Money for life is the fourth module in the Moneysense programme. Students aged 16-18 are asked to make budgeting decisions on behalf of young people going into higher education, work and training. The module covers payslips, mortgages and the financial implications of different life choices they may make in the future. All the modules are provided to teachers free of charge.
There are four topics to work through: Samara's student budget, Paul the plumber, Eve and Jason's mortgage and Circle of life.
In topic 1 Samara's student budget, students consider the costs of higher
education and practise working with personal budgets. They meet Samara, a
first year student, and make some key decisions about how she spends her
money on accommodation, leisure and other expenses, calculating her total
monthly expenditure.
In the weekly shop, students are asked to imagine that they are at university and to create a budget for themselves. Students estimate prices for a typical range of items in a university student's weekly shop and get to compare their shopping bill with one with accurate prices.
In topic 2, students are introduced to Paul who is an apprentice plumber. Paul's payslip is provided along with explanations of what the different entries, deductions and figures mean. The students then work through a quiz of comprehension questions to assess how much they have learned. They are introduced to the importance of saving with a brief introduction to ISAs and pensions.
In topic 3, students meet Eve and Jason, who are planning to get married and would like to buy a home. They work out whether Eve and Jason will be able to afford a place of their own based on their joint income and current expenditure. They are introduced to the difference between repayment and interest only mortgages.
In topic 4, Circle of life, the students look at a range of choices, like leaving home, learning to drive, having children and so on. They assign different life, career and financial choices to different ages on the circle of life diagram. Students discuss the financial implications of different life choices and can click to reveal some suggestions and answers.
At the end of the module, students complete a quiz relating to what they have learned throughout the module.
Comprehensive teachers' notes are provided detailing lesson plans, activities and glossary, as well as including curriculum links for England, Scotland, Wales and Northern Ireland. They also include key skills, activity sheets and print resources. Detailed timings are included on each topic.
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