Care leaver suitable: Borrowing money

This activity pack considers the benefits and risks associated with borrowing money, including loans, interest rates and credit cards. It also gets participants looking at a scenario from a real young person’s situation, with the aim of coming up with hints and tips on secure, effective ways to borrow money.

Learning objectives

By the end of this lesson, participants will be able to:

• Understand how credit cards work, their advantages, disadvantages and the importance of using them carefully
• Identify and consider some key risks of borrowing money
• Identify the advantages of borrowing money, as well as ways to do this safely
• Understand what is meant APR and interest, as well as where they may come across these in their day-to-day lives
• Demonstrate the ability to provide practical advice regarding the risks of borrowing money, and how to avoid these issues in the future

To access worksheets for all twelve activity packs in one place, use our ‘Setting yourself up for financial independence’ workbook.

Other LifeSkills lessons are also suitable for use with care leavers to support them on their employability journey, here are some to get started with:

• Aiming high (proactivity)
• Tailoring your CV and using networks
• Interview success