Financial Education Toolkit

Transcription

1 Primary & Secondary School Financial Education Toolkit

2 Overview Thanks for downloading our fun and free Financial Education Toolkit! There s loads of educational materials to help you and your child learn about money that s fun and engaging for all ages. For parents: Mr Lambert, our maths teacher suggests top tips for you to help teach your kids to be money-savvy (during your everyday life and activities, such as shopping). For children: Our maths teacher has created a National Curriculum aligned quiz on money management, ideal for primary and secondary school children. Now let s get learning! Contents Top tips from our maths teacher, Mr Lambert to parents...3 Saving and spending...3 Shopping...4 Bring maths into everyday learning!...5 Financial Education Maths Quiz for Primary School...6 Financial Education Maths Quiz for Secondary School...12 s and s - Primary School...18 s and s - Secondary School...21 Summary...25

3 Top Tips Saving and Spending Fun maths activities for parents and children 1. Saving and spending Learning how to manage your own money as a child is a key skill that will stand you in good stead forever. The best start to enable your child manage their money is to give them responsibility. Mr Lambert Maths teacher Set up a bank account What better way to do this than open a bank account for them. However, how you use the account is really key. Two main questions tend to arise at this point what money goes into the account and what are they now expected to do with that money? Pocket money I would heartily recommend a basic amount of pocket money that can be supplemented upon completion of certain tasks such as clearing the table, completing homework without being asked or being kind to siblings. Once the money starts to go into the account, this would be a great time to talk about how much your child is intending to spend or save. Saving money Learning to save up for something that they really want and delaying gratification has long been associated with greater success in later life as evidenced by the classic Stanford Marshmallow Experiment. Your child will never forget the first time that they bought something with their own money even more so when they d had the discipline to save up over a period of time. Spending money Also, you will need to be clear about what they now have to pay for, e.g. presents for friends, social travel, etc. This will obviously depend on age, location and individual circumstances. Hopefully, controlling this small budget will allow your child to start understanding the difference between wants and needs and enable them to develop their sense of money responsibility that is essential for a stable economic future. 3

4 Top Tips Shopping 2. Shopping The second great opportunity for your children to learn all about money is when spending it often in the shops. Sometimes I take my children to the supermarket just as an educational day out even if we don t need to buy anything! Shopping offers the following excellent opportunities. Product Testing Your children will undoubtedly have noticed the vast range of different brands that exist for each product and have probably on many occasions put the wrong one in your shopping trolley when being helpful. Have you ever taken the opportunity to discuss why you prefer certain goods even though they are more expensive? Have you ever tried buying the brand above and below and doing a blind taste test to see if you can really taste the difference? Have you talked about the kind of ingredients that different producers may use to make their product and how this could affect the taste, price and health implications of that product? Adverts and brands influence today s children hugely and understanding products real value will help them to make smart financial choices. Discounts, Price cuts and promotions Have you ever wondered just how special those special offers really are? Every time that you enter a shop, online or in person, claims of special offers, discounts and price reductions surround you. It s ever so easy for children, and adults, to believe those signs but how can we really make a smart choice? Shopping around and comparing prices in a variety of online and real shops keeps you well informed. Once you have an idea of the normal price of the product you want to buy, you will be able to assess if the 3 for 2 offer is better than the 30% off discount. Which one would you go for? Price per kilo In supermarkets nowadays, the price labels on the shelves specify, albeit in fairly small writing, the price per kilo of a wide range of products. It is this price per kilo that truly allows us to compare products value and determine which product is the best buy. Do children ever notice this? It would be well worth bringing your child s attention to this little digits as they will actually inform us of the Best Buy. Is the one kilo bottle of ketchup at 2.50 better value than the 700ml for 2.00? If you really want to challenge them, perhaps don t mention that the calculations are already on the labels and let them work it out themselves! How well planned are your trips to the shops? A final money management tip when out shopping is to have a list before you go and to stick to it. A great list could even be written in order of importance so that your child has to consider what items they will purchase if their budget doesn t stretch to them all! 4

5 Top Tips Bring Maths into everyday learning! 3. Bring maths into everyday learning! Every child has experienced food shopping with their parents, but check out how many fabulous maths opportunities exist at the supermarket! Below are a few activities to get you started and help your child understand the value of money and exercise their brain with our maths examples. Primary Rounding - Round all purchases to the nearest pound and then add them up. When you go to the till, see how close you got. Estimating Have a look in the trolley and everyone estimate the total cost. Can you justify it? Perhaps the person closest wins a healthy snack. Addition Take any two or three items and add their prices together. Choose your products carefully depending on how confident your child is with decimals. Multi-buy When you buy two or more of the same product, do the appropriate multiplication. Shape how many different 2D or 3D shapes can your child spot in the supermarket? Can they draw them all? Can they name them? What are their properties in terms of faces, edges and vertices? Secondary Best Buy Products come in different sizes. Is the biggest one the best value? Will it actually fit in your fridge? Buy 2 get 1 free How many would you need to pay for if you wanted 12? What would be the total cost? Percentage Discount The supermarket is full of special offers, but how special are they really? Can you work out the percentage reduction? Equivalent Fractions If an apple cost 24p and a pineapple 96p, what fraction of the cost of a pineapple is the cost of an apple? Make sure you simplify it as much as possible. Reverse Percentages A sign says Beef Mince - 20% off now How much was it originally? Enjoy having fun playing these games together, developing responsibility in your children and watching them develop those essential money management life skills. 5

6 Primary School Financial Education Maths Quiz 6

7 Primary School Questions Now, young mathematicians! Are you up for the challenge? You ll find 10 money related questions. Work through these carefully and check the results with your parents. Good luck and have fun learning! Q1 Look at this ruler, which costs 61p to buy. 61p Which three coins can be used to pay for it exactly? 2 10p 1 5p 50p 20p 2p 1p 7

8 Primary School Questions Q2 Add up the total value of these coins in pence. Remember to put the p for pence! Q3 How much change do I get from 1 when I pay for something costing 78p? Remember to put the p for pence! Q4 How many pence are there here? Remember to put the p for pence! 8

9 Primary School Questions Q5 I have a 10 note and spend 2.53 on some drinks. How much change will I get in pounds? Remember to put the for pounds! Q6 Subtract the following = Remember, there might be more than one way to write a correct answer when you calculate with money. E.g = 96 pence pence 5.89 pence Q7 Look at the following price list: School Shop Prices File 2.50 A4 Paper 1.50 Notepad 0.95 Ballpoint Pen 0.35 Calculator 9.99 Pencil 0.28 Fountain Pen 5.45 Ruler 0.75 How much does Jill spend when she buys 2 pencils and a ruler? in s. 9

10 Primary School Questions Q8 Sometimes we see signs like this: Work out the unit price of a can. Don t forget the p sign. Q9 In this sale, an item is priced at What was its original price before the sale? Q10 A shop offers a 45% discount in a sale. How much discount will be given on a laptop costing 469? Remember to put the for pounds! 10

11 Secondary School Financial Education Maths Quiz 11

12 Secondary School Questions Now, young mathematicians! Are you up for the challenge? You ll find 10 money related questions. Work through these carefully and check the results. Good luck and have fun learning! Q1 Work out the following = Remember to put the for pounds! Q2 Jill buys a book for 20. Which of these two coupons would be better for her to use to get the better discount. Orange 5 off Blue 25% off Both the same Money Saving Coupon 5 OFF (min. spend 20) Money Saving Coupon 12

13 Secondary School Questions Q3 Sometimes when we go shopping we are faced with all sorts of Special Offers such as A: 2 for 5 B: 3 for 9 Which of these two special offers represents the better value? Q4 Find the original price of goods in a sale after a reduction of 11% when the sale price is Q5 You may use a calculator for this exercise. This example is about Mathematical Matt, who says to his parents: Let s change how much pocket money I get! How about you give me 1p the first week, 2p the second week, 4p the third week, 8p in week 4 and so on...? How much will Matt get, in pence, in Week 6? Remember to put the p for pence! 13

14 Secondary School Questions Q6 A lamp is bought for 156 and sold for Calculate the percentage profit. (just write the number as a whole number or to 3 sig. figs. if not whole) Q7 Interest is the amount of money earned on a sum that has been invested, or the amount of money which is charged on a sum that has been borrowed. It is usually written as a percentage of the money invested or borrowed for each year (per annum or p.a.) Amy borrows 2000 for three years at 6.5% interest p.a. How much interest must Amy pay over the three years in total? Remember to put the for pounds! Q8 Use a percentage multiplier to calculate the final price. A car costs % VAT

15 Secondary School Questions Q9 Use a percentage multiplier to calculate the original price. A bicycle costs 180 after 20% VAT has been added. How much did it cost before VAT? Q10 Jack invests 250 at 1.5% compound interest p.a. He makes no further withdrawals or investments. How much is his investment worth after ten years? 15

16 Primary & Secondary School Sheet 16

17 Primary School s and s Hey parents, follow the explanations and tips from our teachers to help your child. 1 50p, 10p, 1p = p = 55p 3 22p 1 = 100p = 22p 4 665p 6 in pound coins is 6 x 100p = 600p. 60 pence in silver coins is 6 x 10 p = 60p. 5 pence in penny coins is 5 x 1 p = 5p = You can use the shopkeeper s method to work out the change by counting on. Counting on we say p p Add the red amounts to get the total change of , 589 pence = = 589 pence pencils cost 2 x 0.28 = 0.56 A ruler costs 0.75 Adding we get =

18 Primary School s and s Hey parents, follow the explanations and tips from our teachers to help your child. 8 48p We can work out the price of one can by working out So the price for one can or the UNIT PRICE is 48p Pretend that we have to work out = 300, then take away 2p x 2 = X 469 = On calculator we would work out = Don t forget: practice makes perfect. Visit and access all maths topics,1000s of interactive online worksheets and 100s of tutorial videos. Are you looking for more financial education examples for primary school children? Check out the following tutorial worksheets to support your child s learning about money: Money: Paying with Coins Counting Cash Counting Cash: Change from 5, 10 and 20 Know Your Cash and Subtract with Money Division with Money Calculating the Value of a Discount 18

19 Secondary School s and s Hey parents, follow the explanations and tips from our teachers to help your child Shortcut Method First, we pretend that the amount is 4 and not Multiply 21 by 4 to get 84. This is 21 1p too much, so we now subtract 21p from p = = So = Both the same 5 off 20 = 15 25% of 20 = 5, so 25% off 20 = 15 This means that both coupons provide the same discount. 3 A To work out the special offer that gives the better value, we must work out the unit price (i.e. the price for one item). We do this by dividing. 2 for 5 means that each item costs 5 2 = for 9 means that each item cost 9 3 = 3 The cheapest or the better value offer is therefore A: 2 for % of original price = x original price = Original price = = p 2 5 = 32p 19

20 Secondary School s and s Hey parents, follow the explanations and tips from our teachers to help your child Percentage Profit = Actual profit Starting figure x100 Actual profit = = = % of 2000 = = = Percentage multipliers are useful as a quick way to work out percentage increases and decreases. Percentage Increases Multiply by 1 + percentage as a decimal 9500 x1.2 = Percentage multipliers can also be used to work out the original quantity after a percentage increase or decrease. Here we divide by the percentage multiplier to find the original amount. To find the original amount: after a percentage increase divide by 1 + percentage as a decimal =

21 Secondary School s and s Hey parents, follow the explanations and tips from our teachers to help your child Compound Interest is the amount of money earned on a sum that has been invested including the interest added each year. It is usually written as a percentage of the money invested for each year (per annum or p.a.). When we increase something by 1.5%, we can use the percentage multiplier After 1 year, Jack has 250 x = After 2 years, Jack has 250 x 1.015² = After 3 years, Jack has 250 x 1.015³ = After 10 years, Jack has 250 x = Don t forget: practice makes perfect. Visit and access all maths topics,1000s of interactive online worksheets and 100s of tutorial videos. Are you looking for more financial education examples for secondary school children? Check out the following tutorial worksheets to support your child s learning about money: Money-Off Coupons Finding the original quantity after a percentage increase/decrease Double Your Pocket Money Percentage Profit or Loss Simple Interest Percentage Multipliers Reversed Percentages Compound Interest 21

22 Summary We hope you ve found this Financial Education Toolkit helpful! Get full access to all our educational content and 1000s of online tutorial worksheets in English, maths and science, plus a parent and student dashboard to track and measure results. All available and more on EdPlace when you sign up for a subscription for as little as 10 a month. Why EdPlace? 9/10 parents agree that EdPlace has helped improve their child s grades. Here s other reasons to join us: Effective: 10% increase in scores when EdPlace is used more than once a week. Comprehensive: 1000s of resources in English, maths and science. 100% National Curriculum aligned. Credible: All content created and checked by teachers with 5+ years experience. Accessible: affordable online tuition. Subscriptions from 10 a month. 22