A new way to learn about money
We had a Commerce Inquiry Day on Monday, 30 May 2016. Around 450 Year 9 students were involved in this programme where they will have learnt about Financial literacy, Accounting, Economics and Business.
We had five different stations for students and they went to the stations in rotation. Each station had one Station Master (in charge of the Station and activity)
Station 1: Money Go Round
Money, where does it come from? Where does it go?
A sum of money can be spent and re-spent.
One person’s expenditure can be another person’s income. If you spend $5 in a shop, that will be income for the shop owner. But they might use some of it to pay the power bill – so their expenditure becomes someone’s income. And so the money goes round!
Objective: Students will understand that a sum of money can be spent and re-spent and that one person’s income can be another person’s income.
Station 2: Different needs and wants
Economics is the study of how people use their limited resources to meet their different needs and wants. Needs are defined as things that are essential for survival such as food or shelter. Wants are things that people would like but are not essential e.g. iPhone, Ferrari etc.
Objective: Students will understand the difference between needs and wants. One person’s need can be another person’s want.
Station 3: Money Game
The Money Game is a fun and exciting way to teach kids of all ages about the benefits of saving money and the possible risks of spending money. It’s a financial education tool that will benefit them and families for years to come.
Objective: Students will understand the benefits of saving money.
Station 4: Fashion Show
Resources take many forms and choices are made about their use. Value can be added to available resources through innovation, enterprise and technology. The amount of value added to resources is important in determining the levels of income and standard of living for individuals and communities.
Objective: Students will produce an imaginative product or idea from a limited resource and work co-operatively with group members to make decisions.
Station 5: Money sorted
Students should be able to:
- recognise the difference between needs and wants
- understand that financial decisions today have an opportunity cost that will impact on the future
- prepare a personal financial budget
- use a budget to set personal financial goals
- recognise the principals for achieving financial independence
- develop awareness on lifestyle and how this can affect financial behaviour
Gurpreet Kaur - Head of Commerce