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Financial Education Project Year 5&6 Ysgol Llanfawr 2011

Financial Education Project Year 5&6 Ysgol Llanfawr 2011. What is Financial Capability Education?.

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Financial Education Project Year 5&6 Ysgol Llanfawr 2011

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  1. Financial Education ProjectYear 5&6Ysgol Llanfawr2011

  2. What is Financial Capability Education? Financial education aims to ensure learners are financially capable. Financial capability can be divided into three interrelated themes – financial knowledge and understanding, financial skills and competence, and financial responsibility. The themes overlap and are interrelated. Financial knowledge and understanding.This means having knowledge and understanding of the nature of money and insight into its functions and uses. Financial skills and competence. This means being able to apply knowledge and understanding of financial matters across a range of contexts in order to deal with day-to-day money management issues and to begin thinking about planning for the future. Financial responsibility.This means being aware that money and financial decisions are closely linked to value judgements and that they can impact, not only on the decision-maker, but also on their family and community.

  3. Financial Capability Curriculum AuditKey Stage 2 Statement

  4. Money What do we know about money?What different ways of paying for things do you know?How can you look after your money?What is the difference between paying for things that are wants and thingsthat are needs?What ways do you know of getting money?

  5. Working with others to share ideas

  6. Class 12 were fortunate enough to welcome a retired Natwest Bank Manager into the classroom for a question and answer session

  7. Below are words and phrases the pupils should now be familiar with. Financial Terms Cheque Interest Earn Receipts Repay WageManager Deposit Save Account Savings Salary BalanceQuality Debt Statement Budget Borrow Bank official Value

  8. We love shopping! ....Can you guess the price ? It is very important that children in this age group are aware of the real life prices of everyday goods and products. We gave the pupils an opportunity to show us their knowledge.

  9. SUPERMARKET dash Next we gave the pupils the opportunity to play an online game called ‘Supermarket Dash’. This gave the pupils an opportunity to look into what strategies supermarkets use to attract and entice shoppers to buy products at their stores, for example, buy one get one free. Link to website : www.ngfl-cymru.org.uk/2009-10/maths/financial-literacy/supermarket-sweep

  10. Challenge The children were now ready for the ‘Challenge’. The Challenge consisted of a task where the pupils were given a budget of £50 to arrange a celebration party, for example a wedding or a birthday party. They found the website www.mysupermarket.com very useful to obtain the cheapest prices available.

  11. Homework task The children were given an activity to do as homework that will further develop their understanding of using money responsibly and to give them the opportunity to discuss ways of managing money by comparing outcomes.

  12. Progress in learning OVER THIS UNIT OF WORK Success criteria • I know that I cannot have all that I want. • I am trying not to ask for what I want without thinking if I need it or if I really • want it • I know that when I borrow I need to plan how I will repay. • I can explain why it is important to try to save money. • I can identify, locate and select different sources of • information about money. • I am beginning to understand about saving and borrowing. • I am developing an awareness and respect for managing my money. • I can describe how I choose what I want to buy. • I am getting better at thinking if I need something before I say ‘I want...’ • I understand that I should have a reason for what I want. • I know that sometimes it is difficult to have enough money so it may be necessary to borrow money. • I know i must think about needs before wants. • I know that when I go shopping, whoever is with me will not buy me something unless I really need it.

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