taking money from a lender with the intention of paying it back

the extra money you have to pay when you borrow money, acts as a fee for using it

when you spend more money than you have from your bank account

a sum of money you receive and agree to pay back with interest

What are the implications of borrowing money?

Citizenship

What is the best way to look after money?

How can we pay for things?

How can we protect ourselves from fraud?

Where can we save money?

What are our rights as consumers?

Pupils explore how to look after their money considering the implications of borrowing, how they can keep track of their money, what saving options are available to them and what their rights are as a consumer.

How can we manage money well?

Historic or outdated representations of people that may portray inequality or injustice.

Depiction or discussion of discriminatory behaviour

Subjects which particular individuals may be sensitive to, eg, adoption, migration, bereavement or death, divorce, poverty, deprivation.

Depiction or discussion of sensitive content

Depiction or discussion of mental health issues

What can happen if you borrow money through credit cards?

the extra money you have to pay when you borrow money as a fee

Match the words to the correct definition. 

Borrowing money can be part of budgeting sensibly and learning to be {{}} by always paying loans back on time.

Overdrafts can lead to {{}} fees if not repaid quickly. 

What is a potential result of taking out long-term loans?

doing what is morally right, fair and good

money taken from a bank account and used for payment

money that can be used for payment but it is borrowed from a lender

a plan for how to spend money and track income and expenditure

Match the words to their correct definitions.

Various bank accounts serve different purposes, like {{}} accounts for spending and savings accounts for storing money.

The main types of payments we can use includes {{}}, debit cards, credit cards and digital payments. 

making informed decisions about your money

What tasks does financial responsibility involve?

Why is it important to avoid unnecessary debt?

This lesson was made for home learning during the pandemic.

What are the implications of borrowing money?

Lesson outcome

Content guidance

This lesson was made for home learning during the pandemic.