‘More than money’ is a free financial literacy program for students in years 5, 6 and 7. The aim of the program is for students to gain an understanding of budgeting and saving in order to achieve financial goals. They will do this by working (doing jobs at home, at school or in the community) to earn a fictional income which they can use to ‘buy’ a reward at the end of the program (the reward will be negotiated with their teacher).
The program contains seven topics (designed to be taught sequentially) and is delivered over 4-5 weeks. It links directly with the Mathematics and Humanities and Social Sciences / Economics and Business learning areas, and is also aligned with the National Consumer and Financial Literacy Framework (a table with links is provided with the resources).
Each topic contains an overview, objectives, a list of required resources and accompanying activity sheets (in pdf and SMART Notebook formats). There are several activities within each topic which can be completed over several lessons.
The unit of work topics are:
Students are introduced to the concept of money. They discuss its origins (including bartering) and the many forms it can take today. Students are introduced to the ‘More than money’ program and have a chance to ask questions about it.
- Setting goals
Students learn the principles and importance of setting goals. The rewards to be earned at the end of the program will be decided and students will select one or more of these to try and achieve.
- Income generation
Students consider why we need money to survive and the many ways we can earn money. They will discuss the jobs that they will undertake in order to earn an ‘income’ for this program.
Students are introduced to budgets. They will take on the responsibility of creating a budget while considering the difference between needs and wants and then work to formulate a personal savings plan for the ‘More than money’ program.
Students explore the purpose of bank accounts. They learn about the different types of accounts and how their money can earn them interest.
Students will discover that they have to pay tax on their income. They will explore how tax is used by the government to provide valuable resources to the community and discuss how decisions about spending limited tax revenue are made.
- Rewards and reflection
This is the culmination of the project. Students will complete their final round of paperwork and find out if they have earned enough money to achieve the rewards they wanted.