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The use of practical examples to teach financial literacy concepts
Take an everyday scenario and use it to answer questions such as
- What financial knowledge would students need to answer the question?
- What Citizenship concepts naturally link to this concept?
- What misconceptions might students have?
- How could this become a 30 minute lesson?
Some examples
Budget announcement
The Chancellor announces a tax increase to fund schools and the health service. Some people celebrate the decision. Others complain they will have to pay more tax. What do you think?
Choosing your future
At 16 you are deciding between sixth form or an apprenticeship combined with education. How might finances affect your choice?
Trade agreement
The UK signs a new trade agreement that makes imported food cheaper. Is this a good policy decision?
Create a board game to simulate the impact on personal life of everyday financial decisions.
Go round the board, starting with a credit score, landing on cards which call for the financial knowledge/ decisions to respond to given changes in status.
Life event cards might cover: first job, renting accommodation, buying first car, opening savings accounts, getting married
Citizenship cards might cover: Should taxes be increased to improve public services? Should gambling adverts be banned? Should state taxes be increased to fund retirement?
Challenge cards might cover: scams, redundancy, inflation
Decision cards might cover: debit or credit, pension opt in or opt out
New trend cards might cover: digital pound, buy now, pay later, AI advice