Money Smarts Challenge Teacher Guides

1. Spending & Saving Teacher Guide

Spending & Saving

This is the first of six pillars of Financial Wellbeing. The following information shows your students how to be a smart spender and develop healthy habits when it comes to saving. The content is designed to give you a flavour of what you can expect your students to be quizzed on as part of the Money Smarts Challenge.

This pillar has been specially crafted to remind your students of the importance of balance in life. While we all need to live in the moment and enjoy everything on offer, they also need to be prepared financially for the future. That way they can deal with any little surprises, big or small, that life throws up along the way.

 

Topics

SpendingSaving
Budgeting and record-keeping tips
The simple 50/30/20 saving and spending rule
Needs versus Wants
Budgets and spending to a budget
Saving goals
Rainy-day funds

 

 

 

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2. Earning & Income Teacher Guide

Earning & Income

This is the second of six pillars of Financial Wellbeing. The following information shows your students the various ways in which money can be earned, while also highlighting some non-earned ways people secure an income. The content is designed to give you a flavour of what you can expect your students to be quizzed on as part of the Money Smarts Challenge.

Tax, as they say, is just one of those inevitable things in life. While everyone has to pay it, it’s not always easy to understand. This pillar has been specially crafted to help them understand it better and looks at tackling tax, breaking it down and exploring the differences between gross and net income in the context of a payslip.

 

Topics

EarningIncome
Earned v Unearned income
Facts about earning an income
How do people earn money?
What do the numbers mean
How taxes are applied
How to read a payslip
What the acronyms mean on the payslip
The difference between gross pay and net pay

 

 

 

Lesson Plan

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3. Credit & Debt Teacher Guide

Credit & Debt

This is the third of six pillars of Financial Wellbeing. The following information shows your students the difference between credit, the money available to be borrowed, and debt, the money that has been borrowed. The content is designed to give you a flavour of what you can expect your students to be quizzed on as part of the Money Smarts Challenge.

With a variety of lenders operating in the UK Market, there are many different types of credit options available, from loans to credit cards etc. This pillar has been specially crafted to help students better understand their options. As well as highlighting some of the costs associated with accessing credit, it outlines some top tips on being credit clever and managing debt responsibly.

 

Topics

Credit & Debt
Understanding credit and debt
Evaluating interest charges and the cost of credit
Evaluate loans and different loan options

 

 

 

Lesson Plan

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Presentation

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Sample Quiz

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4. Investing Teacher Guide

Investing

This is the fourth of six pillars of Financial Wellbeing. The following information shows your students the benefits of investing when they have a long term financial goal in mind. The content is designed to give you a flavour of what you can expect your students to be quizzed on as part of the Money Smarts Challenge.

The primary reason people invest is for the promise of a higher rate of return on their money than would be possible by just keeping it in a savings account. However, investing money involves varying amounts of risk. This pillar has been specially crafted to help students consider these risks and provides a basic understanding of investment markets.

 

Topics

Investing
Explain what investing is
Recall the key components of the investment hierarchy
Explain what stocks are
Differentiate between stocks and bonds
Interpret investment news and how world events impact investments

 

 

 

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5. Risk & Protection Teacher Guide

Risk & Protection

This is the fifth of six pillars of Financial Wellbeing. The following information discusses the issue of risk and shows your students how to develop strategies to protect against it. The content is designed to give you a flavour of what you can expect your students to be quizzed on as part of the Money Smarts Challenge.

Risk is everywhere. Most people will face a variety of risks, including financial risks, throughout their life. Some risks can, and will, present major financial challenges. This pillar has been specially crafted to help students consider these risks. It provides important information in relation to the knowledge and skills needed to asses risk and minimise its impact.

 

Topics

Risk & Protection
Fraud
Vishing
Smishing
Phishing life events (health etc.)
Twishing
Money Mules
Top tips for banking online

 

 

 

Lesson Plan

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Presentation

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Sample Quiz

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6. Financial Decision Making Teacher Guide

Financial Decision Making

This is the sixth of six pillars of Financial Wellbeing. The following information discusses the concept of personal financial planning, which we sometimes refer to as Financial Decision Making. The content is designed to give you a flavour of what you can expect your students to be quizzed on as part of the Money Smarts Challenge.

In order to make sound financial decisions in life, one must integrate various aspects of each pillar as they arise or are required. For example, where one is considering using some of their income to invest for the future, they will need to factor in net income along with spending habits as well as risks associated with certain forms of investing. This crucial pillar has been specially crafted to help students make sound personal financial decisions in life.

 

Topics

Needs and WantsGoal Setting and Budgeting
Students will learn to evaluate and prioritise.Students will learn to formulate, construct and manage a goal setting plan and how to use a personal budget planner.

 

 

 

Lesson Plan

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Presentation

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Sample Quiz

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