What is the best way to look after money?
Lesson details
Learning outcome
I can explain what financial responsibility is, the different types of bank accounts and ways to bank ethically.
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.
Teacher tip
It would be useful to research the ethical banks in your local area so you can give precise examples of accounts they offer, especially for young people.
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.
Q4.What is the focus of ethical banking?
Q5.Learning about responsible money management prepares individuals for future stability.
Q6.Why is it important to avoid unnecessary debt?
To help you plan your 9 citizenship lesson on: What is the best way to look after money?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 9 citizenship lesson on: What is the best way to look after money?, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 3 citizenship lessons from the How can we manage money well? unit, dive into the full secondary citizenship curriculum, or learn more about lesson planning.