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Unit 11 – Personal Economics

Unit 11 – Personal Economics. The Personal Life Cycle 1.2 Making Decisions. Learning Objectives. To understand key terminology regarding savings accounts. To identify the different types of savings account. To analyse the differences between the savings account on offer.

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Unit 11 – Personal Economics

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  1. Unit 11 – Personal Economics The Personal Life Cycle 1.2 Making Decisions

  2. Learning Objectives • To understand key terminology regarding savings accounts. • To identify the different types of savings account. • To analyse the differences between the savings account on offer. • To evaluate the suitability of different savings accounts for different stages of personal life cycle.

  3. Starter: What do you know about savings accounts? Write down a word or phrase or term on a Post-It note and stick on the board.

  4. Key Terms • Gross • Net • AER • Deposit • Fixed rate • Bond • ISA • E-

  5. Which hat are you? • Gold – What good points are there? • Silver – What bad elements are there? • Green – What are the facts? • Red – What’s the overall judgement taking everything into consideration? • Blue – What other information do you need? How would this information help?

  6. Scenario 1 Jenny is 25 years old. Most of what she earns is spent on bills and entertainment but some months she has a little bit left over which she would like to save. She is not sure what she wants to save for but when she decides, and once she has saved enough, she needs to be able to access it immediately.

  7. Scenario 2 Mark is 55 years old and his children have now left home. He tends to have around £500 spare each month which he wants to save so that he has extra money to use when he retires in a few years. He does have some other savings in case he faces an unexpected bill in the meantime.

  8. Scenario 3 Rachel is 28 years old and is currently renting a property but hopes to buy a house at some point within the next five years. She has between £400 and £500 a month to save towards her deposit but may need to take some of the money out if, for example, her car brakes down again.

  9. Scenario 4 Michael is a 19 year old student at university. He has a student loan as well as a part time job that covers his bills and entertainment. His family tend to give him money on his birthday and at Christmas which he would like to save so that he earns interest on it until he either needs to use it or wants to spend it.

  10. Feedback • What other words/key terms should we have covered at the start of the lesson? • Which bank’s literature did you find the most helpful? • What have you learnt about savings accounts that you didn’t know before the start of the lesson?

  11. Plenary • You work for a bank and you are in charge of the different savings accounts. • Someone walks into your branch and says they want to open an account but they do not know which type they need. • Write between 3 and 5 questions you would ask them in order of significance to establish what sort of account would be suitable.

  12. Homework Ask these questions to someone at home and recommend what type of bank account they require. Get them to sign in your diary that they had this conversation and were happy with your recommendation.

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