Why do we have money?
Lesson details
Learning outcome
I know that money has developed over history in different forms.
Key learning points
- Money was invented as trade developed.
- Money is more than just coins and notes.
- Money can be exchanged electronically.
- Banks provide a way to keep your money safe.
Keywords
Exchange - To give something to somebody and receive something in return.
Barter - To exchange goods or services for other goods and services without using money.
Bank - An organisation that provides financial services, for example keeping or lending money.
Account - An arrangement with a bank to keep money there and to record what has happened to the money.
Common misconception
Pupils might find it hard to understand the idea of money not being physically represented but still recorded using a bank account.
Ask children to share their understanding of bank accounts first. Try linking the concept of a bank account with videogame points systems or currencies to help children relate.
Teacher tip
You might want to consider using some drama here. Roleplay the history of money with your pupils rather than getting them to look through the slides. You could even use some props! You might want to discuss money around the world to reflect different nationalities and cultures in your class.
Content guidance
Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Tick the items that can be afforded with £5
Q2.Tick the items that you would need to save up to be able to afford if you only had £5
Q3.A ticket to the zoo costs £12 and you have £5 in total. How much more will you need to save to be able to afford to go?
Q4.Which of these describes a bank?
Q5.True or false? Money always makes you feel good.
Q6.Which of these helps you to buy more expensive things over time?
Assessment exit quiz
6 Questions
Q1.What does the word barter mean?
Q2.What does the word exchange mean?
Q3.Why did people start to exchange shells, beads or coins?
Q4.Why were banknotes invented?
Q5.Which type of payment is the oldest?
Q6.Which type of payment is the newest?
To help you plan your 3 financial education lesson on: Why do we have money?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 3 financial education lesson on: Why do we have 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 2 financial education lessons from the The purposes of money unit, dive into the full primary financial education curriculum, or learn more about lesson planning.