What is the best way to look after money?
I can explain what financial responsibility is, the different types of bank accounts and ways to bank ethically.
- Year 9
What is the best way to look after money?
I can explain what financial responsibility is, the different types of bank accounts and ways to bank ethically.
Lesson details
Key learning points
- Financial responsibility involves making informed decisions about budgeting, saving and avoiding debt.
- Various bank accounts serve different purposes, like current for spending and savings accounts for storing money.
- Ethical banking focuses on supporting banks that invest in responsbile social and environmental causes.
- Learning about responsible money management prepares individuals for future financial stability.
Keywords
Financial responsibility - managing money wisely by budgeting, saving and avoiding unnecessary debt
Bank account - a secure place to store, manage and access money, allowing deposits, withdrawals, transfers and payments
Ethical - doing what is morally right, fair and good for people, society and the environment
Common misconception
Banks and ethics don't mix. You cannot bank ethically.
There are ways to ethically bank in the UK that use the money you invest in responsible ways, such as funding community projects, supporting sustainable businesses, or avoiding investments in harmful industries like fossil fuels or weapons.
Equipment
Content guidance
- Depiction or discussion of sensitive content
- Depiction or discussion of violence or suffering
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Which of these is not a way people commonly pay for things?
Q2.What does the term 'income' mean?
Q3.What is the main purpose of a budget?
Q4.Which of the following is an example of an essential expense?
Q5.An occurs when a person withdraws or spends more money from their bank account than they have available, resulting in a negative balance.
Q6. Match the financial term to its correct definition:
Assessment exit quiz
6 Questions
Q1.Which choices does financial responsibility involve?
Q2.Various bank accounts serve different purposes, like current accounts for spending and accounts for storing money.
Q3.Match the words to the correct definitions.
