F1. Money and Finances:
demonstrate the knowledge and skills needed to make informed financial decisions
describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services
Provide concrete examples of various methods of payment. Ask students to identify, describe, and explain the advantages and disadvantages of paying for goods and services with various methods of payment (e.g., cash, debit card, credit card, e-Transfer, cheque, coupons, rewards or points from loyalty program).
identify different types of financial goals, including earning and saving goals, and outline some key steps in achieving them
Provide students with a variety of scenarios for which they need to establish a financial goal (e.g., raising money for a community garden, planning a class trip to a sugar bush camp). Have them outline the steps they would take to reach the identified financial goal, such as seeking advice from a community member, consulting a reliable source, or learning from others’ experiences; creating a budget; developing a savings plan; considering alternative purchases based on best value; reflecting on their own experiences; and making adjustments as needed).
identify and describe various factors that may help or interfere with reaching financial goals
Have students select a shared financial goal for their class (e.g., a fundraising goal to purchase new volleyball equipment for the local community centre). As a class, work together to create a T-chart identifying the barriers to and opportunities for reaching this financial goal. Ask students to consider tools and means (e.g., research, adjusting timelines, advocacy, involving community members) that may help to overcome some of the barriers. Invite them to reflect on their own experiences, what they learned from them, and how they might apply this learning to this new situation.
explain the concept of interest rates, and identify types of interest rates and fees associated with different accounts and loans offered by various banks and other financial institutions
As a class, research financial definitions of interest, interest rate, and fees.
Provide different scenarios where students must research the best choice of accounts or loans. For example, a local business needs to set up a business account to manage its revenue and expenses. Have students review the websites of five financial institutions and the features of their savings and chequing accounts (e.g., interest rates, fees). Have them decide which account would be best for this business and explain why.
describe trading, lending, borrowing, and donating as different ways to distribute financial and other resources among individuals and organizations