Managing Money Wisely

Lesson Title: Understanding Bank Accounts and Financial Products

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Duration:

90 minutes

Class size:

14 students

Level:

Entry Level 3 (Post 16-25 SEND employability and life skills)

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Curriculum Links

This lesson aligns with the Personal, Social, Health and Economic (PSHE) education programme of study, specifically linked to:

• National Curriculum for PSHE (England):

  • Economic wellbeing and financial capability: Recognising the purpose and function of money, savings, and borrowing, and managing personal finance effectively (DfE, 2021).
  • Personal development: Building confidence in managing financial matters practically and making informed decisions regarding money.

• Key Competencies Addressed:

  • Understanding different financial products and services.
  • Developing basic financial literacy to improve employability and independent living.
  • Applying practical skills for daily money management.

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Learning Objectives (WALT):

• WALT identify and describe different types of bank accounts such as current, savings, and student accounts.
• WALT explain the key features and benefits of each bank account type.
• WALT understand the purpose and use of financial products including debit cards, credit cards, overdrafts, loans, and mortgages.
• WALT recognise how to manage money wisely using these financial tools.

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Success Criteria:

• I can name three types of bank accounts and explain how they are different.
• I can describe how debit cards, credit cards, and overdrafts work.
• I understand the importance of saving money and managing bank accounts responsibly.
• I can demonstrate simple decisions about money using practical examples.

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Resources:

• Large laminated chart showing types of bank accounts and financial products
• Sample bank cards (debit & credit) – plastic replicas or images
• Visual scenario cards with real-life money management situations
• Whiteboard and markers
• Worksheets with dyslexia-friendly fonts (OpenDyslexic or Comic Sans)
• Practical budgeting worksheet (simplified for Entry 3 level)
• Calculators
• "Money Sorting" activity supplies (fake notes & coins)
• Video clip (3 mins) explaining current vs savings accounts (with subtitles)

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Lesson Structure

1. Introduction and Engagement (15 minutes)

• Activity: Warm-up discussion using quick questions:
  “What do you use money for?” / “Have you ever been inside a bank?”
• Show the laminated chart introducing bank account types and financial products.
• Play the short video explaining bank accounts with subtitles for dyslexia-friendly access.
• Differentiation: Provide printed summary cards with pictures and simple keywords for each bank account type for reference.

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2. Exploring Bank Accounts (20 minutes)

• Group activity:
  Divide class into 3 groups; each group investigates one account type (current, savings, student) through simplified fact sheets.
• Each group creates a simple poster listing:
  • What the account is used for
  • Benefits of having it
• Groups present their posters briefly.
• Differentiation: Use peer support and sentence starters for students needing language assistance.

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3. Financial Products Introduction (20 minutes)

• Teacher-led explanation of common financial products: debit cards, credit cards, overdrafts, loans, mortgages using visual aids and real objects.
• Interactive Q&A: Use flashcards with keywords to reinforce understanding.
• Role-play scenarios:
  Example - “You want to buy a £5 item but only have a debit card—what happens?”
• Dyslexia-friendly: use coloured overlays and clear fonts on all printed materials.

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4. Practical Activity – Managing Money Choices (25 minutes)

• "Money Sorting" game: Students work in pairs to manage a simplified budget using fake money, choosing how to spend or save within their budgets and deciding when to use bank products.
• Teacher circulates to prompt reflective questioning: “Why did you choose to put money in savings?” / “What happens if you spend money with an overdraft?”
• Use calculators for adding and subtracting money amounts (simple sums).
• Differentiation: Provide manipulatives for kinaesthetic learners and one-to-one support as needed.

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5. Review and Assessment (10 minutes)

• Verbally recap key points using a question round:
  “What types of accounts did we talk about?” “How can a debit card help you?”
• Exit ticket: Each student writes or draws one new thing they learned about managing money.
• Collect exit tickets for informal assessment and to inform future lessons.

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Differentiation Strategies

• Use of visual aids, videos with subtitles, and printed information in dyslexia-friendly fonts.
• Peer mentoring and collaborative group work to support language and concept acquisition.
• Sentences starters and keyword lists to scaffold verbal and written answers.
• Practical, hands-on activities to engage students with varied learning preferences.
• Flexible working time and small group/individual support for students who need it.

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Extension Activities (Advanced Learners)

• Research and prepare a short presentation on how interest works with bank savings accounts.
• Investigate ethical banking options and prepare pros and cons.
• Write a simple personal budget plan including income and outgoings for the week.

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Reflection for Teacher

• Were all learners able to engage meaningfully with the financial concepts?
• Did the hands-on activities enhance understanding?
• Which students need further support or challenge?
• Could the dyslexia-friendly materials be improved for clarity?
• What worked well for peer collaboration?

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This lesson plan ensures learners not only meet the National Curriculum economic wellbeing standards but also develop real-life money management skills essential for independence and employability. The practical, inclusive approach is tailored for Entry Level 3 SEND learners aged 16-25, offering multiple access points, accessible resources, and opportunities for all learners to build confidence managing their finances.