Below is a mind map for Chapter 4: Financial Planning for Your Future, made with GoConqr. Copy and edit this mind map or encourage students to create their own to revise.
Have you ever played Bingo? You may have played it at your local bingo hall or have even played Telly Bingo from the National Lottery. However, did you know that playing Bingo with students is an excellent way to develop their subject-specific vocabulary and improve their oral and written literacy? Given the huge amount of new terms that students encounter when they begin to study Business Studies, it can be a great way to learn new words in a fun way.
Teachers can create Bingo cards using online tools such as My Free Bingo Cards. Teacher bingo calling cards are created as well as student cards. Students will start with a grid filled with terms. The game can then be played in a variety of ways:
Below are links to some pre-generated bingo cards for chapters in 'Time for Business'. When you click on the links below, select the 'Print 30 Free Cards' link. If you plan on playing Bingo with students each year, you might consider laminating the student cards so they can be reused in the future.
Chapter 1: Making the most of your resources
Chapter 2: Household Income
Chapter 3: Household Expenditure
Chapter 4: Financial Planning for Your Future
Chapter 5: Household Budgets
Chapter 6: Recording Income and Expenditure
Having studied Household Budgeting (Learning Outcome 1.12) and Analysed Cash Books I deviated a little from the scheme of work outlined in the Teacher Resource Book.
I had always felt that the ‘personal financial lifecycle’ (see Time for Business Chapter 4 and LO 1.3) represented something of a capstone element for Strand 1. To me at least, it seemed more appropriate to provide students with a detailed insight into to each of the individual elements (budgeting, taxation, pensions, insurance etc.) before finally connecting all of them at the end through the creation of a realistic and comprehensive personal financial life cycle.
During most of the writing process for the textbook, this had been my intention and approach but I later decided to reorder the chapters so as to follow the Learning Outcomes’s (LO's) more sequentially. It should be pointed out that there is absolutely no requirement to follow the chapters, or indeed the LO’s, in any specific order. Having said that, there are clearly some concepts that are more fundamental than others and also some related chapters that make up distinct ‘units of learning’.
As I reviewed the material again in preparation for my class, I began to feel that my initial instincts had been valid and in some sense this LO was misplaced. It strengthened my conviction to deal with each element in turn before tying the whole lot up with the life cycle later in the year. At the same time I still wanted to reinforce the idea of making plans to suit changing personal circumstances and aspirations (see household budgeting), so I spent just one class outlining the concept of a personal financial life cycle to students.
I really just used the infographic on page 30 of TFB textbook to start a discussion on changing financial needs. I put the diagram on the whiteboard and we had a ‘chat’ about what it meant. We also looked at the case studies for Emily and Priyal on page 33 of TFB textbook. The students contributed really well to this discussion although their knowledge and understanding was superficial in some areas. Overall though they really seemed to grasp the basic premise that financial needs change over time and planning should reflect those changes. We did not however get into any detailed discussion of issues like taxation, insurance or pension planning.
If the intention of the new specification is to “meet the students where they are”, it was clear to me that some of them at least were not quite at a stage where pension planning or taxation was on their radar. I only spent a single 40 minute class on this topic. I will return to it at a later date, having completed the chapters on household finance, insurance and taxation. I feel students will have a better understanding of the issues at that point and should be in a better position to prepare a realistic personal financial life cycle.
Learning Outcome 1.3 states:
Construct a personal financial lifecycle to identify financial needs at different life stages.
In our view, the following are the key ideas and messages for this topic:
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