Introducing credit, savings and bank accounts

This lesson contains content from a lesson previously titled Money skills lesson three: Next steps in your financial journey.

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 students to deepen their knowledge as they progress through education and help embed skills to support with financial independence.

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.

The Introducing credit, saving and bank accounts lesson focuses on helping your students understand the key features and terminology around bank accounts, and explore how credit, borrowing and saving work.

Resources

• Introducing credit, saving and bank accounts: Lesson plan - for use with a group of students in the classroom.
• Introducing credit, saving and bank accounts: Presentation slides - to display to students and use alongside the lesson plan.
• Bank Account Comparison interactive tool - to use as part of one of the lesson activities (Internet access required).

Lesson learning outcomes

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

• Consider the advantages and disadvantages of borrowing to fund a purchase.
• Compare bank account features and understand how they can suit different individuals.
• Use key terminology and interpret a bank statement by answering questions.

Enhance your students' knowledge of the topic further by heading to BBC Teach and watching films which cover topics such as budgeting, saving, debt and understanding credit.

Why not include financial capability as a focus in your students’ wider curriculum? Refer to our Content guide to find out how LifeSkills resources can be used in PSHE or Maths lessons.

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.