Discussing issues related to credit

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1 Educational Activities for students ages 10 and 11 Discussing issues related to credit level: elementary school age group: Students ages 10 and 11 activity Summary After studying various payment methods, students take part in an interactive story that introduces them to guidelines and the consequences of using credit. They then produce their own guide for people who use credit. Financial skills Understanding credit Using an account at a financial institution age group Students ages 10 and 11 when April and May time required 5 hours 45 minutes area of learning Environment and consumption competencies Disciplinary competencies taught Disciplines Competencies Progression des apprentissages English Writing a variety of texts Reading a variety of texts Mathematics Using mathematical concepts to reason Use all the reading- and writing-related concepts discussed in class Associate a percentage with a decimal number Convert decimal numbers into percentages, and vice versa Use a calculator Non-disciplinary competencies Cooperation Educational Activities for students ages 10 and 11 - page 1

2 Preparation Students are introduced to various payment methods and become aware of credit-related issues. Task 1 become familiar with payment methods time required 60 minutes teaching material Payment methods Pros and Cons of Payment Methods On desjardins.com task 1 objective At the end of this task, students will be able to identify the pros and cons of various payment methods. Instructions 1. Ask the students to name payment methods that they know, and talk about the benefits and disadvantages of each. 2. Hand out the worksheet Pros and Cons of Payment Methods. 3. Watch the short video and ask the students to complete the worksheet afterward. 4. Go around the room and correct the worksheet with the class. Task 2 study what s involved when paying by credit card time required 2 hours teaching material Credit Cards On desjardins.com task 2 objective At the end of this task, students will understand credit card payments and related issues in greater detail. teacher s notes When we borrow money to pay for purchases, we are charged interest rates that can vary depending on the type of credit used. To elaborate, you can explain to the students that along with credit cards, borrowers can obtain several kinds of loans, including car loans, mortgages and personal loans. Each type of loan has its own fees, but unlike credit cards, monthly loan repayments are set in advance and remain the same until the loan is fully repaid. Educational Activities for students ages 10 and 11 - page 2

3 Task 2 study what s involved when paying by credit card (suite) Instructions 1. Ask students how much they know about using credit cards. 2. Write their statements on the board. 3. Display the Credit Cards worksheet on the board and read it with the class. 4. Summarize the worksheet with the students, asking them to express what they learned about using credit. execution To learn how credit works, students read an interactive story in which they play the leading roles. Task 1 Read an interactive story about credit teacher s notes time required 60 minutes teaching material Sylvia s Experience Lessons Learned On desjardins.com It s fine for students to use calculators in conjunction with this activity. task 1 objective At the end of this task, students will understand credit-related issues thanks to an interactive story in which they must make calculations involving money. Instructions 1. Form teams of 2 students, then give each team a copy of the worksheet Lessons Learned and a pencil. 2. Each team watches Sylvia s Experience. 3. Each team reads the story s simulated scenario and makes a choice when prompted to do so. 4. As they read, students must write on the worksheet the amounts of Sylvia s purchases and other information, as requested. 5. When they have finished reading, the students write what they took away from Sylvia s experience. 6. Go around the room and ask the students to describe what they took away from this experience. Educational Activities for students ages 10 and 11 - page 3

4 evaluation Students produce a guide for credit users. Task 1 Reflect on the use of credit time required 3 hours task 1 objective teaching material Sociogram Test for Primary Students (Ages 8 11) On desjardins.com At the end of this task, students will be able to explain how they feel about the use of credit and incurring debt. teacher s notes Each team uses a blank sheet of paper folded in half. To avoid redundancy in student texts, suggest several themes such as guidelines to follow, conditions for using credit, interest rates, warnings, debt, etc. The guides produced by the teams can then be compiled in 1 booklet and the class can vote to decide what company name appears on its cover. Instructions 1. Form teams of 4 students. 2. Ask each team to prepare some brief guidelines for people who use credit. 3. Ask the students to make up a name for an imaginary lending institution and write it on the first page of their guidelines. 4. On the inside right-hand page, the students should write common sense guidelines to follow when using credit. 5. Each team then presents its guide to the rest of the class. Educational Activities for students ages 10 and 11 - page 4

5 Name: Date: PAYMENT METHODS BEST PRACTICES GUIDE Pros and cons of various payment methods PAYMENT METHOD Cash PROS CONS Debit card Credit card DEBIT CREDIT NOVEMBER 2013

6 CREDIT CREDIT CARDS Credit cards are serious business! You must be at least 18 years old to get a credit card. Credit card holders are required to comply with certain rules when using their card. For example, they agree to pay the card balance according to their card issuer agreement. How do credit cards work? 1- If you pay the card balance in full by the monthly due date, you will not be charged any interest. 2- If the total amount due is not paid by the due date, interest will be added to the balance, which means purchases made using the card will end up being more expensive. a. Interest charges are assessed from the purchase date until all purchases have been paid off. b. A minimum payment is required. This is the minimum amount you must pay. If you do not make the minimum payment, it may harm your credit score. The minimum payment varies depending on the card issuer, but it is usually a set amount (e.g., $10) or a percentage of the unpaid balance, whichever is greater. If you only pay the minimum payment due, interest continues to accrue. Here s an example: Cindy has an unpaid balance of $2,000 on her credit card and the applicable interest rate is 18%. The minimum payment due is $10 or 2% of the balance, whichever is greater. Cindy s initial minimum payment would be $40 (2% of $2,000). If Cindy paid only the minimum payment due of $40, it would take her 30 years and 10 months to pay off her balance AND she would pay $4, in interest. If Cindy increased her monthly payments to $100, it would take her 2 years to pay off her balance and she would pay $ in interest. This example shows how much it really costs you when you only pay the minimum monthly payment. If you pay more each month even just a little more it will take significantly less time to pay off your entire credit card balance. credit card NOTE: This example was taken from: paiementoptions/droitrespcc/droitrespcc-3-fra.asp NOVEMBER 2013

7 Sociogram test Elementary level group (age8-11) What is a sociogram? A sociogram 1 is a tool with which you can form work teams using students views of each other: the most popular student, the one who works hardest, the one who pays the least attention, etc. It s simple: students answer questions anonymously, and you enter the answers on the table provided. You can then create sufficiently diverse teams using all the different types of students. The differences between them will enhance the dynamic of team projects. STEPS 1. Give the students copies of the following answer sheet. 2. Read the instructions to the students. Write the first name of 2 friends who are most like what I ask you. Just circle the first 2 names that come to your head without thinking for a long time. You can write the same name twice. Your answers will be a secret between you and me. 1. Which friends are very popular and have lots of friends? 2. Which friends always have fun at school and don t work very hard? 3. Which friends always have good ideas and come up with great projects for the class? 4. Which friends don t play much with others or just watch them play? 5. Which friends seem to understand everything quickly and find everything easy? 6. Which friends always want to help others and make all the other kids happy? 7. Which friends don t follow the rules of games and the school? 8. Which friends are calm and quiet and nobody seems to know well? 9. Which friends argue and get angry a lot? 10. Which friends always find fun activities? 3. Collect the answers. Collect the students papers and use the table on the last page to compile the answers. To make this task easier, write the names of all the children in the class in the left hand column, then mark off in the other column the number of times each of these names came up. This distribution will help you see who has a higher social status and who is seen as having a lower social status. 2 When you create teams, include students from each of the categories (higher social status and lower social status) in a balanced manner. 1. Adaptation of Classroom Group Behavior: Group Dynamics in Education, by Mary Bany and Lois Johnson, Macmillan, Youngsters with lower status have academic or social difficulties or demonstrate negative leadership. Higher status is generally assigned to children who demonstrate positive leadership and are strong academically, popular and socially adept (Peery, 1979).

8 Sociogram test answer sheet Name: Date: Listen to your teacher s instructions before starting! Name 2 friends: 1. who are very popular and have lots of friends 6. who always want to help others and make all the other kids happy 2. who always have fun at school and don t work very hard 7. who don t follow the rules of games and the school 3. who always have good ideas and come up with great projects for the class 8. who are calm and quiet and nobody seems to know well 4. who don t play much with others or just watch them play 9. who argue and get angry a lot 5. who seem to understand everything quickly and find everything easy 10. who always find fun activities

9 Creating heterogeneous groups Elementary level group (age8-11) Class: Date: Name Popular/ Sociable Higher status Talented/ Creative Lower status Non-academic/ Negative/ Solitary Belligerent No. 1 No. 6 No. 3 No. 5 No. 10 No. 2 No. 7 No. 9 No. 4 No. 8

10 Names: Date: CREDIT LESSONS LEARNED LESSONS LEARNED FROM SYLVIA S STORY What did you learn from Sylvia s experience? (Share at least 3 insights.) NOVEMBER 2013

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