Savings Options
4.10C Compare the advantages and disadvantages of various savings options.
Americans have many ways of saving money. Each of the savings methods has its advantages and disadvantages. This Student Expectation provides the opportunities for students to compare these different methods. The Savings is not Just Child's Play activity will give your students exposure to these comparisons as well as a start at understanding the connection of savings and financial institutions.
Spending, Saving, and Sharing
4.10D Describe how to allocate weekly allowance among spending, saving, including for college; and sharing.
It is important to remember that when the standard uses the word "including", the student will experience the exact situation that is referenced. In this case, your students will see a question that includes saving for college, and therefore you will need to explicitly expose them to this financial experience within instruction.
This Student Expectation involves helping students understand how a weekly allowance can be divided up for certain purposes. The expectation assumes that all of your students have experience with a weekly allowance, and therefore you should cover this topic when you are engaging their background knowledge before the new learning happens. As we all know, assumptions on what students know are likely to be false, and therefore you should ensure that every student has a common understanding about earning a weekly allowance before the instruction of allocating said allowance happens. We have provided the Divide and Conquer activity so that your students get a realistic feel for this SE.
This Student Expectation involves helping students understand how a weekly allowance can be divided up for certain purposes. The expectation assumes that all of your students have experience with a weekly allowance, and therefore you should cover this topic when you are engaging their background knowledge before the new learning happens. As we all know, assumptions on what students know are likely to be false, and therefore you should ensure that every student has a common understanding about earning a weekly allowance before the instruction of allocating said allowance happens. We have provided the Divide and Conquer activity so that your students get a realistic feel for this SE.
Financial Institutions
4.10E Describe the basic purpose of financial institutions, including keeping money safe, borrowing money, and lending.
Here again, you should expect to provide experience to students that includes keeping money safe, borrowing, and lending. The standard is very explicit on these three pieces of financial institution literacy and therefore the exposure to these concepts should also be explicit.
Financial institutions have three basic purposes: keeping consumers' money safe, borrowing money, and lending money to consumers. Banks also have the job of lending money to consumers and businesses for different reasons. When banks lend money to consumers, the consumers pay back more to a bank than they borrowed. This is called interest, and it is part of the profit that a bank makes.
Financial institutions have three basic purposes: keeping consumers' money safe, borrowing money, and lending money to consumers. Banks also have the job of lending money to consumers and businesses for different reasons. When banks lend money to consumers, the consumers pay back more to a bank than they borrowed. This is called interest, and it is part of the profit that a bank makes.