Managing your super
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Introduction
In this activity, students develop an understanding of the need to manage their superannuation throughout their working life and the potential financial costs of not doing so, particularly in relation to having multiple super accounts. They learn that they can check and manage their superannuation accounts by setting up a myGov account.
Achievement standard
By the end of Year 9, students explain the role of the Australian economy in allocating and distributing resources, and analyse the interdependence of participants in the global economy. They explain the importance of managing financial risks and rewards and analyse the different strategies that may be used. They explain why businesses seek to create a competitive advantage, including through innovation, and evaluate the strategies that may be used. Students analyse the roles and responsibilities of participants in the workplace.
When researching, students develop questions and simple hypotheses to frame an investigation of an economic or business issue. They gather and analyse relevant data and information from different sources to answer questions, identify trends and explain relationships. Students generate alternative responses to an issue and use cost-benefit analysis and appropriate criteria to propose a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments using appropriate texts, subject-specific language and concepts. They analyse the effects of economic and business decisions and the potential consequences of alternative actions.
Content descriptions
Economics and Business Knowledge and Understanding
Why and how people manage financial risks and rewards in the current Australian and global financial landscape (ACHEK040).
Economics and Business Skills
Analyse data and information in different formats to explain cause-and-effect relationships, make predictions and illustrate alternative perspectives (ACHES045).
Generate a range of viable options in response to an economic or business issue or event, use cost-benefit analysis and appropriate criteria to recommend and justify a course of action and predict the potential consequences of the proposed action (ACHES046).
Apply economics and business knowledge, skills and concepts in familiar, new and hypothetical situations (ACHES047).
Present reasoned arguments and evidence-based conclusions in a range of appropriate formats using economics and business conventions, language and concepts (ACHES048).
Teacher resources
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Too many super accounts
Student learning resources
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Consolidating your super funds
Managing your super
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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. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.
- Play: Too many super accounts: This video explains that having one super account makes it easier to keep track of your super – with myGov you can view and combine all your super accounts.
- Read the explainer as a class. Alternatively, have students read the explainer individually or in pairs and encourage them to take notes using the Cornell note taking system.
- Students complete worksheet.
- As a class, discuss the difference consolidating super accounts can make.