Needs vs Wants

Overview

This 60-minute lesson introduces Year 9 students to the fundamental concepts of needs and wants in personal finance. Through discussions and practical activities, students will learn to differentiate essential expenses from discretionary spending. They will reflect on their own spending choices and understand how this distinction affects budgeting decisions.

Alignment with the New Zealand Curriculum Refresh

This lesson aligns with the Social Sciences learning area under the refreshed New Zealand Curriculum (effective 2023), focusing on financial literacy aspects relevant to young people’s everyday lives. It incorporates competencies such as critical thinking, participating and contributing, and managing self, while fostering numeracy skills through financial contexts .

Learning Objectives

By the end of the lesson, students will be able to:

• Define and distinguish between needs and wants.
• Identify examples of needs and wants from their own lives.
• Understand how recognising needs and wants supports better money management and budgeting.
• Develop initial strategies to prioritize spending in a smart money management plan.

Curriculum References

• Social Sciences Achievement Objective: Understand how people make decisions about access to and use of resources (including money) .
• Key Competencies:
  • Thinking: Critically consider everyday financial decisions.
  • Participating and Contributing: Engage in group discussions to explore spending choices.
  • Managing Self: Reflect on personal choices regarding needs and wants.

Lesson Plan Breakdown

Time	Activity	Description	Resources	NZC Focus
5 min	Introduction - Hook & Prior Knowledge Activation	Begin with a quick class brainstorm: What do you think needs and wants are? Write responses visibly (e.g., whiteboard). Briefly discuss why understanding these concepts is important for managing money wisely.	Whiteboard/markers	Thinking; Social Sciences AO
10 min	Teacher Explanation - Definitions & Context	Explicitly define 'needs' (essential items necessary for living, e.g., food, shelter) and 'wants' (things we desire but can live without, e.g., video games, takeaway). Use locally relevant examples familiar to Year 9 students in NZ. Emphasise budgeting implications.	Slide presentation/handout with examples	Clear language and vocabulary, Social Sciences, Managing Self
15 min	Interactive Group Activity - Classifying Expenses	In groups of 5, students receive a mixed list of expenses (e.g., rent, phone bill, movie tickets, fruit, streaming subscription). They sort items into 'Needs' and 'Wants' on a shared poster or digital tool. Groups then discuss and justify classifications.	Printed lists/tablets for digital sorting	Participating and contributing, critical thinking
10 min	Personal Reflection - My Own Needs and Wants	Individually, students create their own list of recent expenses or things they spend money on, categorising them as needs or wants. Prompt questions to support thinking, e.g.: “Which of these do you really need? Which could wait or be removed?”	Student notebooks or worksheets	Managing Self, Thinking
10 min	Class Discussion - Why Prioritise Needs?	Facilitate whole-class reflection on how distinguishing needs/wants helps in budgeting, especially when money is limited. Introduce the idea that prioritising needs ensures essentials are covered before discretionary spending.	Whiteboard notes	Social Sciences understanding, critical thinking
5 min	Link to Future Learning & Wrap Up	Briefly preview the upcoming lessons in the unit “Smart Money Management” that will build on this knowledge to create budgets and manage spending. Summarise key points and answer any questions.	Verbal summary	Connecting and reflecting

Assessment for Learning

• Formative Assessment: Observe group discussions and sorting activity to gauge understanding of needs vs wants.
• Exit Slip: Students write one new thing they learned about needs and wants and one question they have for the next lesson.
• Teacher Notes: Use responses to adjust next lessons in the unit to ensure clear understanding.

Differentiation and Inclusion

• Provide sentence stems to support students who need language scaffolding (e.g., “A need is…”, “A want is…”).
• Use visuals and examples relevant to New Zealand youth culture.
• Flexible grouping to support ELL or learners needing additional help.
• Opportunities for extension include deeper discussion on needs/wants in different cultural contexts or family situations.

Resources

• Slides defining needs and wants with NZ examples
• Printed or digital expense lists for sorting activity
• Student reflection worksheet
• Whiteboard or digital collaboration tools (e.g., Jamboard)

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This active, student-centred approach promotes critical financial literacy in line with the New Zealand Curriculum Refresh guidance and supports students in developing attitudes and skills for effective money management in authentic contexts .