Choosing and managing your bank accounts

This activity pack explores the different types of bank accounts available to young people, as well as the factors to consider when deciding which to choose. The session presents a number of case studies to encourage participants to apply what they’ve learnt about bank accounts in a relevant, practical way. It also highlights the importance of checking statements regularly, including the risks and consequences of not being vigilant enough.

Learning outcomes

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

• Identify and explain the features of different types of bank account
• Understand the considerations they need to bear in mind when choosing a new bank account
• Demonstrate practical examples and tips on how to choose the right bank account for different situations
• Understand the importance of checking bank statements regularly as part of their personal bank account management
• Explain what is included in a bank statement and how to read it

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
• Staying positive (resilience)

If you want to increase your own confidence to teach young people about money, Young Money provide free e-learning training to teachers across Primary and Secondary education.  In addition, National Numeracy has a free website which helps you practise and refresh your everyday maths skills.

As a signatory to the Care Leaver Covenant, LifeSkills created with Barclays have worked directly with young people who have experienced care as well as the adults supporting them to create twelve activities adapted from existing financial education content. Activities include case studies, quizzes, discussions and practical tasks to build skills, knowledge and confidence, and can be delivered one-to-one or in a small group. Each pack includes guidance for support workers, worksheets for young people and useful signposting. Young people can register on LifeSkills to access further interactive resources on managing their money and building skills for the world of work here barclayslifeskills.com/young-people.