Advice on achieving long-term financial goals
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Introduction
In this activity, students work collaboratively to analyse the situation of 2 clients and provide advice on what they should do with their superannuation to maximise their retirement outcomes. In doing so, they consider factors that will influence these outcomes and predict the consequences of different options.
This activity contributes to the following outcomes.
A student:
- applies consumer, financial, economic, business, legal, political and employment concepts and terminology in a variety of contexts COM5-1
- analyses key factors affecting decisions COM5-4
- evaluates options for solving problems and issues COM5-5
- develops and implements plans designed to achieve goals COM5-6
- explains information using a variety of forms COM5-8
- works independently and collaboratively to meet individual and collective goals within specified timeframes COM5-9
Related Stage 4 outcomes: COM4-1, COM4-4, COM4-5, COM4-6, COM4-8, COM4-9
Related Life Skills outcomes: COMLS-7, COMLS-13
Content descriptions
Core 1: Consumer and Financial Decisions
Financial management
Students:
- discuss the role and importance of long-term financial strategies, including superannuation
- investigate tools and strategies for effective financial management, including:
- savings and superannuation plan.
Option 2: Investing
Investment planning
Students:
- consider factors influencing an investment portfolio for an individual or business, for example risk, diversification, short and long-term goals (ACHEK040)
- construct a hypothetical investment portfolio for an individual
Student learning resources
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Advice on achieving long-term financial goals
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. The activity was written for students in Stage 5, however it can be modified to suit the needs of Stage 4 students and Life skills students.
- Use a grouping strategy to organise students into pairs.
- Explain the activity to students. It is recommended that each student develops advice for one client only. Pairs will then share their ideas and advice.
- Students complete the investigation.
- Invite students to share their advice with the class.
Note: This activity could be adjusted so that each student develops advice for both clients.