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Lesson 1 of 4
  • Year 11

How are financial products changing the way we manage money?

I can explain how recently emerging financial products are changing the way we manage money.

Lesson 1 of 4
New
New
  • Year 11

How are financial products changing the way we manage money?

I can explain how recently emerging financial products are changing the way we manage money.

Lesson details

Key learning points

  1. Fintech companies are introducing innovative financial products that are transforming money management in the UK.
  2. Some financial products are increasing accessibility, convenience and support for educating young people.
  3. Some new emerging financial products present risks, including potential debt and digital exclusion.
  4. Emerging trends like green finance, open banking and financial inclusion are reshaping the financial services sector.
  5. Understanding these developments equips young people to make informed financial decisions in modern Britain.

Keywords

  • Financial products - products, services and tools provided by banks, building societies or other companies

  • Financial services - the wider industry or sector that provides financial products

Common misconception

All modern financial products are safe and designed to help people save money.

Apps and new financial products can be popular, so young people might not recognise the risks involved, such as overspending with Buy Now, Pay Later tools or misunderstanding investment risks.


To help you plan your year 11 citizenship lesson on: How are financial products changing the way we manage money?, download all teaching resources for free and adapt to suit your pupils' needs...

For an extended activity, pupils could compare two financial products with similar goals (e.g. saving or budgeting) but different levels of risk or accessibility. This builds analytical thinking and helps them understand that not all financial tools suit every person equally.
Teacher tip

Equipment

Content guidance

  • Depiction or discussion of discriminatory behaviour
  • Depiction or discussion of sensitive content

Supervision

Adult supervision recommended

Licence

This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).

Lesson video

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Prior knowledge starter quiz

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6 Questions

Q1.
Who controls the Budget in the UK?

the Prime Minister
Correct answer: the Chancellor of the Exchequer
the Finance Minister
the Secretary of State

Q2.
What is the main purpose of a bank account?

to order school lunches
Correct answer: to store and receive money
to track your location
to make phone calls

Q3.
A is when you borrow money from a bank and agree to pay it back later, usually with interest.

Correct Answer: loan

Q4.
Match the word with its definition.

Correct Answer:expenditure,money you spend

money you spend

Correct Answer:savings,money you put aside

money you put aside

Correct Answer:income,money you earn

money you earn

Q5.
A budget helps people to plan their and make sure they do not use more than they have.

Correct Answer: spending, expenditure, finances, savings, money

Q6.
What is a benefit of a mortgage?

it increases your monthly bills significantly
it helps you spend money more quickly
Correct answer: it gives you a loan to afford to buy a house
it assists you in renting a house

Assessment exit quiz

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6 Questions

Q1.
Match the word to its definition.

Correct Answer:fintech companies,technology-driven companies offering financial tools through apps

technology-driven companies offering financial tools through apps

Correct Answer:financial products,tools that help people manage, borrow or save money

tools that help people manage, borrow or save money

Correct Answer:financial services,the wider industry that provides banking, insurance and finance tools

the wider industry that provides banking, insurance and finance tools

Q2.
Buy Now, Pay Later schemes are an example of a financial product that offers flexibility but also carries a risk of if not managed carefully.

Correct Answer: debt

Q3.
Which of these is an example of a trend that is helping people make more sustainable financial choices?

digital wallets
Correct answer: green finance
investment games
cryptocurrency

Q4.
Match the start of the sentence with its ending.

Correct Answer:Open banking,lets apps access banking data with permission to suggest better deals.

lets apps access banking data with permission to suggest better deals.

Correct Answer:Financial inclusion,gives people access to basic banking even without a fixed address.

gives people access to basic banking even without a fixed address.

Correct Answer:AI financial tools,allows apps to offer personalised advice by analysing spending.

allows apps to offer personalised advice by analysing spending.

Q5.
Why is the idea that 'all modern financial products are safe and helpful' incorrect?

all financial products are now banned
all modern tools are only for businesses
many tools try not to help you with your money
Correct answer: some financial products carry risks like debt

Q6.
Understanding changes in financial products helps people make more informed decisions about their money in the future.

Correct Answer: young, younger