Super and life events
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Introduction
In this activity, students consider the impact of expected and unexpected events on their financial security. They explore how these challenges affect their long-term plans, such as retirement outcomes and what they might do to minimise these effects.
Achievement standard
By the end of Year 10, students explain why and how governments manage economic performance to improve living standards. They give explanations for variations in economic performance and standards of living within and between economies. They analyse factors that influence major consumer and financial decisions and explain the short- and long-term effects of these decisions. They explain how businesses respond to changing economic conditions and improve productivity. Students evaluate the effect of organisational and workforce management on business performance.
When researching, students develop questions and formulate hypotheses to frame an investigation of an economic or business issue or event. They gather and analyse reliable data and information from different sources to identify trends, explain relationships and make predictions. Students generate alternative responses to an issue, taking into account multiple perspectives. They use cost-benefit analysis and appropriate criteria to propose and justify a course of action. They apply economics and business knowledge, skills and concepts to familiar, unfamiliar and complex hypothetical problems. Students develop and present evidence-based conclusions and reasoned arguments incorporating different points of view. They use appropriate texts, subject-specific language, conventions and concepts. They analyse the intended and unintended effects of economic and business decisions and the potential consequences of alternative actions.
Content descriptions
Economics and Business Knowledge and Understanding
Factors that influence major consumer and financial decisions and the short- and long-term consequences of these decisions (ACHEK053).
Economics and Business Skills
Analyse data and information in different formats to explain cause-and-effect relationships, make predictions and illustrate alternative perspectives (ACHES057).
Reflect on the intended and unintended consequences of economic and business decisions (ACHES061).
Teacher resources
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Life events cards
Life events wildcards
Student learning resources
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Super and life events
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.
Part A: Life events
For this activity you will need butchers or chart paper.
- Use a grouping strategy to organise students into groups of 4.
- Explain to students that the events that occur throughout their lives can have long-term consequences for their financial wellbeing.
- Students draw a timeline of their life in decades on a large sheet of paper.
20 30 40 60 70 80 Years - Distribute a set of event cards to each group.
- Each group places the event cards along the line. Explain to students that not all events will occur during students’ lives as so much is unknown.
- Use a discussion strategy such as a snowball discussion for groups to share and talk about their timelines until the whole class is involved in a discussion about the similarities and differences between groups’ placement of event cards.
- As a class sort the event cards into 3 categories:
- Events that will cost money
- Events that will make money
- Events that have no financial impact
- Discuss what this might mean for their financial futures.
Part B: Wildcards
- Share the wildcards among original groups so each card is distributed.
- Groups complete the worksheet.
- Each group reports their findings to the class.
- Students write a statement explaining how life events can impact on future financial wellbeing and strategies they might use to mitigate these impacts.