Introducing bank accounts and digital money

This lesson contains content from a lesson that was previously titled Banking and budgeting basics.

The suite of LifeSkills Money Skills content has recently been updated. Responding to insights from teaching professionals and the benefits of building key topics over time we’ve made changes enabling clearer sequencing through the content. This will support your pupils to deepen their knowledge as they progress through education and beyond.

To see an overview of the updates and where key topics can be found please visit Money Skills resource updates. The wider suite of Money Skills content has been developed to engage your pupils with a mix of resource types including interactive tools and films, aligns to the Young Money Financial Education Planning Framework and has been awarded the Young Money Quality Mark.

This lesson is part of our financial literacy content for ages 7-11 designed to teach children about money, whilst developing core transferable skills such as problem solving, aiming high (proactivity) and listening and speaking (communication). We recommend that you start with Samir’s birthday budget challenge and then use the remaining lessons in the order of your preference or as standalone resources.

The Introducing bank accounts and digital money lesson focuses on the concept of keeping money in a bank account and the vocabulary associated with this. Pupils will also be asked to consider what they already know about cashless transactions and discuss how these are used in relation to bank accounts and spending money.

Resources

• Introducing bank accounts and digital money: Lesson plan – for use with a group of pupils in the classroom.
• Introducing bank accounts and digital money: Presentation slides – to display to pupils and use alongside the lesson plan, with interactive fields to complete as a class.

Lesson learning outcomes

By the end of the lesson pupils will be able to:

• Understand some of the ways to manage money.
• Recognise how using a bank account keeps money safe and can help them save.

Continue to support your pupils in developing maths skills within a money context with BBC Teach’s ‘Shop till you drop!’ quiz.

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.