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Year 9 - Citizenship

What is the best way to look after money?

How can we manage money well?

Unit Summary

Pupils explore how to look after their money considering the implications of borrowing, how they can keep track of their money, what saving options are available to them and what their rights are as a consumer.

Lesson Summary

You will learn to explain what financial responsibility is, the different types of bank accounts and ways to bank ethically.

Key Notes

  • Financial responsibility involves making informed decisions about budgeting, saving and avoiding debt.
  • Various bank accounts serve different purposes, like current for spending and savings accounts for storing money.
  • Ethical banking focuses on supporting banks that invest in responsbile social and environmental causes.
  • Learning about responsible money management prepares individuals for future financial stability.

Vocabulary To Learn

  • financial responsibility: managing money wisely by budgeting, saving and avoiding unnecessary debt
  • bank account: a secure place to store, manage and access money, allowing deposits, withdrawals, transfers and payments
  • ethical: doing what is morally right, fair and good for people, society and the environment

Common Mistakes To Avoid

  • Banks and ethics don't mix. You cannot bank ethically.

3 Quick Questions (With Answers)

1. Explain the lesson in two key points.

Financial responsibility involves making informed decisions about budgeting, saving and avoiding debt. Various bank accounts serve different purposes, like current for spending and savings accounts for storing money.

2. What does this key word mean in this lesson? 'financial responsibility'

managing money wisely by budgeting, saving and avoiding unnecessary debt.

3. Correct this common mistake.

Mistake: Banks and ethics don't mix. You cannot bank ethically. Correction: There are ways to ethically bank in the UK that use the money you invest in responsible ways, such as funding community projects, supporting sustainable businesses, or avoiding investments in harmful industries like fossil fuels or weapons.

More Lessons In This Unit

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