Needs vs Wants

Lesson Overview

Lesson Title: Identifying Personal Needs and Wants
Unit: Understanding Needs & Profits (Lesson 2 of 8)
Curriculum Area: Social Sciences – Business Studies (Level 3, NZ Curriculum)
Duration: 60 minutes
Year Group: Year 5
Class Size: 25 students

Curriculum Links

• Achievement Objective: Understand how people make choices to meet their needs and wants.
• Key Competencies: Thinking, Relating to Others, Participating & Contributing, Managing Self
• Cross-curricular Connections: Mathematics (Comparing amounts & costs), English (Discussion & Justification), Digital Technology (if spreadsheet tools are used)

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Lesson Outcomes

By the end of this lesson, students will:

1. Differentiate between needs and wants.
2. Identify their own personal needs and wants.
3. Categorise items into these two groups.
4. Reflect on how their choices shape daily life.

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Lesson Structure

1. Introduction & Recap (10 minutes)

• Greet students and briefly recap Lesson 1:
  • What are needs? (Essential for survival: food, shelter, clothing, healthcare)
  • What are wants? (Things that improve life but are not essential: toys, video games, sweets)
• Ask students:
  • Why do we need to separate needs from wants? — Encourage discussion.
• Show two pictures (e.g., a loaf of bread vs. a PlayStation) and have a quick-fire quiz where students vote on which is a "Need" and which is a "Want."

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2. Activity 1: Personal Inventory (15 minutes)

• Give students a Needs vs Wants worksheet with a T-chart.
• Ask them to list 5 things they own that are essential for survival (needs) and 5 things they own that aren’t necessary but they enjoy (wants).
• Encourage them to think about day-to-day items (e.g., "Is my lunchbox a need or a want?").
• Once done, students should share one need and one want with a partner.

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3. Activity 2: "If I Had $50" Challenge (15 minutes)

• Pose a scenario: You have just been given $50 in pocket money. How will you spend it?
• Provide a selection of items with prices (e.g., milk = $5, jacket = $30, skateboard = $45).
• In pairs, students make a spending decision, ensuring at least 50% is spent on needs.
• Discuss as a class:
  • Who spent most of their money on wants? Who focused on needs? Why?

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4. Reflection & Discussion (15 minutes)

• Class Brainstorm: Why do some people prioritise different things? How do people’s needs and wants change throughout life?
• Reflect with a Think-Pair-Share on:
  1. What’s one need they appreciate more after today?
  2. If they had to remove one want from their life, what would it be?
• Wrap up with the key takeaways:
  • Needs keep us alive.
  • Wants make life enjoyable but are not essential.
  • Understanding this helps us make better financial choices.

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Assessment & Extension

Formative Assessment:

• Observation during discussion and pair sharing.
• Students' personal inventory lists & "If I Had $50" challenge decisions.

Extension Activities:

• Home Task: Students track their spending for one week and categorise it into needs vs. wants.
• In-Class Debate: "Is internet access a need or a want?"
• Maths Link: Create a simple bar graph comparing class spending decisions from the $50 exercise.

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Teacher Reflection

• Did students grasp the difference between needs and wants?
• Were they able to justify their choices during discussions?
• Do any students need more support with financial literacy for future lessons?

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Resources Required

• Printed Needs vs Wants T-chart worksheet
• Set of pre-priced item cards for spending challenge
• Whiteboard & markers for brainstorms
• Optional: Digital spreadsheet for tracking choices

This engaging lesson builds on prior knowledge while making financial literacy fun, relevant, and personal to students' everyday lives. 🚀