet has a value. Can you calculate how

much your name is worth?

A B C D E F G H I J1p 2p 5p 10p 20p 50p £1 £2 £5 £10

K L M N O P Q R S T£20 1p 2p 5p 10p 20p 50p £1 £2 £5

U V W Y Z £10 £20 13p 1p 2p

If you finish this, how many words can you think of that are worth £10?

Needs and Wants

Work as a team to sort the cards into what you think are ‘Needs’ and ‘Wants’.

Extension: estimate how much you think each item might cost, and put the cards from lowest to highest. If you only had £10 to spend this week, what would you choose to buy?

Spend or Save?Ben and Lily are school friends who are faced with some money problems. The holidays are soon, but if Ben and Lily want to make sure they have the best time possible they’re going to need to save some money, and fast! Using the videos you need to help them make all sorts of money decisions in the run up to their holidays.

Spend or Save Video

Watch the videos and as a team, decide what you would do at each stage.

What would you do?

Discuss answers to the questions above in groups. You will need to explain your decisions to the rest of the class.

Summary• We use currency to buy and sell things• We need to make informed choices about the

way we spend our money – thinking about ‘needs’ vs ‘wants’ can help

• It is important to think about the future when making money decisions now

• Next session you will be finding out about the world of work first hand, and learning about taxes and contracts!