How is the financial system changing in a digital era?
Lesson details
Learning outcome
I can explain how banking has changed over time and what effect these changes are having on society.
Key learning points
- Banking in the UK has evolved from traditional branch services to widespread online banking.
- Technological advances such as ATMs, debit cards and mobile apps have transformed financial management.
- This shift has increased risks, notably online fraud and challenges linked to an ageing population.
- Online banking has improved accessibility for some people but also deepened the digital divide.
- Government initiatives now focus on regulation, education and community support to address these issues.
Keywords
Online banking - a secure place to store, manage and access money, allowing deposits, withdrawals, transfers and payments through the internet
Online fraud - when someone acts, lies or breaks trust to gain money or cause a loss through the internet
Common misconception
Older people cannot use online banking at all.
With the right support and training, many older people have adapted very well to online banking. It is prejudiced to assume all older people struggle.
Teacher tip
Before starting the main activities, ask pupils to share one way they, or someone they know, use banking today. Write a few examples on the board. This builds an instant connection between pupils' real lives and the topic and makes the changes in banking feel more meaningful and relatable.
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.Match the definition with the keyword
loan
savings
budget
Q2.What is considered a financial skill?
Q3.If you spend more money than you have, you will go into ...
Q4.Which group might find it harder to use modern financial tools like online banking without support?
Q5.Order these words to make a full sentence about banking online.
Q6.What is an example of earning income?
Assessment exit quiz
6 Questions
Q1.Match the word with its definition.
a secure place to manage money through the internet
a machine first introduced in the 1960s to withdraw cash
a criminal act to steal money via the internet
Q2.Online banking has helped people living in areas access financial services more easily.
Q3.What is an example of a technological advance that transformed banking?
Q4.Which statement is correct about older people and online banking?
Q5.Increased use of technology in banking has widened the digital for some groups in society.
Q6.Which UK Government initiative helps protect people from online fraud?
To help you plan your 11 citizenship lesson on: How is the financial system changing in a digital era?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 11 citizenship lesson on: How is the financial system changing in a digital era?, 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 do we look after an ageing population? unit, dive into the full secondary citizenship curriculum, or learn more about lesson planning.