Year 11 - Citizenship
How are financial products changing the way we manage money?
How can we prepare well for financial decision making?
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This pupil-friendly study guide includes a unit summary, clear notes, common mistakes, and quick questions with answers.
Unit Summary
Using the example of housing, pupils explore a range of different financial decisions, products and services. They consider how they can prepare to become financially independent and what advice is available to them.
Lesson Summary
You will learn to explain how recently emerging financial products are changing the way we manage money.
Key Notes
- Fintech companies are introducing innovative financial products that are transforming money management in the UK.
- Some financial products are increasing accessibility, convenience and support for educating young people.
- Some new emerging financial products present risks, including potential debt and digital exclusion.
- Emerging trends like green finance, open banking and financial inclusion are reshaping the financial services sector.
- Understanding these developments equips young people to make informed financial decisions in modern Britain.
Vocabulary To Learn
- financial products: products, services and tools provided by banks, building societies or other companies
- financial services: the wider industry or sector that provides financial products
Common Mistakes To Avoid
- All modern financial products are safe and designed to help people save money.
3 Quick Questions (With Answers)
1. Explain the lesson in two key points.
Fintech companies are introducing innovative financial products that are transforming money management in the UK. Some financial products are increasing accessibility, convenience and support for educating young people.
2. What does this key word mean in this lesson? 'financial products'
products, services and tools provided by banks, building societies or other companies.
3. Correct this common mistake.
Mistake: All modern financial products are safe and designed to help people save money. Correction: Apps and new financial products can be popular, so young people might not recognise the risks involved, such as overspending with Buy Now, Pay Later tools or misunderstanding investment risks.
More Lessons In This Unit
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