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 analyse how economic indicators influence Australian Government decision-making. They explain ways that government intervenes to improve economic performance and living standards. They explain processes that businesses use to manage the workforce and improve productivity. They explain the importance of Australia’s superannuation system and its effect on consumer and financial decision-making. Students analyse factors that influence major consumer and financial decisions, and explain the short- and long-term effects of these decisions.
Students develop and modify a range of questions to investigate an economic and business issue. They locate, select and analyse relevant and reliable information and data from a range of sources. They interpret and analyse information and data to evaluate trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. They develop an evidence-based response to an economic and business issue. They evaluate a response, using appropriate criteria to decide on a course of action. Students use economic and business knowledge, concepts, and terms to develop descriptions, explanations and reasoned arguments that synthesise research findings.
Content descriptions
Economics and Business Knowledge and Understanding
The importance of Australia’s superannuation system and how this system affects consumer and financial decision-making. (AC9HE10K04)
Economics and Business Skills
Interpret information and data, explaining economic and business issues, trends and economic cause-and-effect relationships, and make predictions about consumer and financial impacts. (AC9HE10S03)
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.