Myths about teaching can hold you back
- 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.
- 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
- 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.
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...
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.
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.
Equipment
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.
money you spend
money you put aside
money you earn
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.
technology-driven companies offering financial tools through apps
tools that help people manage, borrow or save money
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.
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.
lets apps access banking data with permission to suggest better deals.
gives people access to basic banking even without a fixed address.
allows apps to offer personalised advice by analysing spending.