Presentation on theme: "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."— Presentation transcript:
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 Session 1: Making Money Choices Financial Literacy Scheme
KNOWWHATHOWLEARNT What 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 someones gardening or making dinner.
CURRENCY Worth Definition World currencies In the UK? In the rest of Europe?
Pounds and Pence Each letter of the alphabet has a value. Can you calculate how much your name is worth? ABCDEFGHIJ 1p2p5p10p20p50p£1£2£5£10 KLMNOPQRST £201p2p5p10p20p50p£1£2£5 UVWYZ £10£2013p1p2p 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 theyre 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!