The Prince's Trust | Start Something



|SESSION: BANKING SERVICES |

|Expected Progress: Know about banking services |Description: Learn about the different financial services available, what they offer, how they can help you save and borrow money. Learn about using |

| |financial services effectively. |

|Resources required: |LLN Opportunities: |STEM Opportunities: |Qualifications Opportunities: |

|Flipchart | |Using the internet to source and discover financial | |

|Pens |Write in full sentences using correct spelling, |services that would be useful |Managing Money |

|Word Wall (if using) |punctuation and grammar; |Investigation |SCQF Managing Money |

|Card paper |Demonstrate an understanding of key banking services and|Digital Skills/Navigating the Web | |

|Computers with access to internet |terminology; |Teamwork | |

|Financial Services Glossary resource |Practise speaking and listening skills during informal |Presenting | |

|Paper chain links (if using) |group discussion. | | |

|Glossary game (if using) |Calculate yearly savings from small weekly savings | | |

|Language of debate (as resource) | | | |

|Calculators (if using) | | | |

|DESCRIPTION OF ACTIVITY |RESOURCES |SUGGESTED LEARNING OUTCOMES AND ASSESSMENT CRITERIA |

|Introduction and Ice Breaker |Flipchart and pens |LLN: Elicit pre-existing financial vocabulary |

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|Suggested warm-up exercise – in pairs or threes ask young people to brain storm how many other words they know for money. E.g. dosh,|Pre-cut paper chain links | |

|dollars, wonga etc. Ask groups to feedback and record on a flipchart. |Glue or tape | |

| | | |

|Divide young people into groups to create paper chains with pre-cut paper. On each piece of paper young people to write a word | | |

|related to money before sticking it to make a link of the paper chain. See which group can make the longest paper chain. | | |

|Discussion: Introduction to Money and Financial Services |Flipchart/Word Wall |Understand what money is |

| | | |

|What is money? Ask young people to suggest definitions, or if it is easier words like ‘pounds’, ‘coins’, ‘notes’, ‘payment’, |Matching exercise OR printed |Understand vocabulary related to financial services |

|‘currency’, ‘prices.’ |financial services vocabulary| |

|Why is money important? |words | |

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|Record all key words and new terminology on a word wall/flipchart throughout the session. | | |

|Some new words you could introduce can be found in the Glossary resource. | | |

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|Glossary game option 1: In groups match the financial word and definition. | | |

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|Glossary game option 2: Split young people in groups and give them the financial vocabulary words. Read out the definition the | | |

|group that holds up the right word first wins the point. Keep score. | | |

|Discuss any new words or unknown terminology. | | |

|Financial Services |Computers with access to |Entry 3/Scotland Level 3 |

| |internet, flipchart |Assessment Criteria: identify benefits of having a |

|Split the group into teams of 4. In each team of 4, list as many banks/building societies as possible. If the young people have | |bank/building society account |

|access to computers, find the logos of each of the banks they identified and the address of the nearest branch. If they can, ask the| | |

|young people to find out about the services provided by different providers and how these compare with each other e.g. do they all | |Level 1/Scotland Level 4 |

|have the same, what do they do differently – this is easier if young people choose different types of financial services e.g. bank, | |Assessment Criteria: give examples of financial services |

|building society, credit unions, etc | |provided by banks/building societies |

| | |Assessment Criteria: describe the importance of having a |

|Get each group to discuss and write on flipchart the advantages and disadvantages of having a bank/building society account. Then | |bank/building society account |

|get them to write three of these down and come back to share with the group. Then do the same with the benefits of saving money. | | |

| | |Level 2/Scotland Level 5 |

|Internet Search for Financial Services: | |Assessment Criteria: compare financial services offered by|

| | |different types of provider |

|Have young people work in teams of two or on their own at a computer. Ask each team to identify two or three services online that | |Assessment Criteria: list personal documents which may be |

|help them financially. Give each team a theme to search for, for example: | |required to open a bank/building society account |

| | | |

|Find Voucher Codes | | |

|Find a website to get cheap furniture for a flat | | |

|Find a website to get cheap/second hand clothing | | |

|Find an app that helps you manage your money | | |

|Find a local service that gives free financial advice | | |

|Find an information sheet about loans and finance options for big ticket expenses | | |

| | | |

|Once the young people have some examples for their particular theme, they should share what they found with the group. | | |

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|Borrowing Money |Card paper and pens |Entry 3/Scotland Level 3 |

| |Financial Services worksheets|Assessment Criteria: identify an advantage of borrowing |

|Make sure young people know the definitions of ‘lend’ and ‘borrow.’ Lend: to give someone the use of (something) on the | |money |

|understanding that it will be returned. Borrow: take and use something belonging to someone else with the intention of returning it.|Language of debate examples |Assessment Criteria: identify a disadvantage of borrowing |

|Have a discussion about what borrowing means using examples the young people might be more familiar with. For example, what is the |(choose best to share on |money |

|difference between lending a friend your skateboard for the day and giving it to him? What is the difference between borrowing £3 |flipchart) | |

|for lunch and stealing £3? Young people should conclude that borrowing means getting money for a defined period of time, with the | |Level 1/Scotland Level 4 |

|expectation that you pay it back. | |Assessment Criteria: state the advantages of two different|

| | |ways of borrowing money |

|Ask the young people to brainstorm ways of borrowing money (for example, from friends and family, from the bank, from a payday loans| |Assessment Criteria: state the disadvantages of two |

|company). When they have come up with a few options, write these on pieces of card and put them around the room. Young people divide| |different ways of borrowing money |

|themselves up amongst the different ways of borrowing. In those teams, they have 2 minutes to agree on the advantages and | | |

|disadvantages of borrowing money in that way. | |Level 2/Scotland Level 5 |

| | |Assessment Criteria: compare the advantages and |

|Divide young people into two groups, one for and one against borrowing money. Give both groups time to prepare their reasons. Set | |disadvantages of different ways of borrowing money |

|the ground rules of on informal debate (respect each others’ opinions, listen to each other, etc.). Give some examples of language | |State some consequences of not repaying loans |

|of debate and persuasion. Groups to take turns giving reasons for and against borrowing money and responding to the other groups’ | | |

|reasons in an informal debate. Ask young people if they could choose which group would they be, for or against borrowing money? | | |

| | | |

|Remind young people to think about the consequences of not being able to pay back a loan in each situation. Use online case studies | | |

|(here is an example) to help the young people understand what can happen when you don’t repay a loan. Then, individually they can | | |

|fill in their worksheets. | | |

|Saving Money |Computers with access to |Entry 3/Scotland Level 3 |

| |internet |Assessment Criteria: identify an advantage of saving money|

|Have a group discussion to and try to agree on a definition of ‘saving’ and what this means. Some young people might remember having| | |

|a piggy bank, and many will identify with keeping a portion of their pocket money aside to pay for something they want. Hold group |Calculators |Level 1/Scotland Level 4 |

|discussion about this concept, and then explore on the internet how online banking can make this easy, discussing direct debits for | |Assessment Criteria: state the advantages of saving money |

|saving and paying bills on time. There are apps and other resources to help manage money: (Citizens Advice Bureau, Mint, Good | | |

|Budget) | |Level 2/Scotland Level 5 |

| | |Assessment Criteria: outline different ways you could save|

|Use the Financial Services worksheet to record the advantages and disadvantages they came up with. | |money |

| | | |

|Give an example of how small savings add up. Such as savings from cutting down on one weekly Costa coffee £2.80 (bringing hot drink| | |

|from home) and a shop bought sandwich £2.20 (making sandwich at home). Ask young people to work out savings: (£2.80 + £2.20) x 52 = | |LLN: Calculate yearly savings from small savings. |

|£260 Give examples of what they could put those savings towards. | | |

|Young people to think of ways they could save, working out their total savings in a year. | | |

|Wrap Up Scavenger Hunt |Computers with access to |Give examples of organisations that provide help and |

| |internet |advice on money management |

|Working in small groups, the young people use the internet to find answers to questions about financial services. Feel free to add | | |

|your own questions but here are some suggestions: | | |

| | | |

|Find the logos of four major UK banks | | |

|How long would it take you to walk to your nearest bank? | | |

|What ID would you need to open a bank account, Post Office account, Credit Union – how much money would you need to keep in each to | | |

|keep it open? | | |

|What is the Citizens Advice Bureau and is there one in your town? | | |

|Find the names of 2 other organisations in your area that offer help and advice about money. | | |

|Review |Financial Services Worksheets| |

|If they have not already, young people have some time to work quietly and complete their worksheets, based on group discussions and | | |

|activities. | | |

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