Achieving short and long-term financial objectives

Economics & Business Year 8 AC v9.0 90

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Introduction

In this activity, students decide if different people are spenders or savers and consider what actions these people may need to take to reach their short- and long-term financial goals. They also take a quiz to learn about their own natural tendencies and to reflect on actions they can take to curb these tendencies.

This activity develops student understanding of the concept of saving, both in the short and long term. It provides a strong foundation for understanding the importance of saving for the future, such as for retirement through superannuation.

Achievement standard

By the end of Year 8, students explain how markets influence the allocation of resources to the production of goods and services. They explain ways that businesses adapt to opportunities in markets and respond to the work environment. They describe the importance of Australia’s taxation system and its effect on decision-making by individuals and businesses. Students explain why individuals and/or businesses budget and plan.

Students develop a range of questions to investigate an economic and business issue. They locate, select and organise relevant information and data. They interpret information and data to identify economic and business issues and trends, and describe economic cause-and-effect relationships. They develop a response to an economic and business issue. They identify and evaluate potential costs and benefits. Students use economic and business knowledge, concepts, terms and research findings to create descriptions and explanations.

Content descriptions

Economics and Business Knowledge and Understanding

Processes that individuals and/or businesses use to plan and budget to achieve short-term and long-term financial objectives. (AC9HE8K05)

Economics and Business Skills

Interpret information and data to identify economic and business issues, trends and economic cause-and-effect relationships. (AC9HE8S03)

Develop a response to an economic and business issue, identifying potential costs and benefits. (AC9HE8S04)

Create descriptions and explanations, using economic and business knowledge, concepts and terms, and referencing information and data from sources. (AC9HE8S05)

Student learning resources

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Worksheet

Spender or saver?

 
Quiz

Spender or Saver? - Quiz

Suggested activity sequence

This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group.

  1. Brainstorm the ways students earn money and whether they save any of the money they earn. Possible discussion prompts include:
    • Are you given pocket money?
    • Do you get money for birthdays and other celebrations such as Chinese New Year?
    • Do you earn money from casual work?
    • Do you earn money for odd-jobs, such as housework?
    • Do you have a bank account?
    • Do you have a savings jar?
    • Have you saved money for something you wanted?
    • Do you have money left over at the end of each week? What do you do with it?
    This activity could be done in groups and then group findings shared with the class. Use a visual brainstorming technique such as an affinity diagram.
  2. Students complete the worksheet. Students will need to also complete the quiz.
  3. Discuss, as appropriate, what students learned about themselves and what they will do if anything, to curb their natural tendencies.
  4. Think-pair-share: Why thinking about the long-term might be important.