Spender or saver?

NSW Commerce Stage 5 90

Access denied

Please login or register to take this course.

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.

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
  • 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, COM4-8, COM4-9

Related Life Skills outcomes: COMLS-1, COMLS-7, COMLS-12, COMLS-13

Content descriptions

Core 1: Consumer and financial decisions

Consumer and financial decisions

Students:

  • examine how individuals make particular decisions, including (ACHEK053) whether to spend or save, e.g. being prepared for unexpected expenses.

Financial management

Students:

  • investigate the consequences of poor financial management, including impact on wellbeing of the individual and families
  • discuss the role and importance of long-term financial strategies, including superannuation
  • investigate tools and strategies for effective financial management, including:
    • monitoring and record-keeping to avoid overcommitment, e.g.managing mobile phone costs
    • savings and superannuation plan.

Option 7: Towards independence

Managing finances

Students:

  • explain the responsible management of finances when living independently, including: (ACHEK018) strategies to minimise financial problems, e.g. budgeting, saving, monitoring spending, superannuation

Student learning resources

In order to see the resources you must Register or Login if you already have an account.

 
Worksheet

Spender or saver?

 
Quiz

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.

  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 NewYear?
    • 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?


    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