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.
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
- works independently and collaboratively to meet individual and collective goals withins pecified timeframes COM5-9.
Related Stage 4 outcomes: COM4-1, COM4-5, COM4-6, 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:
- explain how changes in personal and economic circumstances may lead to variations in investment decisions
- identify risk mitigation strategies for managing investments
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.