Spender or saver?
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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 when faced with changing circumstances. 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 on 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 7, students describe the interdependence of consumers and producers in the market. They explain the importance of short- and long-term planning to individual and business success and identify different strategies that may be used. They describe the characteristics of successful businesses and explain how entrepreneurial capabilities contribute to this success. Students identify the reasons individuals choose to work and describe the various sources of income that exist.
When researching, students develop questions and gather data and information from different sources to investigate an economic or business issue. They interpret data to identify trends. They propose alternative responses to an issue and assess the costs and benefits of each alternative. They apply economics and business knowledge, skills and concepts to familiar problems. Students develop and present conclusions using appropriate texts, terms and concepts. They identify the effects of their decisions and the possible effects of alternative actions.
Content descriptions
Economics and Business Knowledge and Understanding
Why and how individuals and businesses plan to achieve short-term and long-term personal, organisational and financial objectives (ACHEK018).
Economics and Business Skills
Apply economics and business knowledge, skills and concepts in familiar and new situations (ACHES025).
Student learning resources
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Spender or saver?
Spender or saver?
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.
- 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 your caregivers give you money for spending?
- 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?
- Students complete the worksheet. Students will need to also complete the quiz.
- Discuss, as appropriate, what students learned about themselves and what they will do if anything, to curb their natural tendencies.
- Think-pair-share: Why thinking about the long-term might be important.