Where can we save money?
Lesson details
Learning outcome
I can explain the different ways to save and how people invest money.
Key learning points
- Ways to save are instant access, notice accounts and Cash ISAs, each with different interest rates and accessibility.
- Being a critical consumer helps people avoid impulse purchases and maximise savings through better interest rates.
- The Monetary Policy Committee (MPC) sets the Bank of England base rate, influencing savings, borrowing and inflation.
- Investments like stocks, bonds, funds, property, commodities and cryptocurrency generate returns but all carry risks.
- Investments like stocks offer greater returns, while funds provide stable growth for risk-averse investors.
Keywords
Interest - the money paid by a borrower to a lender for using their money; it’s usually expressed as a percentage of the amount borrowed or saved
Invest - putting money into something, like stocks, property or a business, with the aim of making a profit
Investment - the money used to buy assets like shares or property, hoping they will increase in value
Risk - the chance of losing money or not getting the expected return
Common misconception
Investments all carry the same level of financial risk.
There are many different types of investments and they all provide different risks. For example, cryptocurrency is very risky, whereas investing in funds provides more financial security.
Teacher tip
Showing the class some leaflets about different savings accounts and investment products will enable them to compare products and see the current range available.
Content guidance
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Which of the following can help prevent fraud?
Q2.Match the word to the correct definition.
doing what is morally right, fair and good
a dishonest scheme designed to trick people into giving away things
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
Q3.What is phishing?
Q4.Which two groups have teams to investigate fraud and support victims?
Q5. is a method of redirecting users from a legitimate website to a fraudulent one without their knowledge.
Q6.Which is not a fraud offence as defined by The Fraud Act (2006)?
Assessment exit quiz
6 Questions
Q1.Being a critical consumer helps people avoid purchases and maximise savings through better interest rates.
Q2.What is an instant access account?
Q3.Match the words with the correct definition.
the money paid by a borrower to a lender for using their money
putting money into something with the aim of making a profit
the money used to buy assets like shares or property
Q4.Who sets the Bank of England base rate?
Q5.Investments like stocks, bonds, funds, property, commodities and cryptocurrency generate returns but all carry ...
Q6.Which type of investment typically offers greater returns?
To help you plan your 9 citizenship lesson on: Where can we save money?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 9 citizenship lesson on: Where can we save 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.