How are financial products changing the way we manage money?
Lesson details
Learning outcome
I can explain how recently emerging financial products are changing the way we manage money.
Key learning points
- Fintech companies are introducing innovative financial products that are transforming money management in the UK.
- Some financial products are increasing accessibility, convenience and support for educating young people.
- Some new emerging financial products present risks, including potential debt and digital exclusion.
- Emerging trends like green finance, open banking and financial inclusion are reshaping the financial services sector.
- 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.
Teacher tip
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.
Content guidance
Depiction or discussion of discriminatory behaviour
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Who controls the Budget in the UK?
Q2.What is the main purpose of a bank account?
Q3.A is when you borrow money from a bank and agree to pay it back later, usually with interest.
Q4.Match the word with its definition.
Q5.A budget helps people to plan their and make sure they do not use more than they have.
Q6.What is a benefit of a mortgage?
Assessment exit quiz
6 Questions
Q1.Match the word to its definition.
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.
Q3.Which of these is an example of a trend that is helping people make more sustainable financial choices?
Q4.Match the start of the sentence with its ending.
Q5.Why is the idea that 'all modern financial products are safe and helpful' incorrect?
Q6.Understanding changes in financial products helps people make more informed decisions about their money in the future.
To help you plan your 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...
To help you plan your 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.
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 4 citizenship lessons from the How can we prepare well for financial decision making? unit, dive into the full secondary citizenship curriculum, or learn more about lesson planning.