How do we pay for things?
I know the difference between a debit card and a credit card.
How do we pay for things?
I know the difference between a debit card and a credit card.
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Lesson details
Key learning points
- Debit cards are used to spend the money in an account.
- Credit cards are used to spend now and pay back later, sometimes paying more.
Keywords
Credit card - A credit card can be used use to buy goods and services and pay for them later.
Debit card - A debit card can be used to take money directly from a bank account to pay for goods or services.
Borrow - Borrow means to use someone else's money. It will be paid back later.
Declined - When a debit card is declined it means there isn’t enough money left in the account to pay.
Common misconception
Pupils may think that paying by contactless card is free money because there is no concrete exchange of money that can be seen.
Remind children that bank accounts are charged whenever a card is used. Ask a child to pass plastic coins from one pot to another outside the classroom as you use a pretend contactless card. Pupils won't see the exchange but it has happened.
To help you plan your year 4 financial education lesson on: How do we pay for things?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your year 4 financial education lesson on: How do we pay for things?, 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 2 financial education lessons from the Making money decisions unit, dive into the full primary financial education curriculum, or learn more about lesson planning.
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Prior knowledge starter quiz
6 Questions
Q1.What is budgeting?
Q2.Tick the items that you would need to save up to be able to afford if you had the money in the picture.
Q3.Postcards are 49 p each. If you have £3 then how many can you afford?
Q4.At a fairground, each ride costs a different number of tokens. Alex likes riding the rollercoaster. How many times can Alex afford to go on the rollercoaster with 12 tokens?
Q5.At a fairground, each ride costs a different number of tokens. Laura loves the dodgems. How many times can Laura afford to go on the dodgems with 16 tokens?
Q6.Snacks at the cinema cost different amounts. Jacob has £5 to spend and buys toffees and gummy bears. How many chocolate frogs can he afford to buy with the rest?
Assessment exit quiz
6 Questions
Q1.Jun and Izzy have both bought the new Battle Robots comic. Jun owes his Mum £4 and Izzy used her pocket money. Which one has borrowed money?
Q2.Jun owes his Mum £4 for a comic. How long will it take him to pay her back?
Q3.Izzy has borrowed £2.50 from her Dad. It will take her five weeks to pay him back. How much is she paying back each week?
Q4.Match the type of card to the definition.
Used to buy things and pay for them later.
Takes the money straight out of a bank account.