Long-term financial planning
Lesson details
Learning outcome
I can explain what a pension is and the impact it may have on my future circumstances.
Key learning points
- There are different ways to save for retirement.
- Different options for pensions can be compared.
- It is important to understand the effect of varying pension contributions on my financial future.
Keywords
Pension - A pension is a tax-efficient way of saving money for retirement.
Common misconception
There is no need to plan for retirement as there is a state pension.
Planning for retirement means calculating whether a state pension would be enough to live on and taking steps now to prepare for the future.
Teacher tip
There are many free pension calculators online so pupils could play with different values in order to see what can affect the money received in retirement and by how much.
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.A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. What is their weekly salary?
Q2.A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. If they worked for four weeks, what would their total income be?
Q3.A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. If they worked this every week for a year, what would their total income be?
Q4.A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. If they worked this every week, what would their total income be after 3 months?
Q5.A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. They pay 5% of their income into a savings account. How much is paid in each week?
Q6.A worker is paid an hourly rate of £35.70 and works 8 hours per day, five days a week. They pay 5% of their income into a savings account. How much is paid in each year?
Assessment exit quiz
6 Questions
Q1.A is a tax-efficient way of saving money for retirement.
Q2.If the 2024/2025 full pension rate is £221.20 per week, what is the amount received in 6 months?
Q3.Everyone has to retire when they reach the age that they can claim their state pension.
Q4.From April 2019, the minimum total contribution to a workplace pension is:
Q5.From April 2019, the minimum total contribution to a workplace pension from your employer is:
Q6.From April 2019, the minimum total contribution to a workplace pension from you is:
To help you plan your 11 financial education lesson on: Long-term financial planning, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 11 financial education lesson on: Long-term financial planning, 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 financial education lessons from the Salaries and long term financial planning unit, dive into the full secondary financial education curriculum, or learn more about lesson planning.