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    • Version as at 24 Aug 2004 Personal Financial Education Learning Module Concept Map Uses and limitations of money The origin of money Different forms What is of payment money ? Personal Financial Understanding of personal Education expenditure Saving and investment plan The meaning Am I a smart of ‘rich’ Risks of investment spender ? Factors affecting my How to be spending Sources of rich ? Different kinds money of investment Spending skills The importance Types of bank of savings deposits and the variations of interest rates 1
    • Version as at 24 Aug 2004 Module on Personal Financial Education Rationale In recent years, there are increasing cases concerning financial difficulties encountered by tertiary students. Learning elements about personal finance are deemed to be necessary in school education. Even students at junior level should acquire the awareness on prudent financial planning. Besides, personal finance involves self-management skills which are essential for growth. This learning module is designed to foster teenage students self-management skills in handling money which can be transferred to different contexts such as time and other resources etc. Aims In the financial industry that is demanding and diverse quickly, it is important for our youngsters to develop financial acumen in order to decide what they do to their money and as a result steer the economic market. Through this module, students learn to manage money, to budget, and to acquire some basic sense to deal with financial matters such as credit cards, debt, student loans, mortgages and pensions in their future life. They also learn to recognize the influence of sales in the wider world and to investigate consumers’ choices when facing with different marketing strategies. Personal responsibility and positive attitudes are essential in developing self-management skills. They are delivered through the learning experiences of earning, spending, saving and investment. Through the learning activities, students are encouraged to set goals and priorities, to plan and manage, to assess risks and be responsible for decision made. Objectives By the end of this module, students will 1. understand what money is 2. identify sources of income and expenditure 2
    • Version as at 24 Aug 2004 3. consider the factors that influence personal expenditure 4. know about budgeting 5. apply spending skills 6. understand the importance of savings and ways of doing it 7. set a saving and investment plan Level KS3 (Secondary 3) Duration 3-4 cycles (around 7-8 periods of 40 minutes each) Content What is money?  The origin of money  Uses and limitations of money  Different forms of payment Am I a smart spender?  Understanding of personal expenditure  Factors affecting my spending  Spending skills How to be rich?  The meaning of ‘rich’  Sources of money  The importance of savings 3
    • Version as at 24 Aug 2004  Types of bank deposits and the variations of interest rates  Different kinds of investment  Risks of investment  Saving and investment plan 4
    • Version as at 24 Aug 2004 Continuum of Learning for Personal Financial Education KS 1 (Primary 1-3) KS 4 & KS 3 (Secondary1-3) (Secondary 4-5) (Secondary 6-7) KS 2 (Primary 4-6) General Studies Key concepts of the module Commerce Business Studies (AL)  Use of pocket money,  What money is  Financial Statements  Financial Management savings  Income and expenditure and Capital  Risk Management  The different types of work  Personal budgeting  Stock Exchange in society  Saving up and investing for future  Finance and Banking Principles of Accounts  The importance of making  Insurance (AL) rational consumer → Technology Education →  Advertising  Cash Flow Statement decisions and ways of  Home management and Technology  Budgeting doing it  Resources management Home Economics  Investment Appraisal  Our rights and  Consumer Education  Consumer Studies and responsibilities as  Information Processing and Money Management Economics (AL) consumers of goods and Presentation  Money services Economics  The Price Level PSHE  Money and Banking Mathematics  The rights and responsibilities of  Number consumers EPA  Measures  Services provided by common financial  The Individual as a  Algebra institutions Consumer  Effective decisions as consumers, producers, savers and investors Mathematics  Number & Algebra 5
    • Version as at 24 Aug 2004 Position of Personal Financial Education in Technology Education Technology & Society Legal issues ICT Materials Ethical issues & Structures Strategies & Management - Resources Information Management Operations Processing & Personal Financial Technology & Presentation Financial budgeting Education Manufacturing Educatio (personal & company) and reporting System Technology & Living – & Consumer Home Management & Control Education Technology Consumers’ rights and Management of family consumers’ choices resources & budgeting Consequences of consumers’ actions 6
    • Version as at 24 Aug 2004 Personal Financial Education – What is Money? Key Stage: 3 (Secondary 3) Duration: 40 minutes (A) Key Features In the learning activities, students are expected to:  Understand the origin of money  Find out the uses of money  Find out the limitations of money (B) Task Definition  Working in groups of 4 or 5, students try to trade for what they want, e.g. snacks, stationery, etc. They have to share their feelings after the activity and explain why money is needed for today’s society.  In groups of 6 or 8, students discuss and debate on what money can and cannot buy. Then, they have to conclude the uses and limitations of money. (C) Integrated Dimension of Technology In the learning activities, students will incorporate the following learning elements:  Resources Management - Personal financial budgeting 7
    • Version as at 24 Aug 2004 (D)Intended Learning Objectives Knowledge Contexts Process Impact Students should be able to: Students should be able to: Students should be able to:  Tell the origin of money  Find out the uses of money  Reflect their personal values and  Know about different methods of  Find out the limitations of money attitudes towards money payment  Apply different methods of payment in daily life (E) Lesson Sequences 1. Students are divided into groups to trade for what they want such as snacks, stationery, etc. They have to share their feelings after the buying and selling activities. Then, students try to explain why money is needed for today’s society. 2. Students compare the uses of stones, shells, metal and paper as money. 3. In groups of 6 or 8, students discuss and present ideas on what money can and cannot buy in a debate. Teacher helps students to recognize the uses and limitations of money. 4. Students brainstorm the daily expenses of teenagers and then consider the feasibility of different methods of payment. (F) Evaluation Learning Expectation Assessment Assessor Demonstrate analytical ability Debate/ Discussion/ Observation Teacher Organize and present ideas effectively Debate/ Presentation Teacher and Peer Communicate with team members in Observation Checklist Teacher completing the task 8
    • Version as at 24 Aug 2004 Personal Financial Education – Am I a Smart Spender? Key Stage: 3 (Secondary 3) Duration: 120 minutes (A) Key Features In the learning activities, students are expected to:  Prioritize needs and wants on a limited amount of money  Apply spending skills before making purchasing decisions  Prepare budgets to plan and manage personal income and spending (B) Task Definition  Students identify and prioritize their personal needs and wants within a week or a month. Then, they have to allocate the money to the items in accordance with their limited budgets.  In groups of 4 or 5, students are assigned to choose an item for applying comparative shopping skills. They have to consider the items to be compared. Then, prioritize the alternatives for purchasing decisions.  Each student works out a budget that supports personal financial goals. Then, follow the planned budget for a period of time, evaluate and make adjustments. (C) Integrated Dimensions of Technology In the learning activities, students will incorporate the following learning elements:  Home Management & Technology - Management of family resources and budgeting  Resources Management - Financial budgeting 9
    • Version as at 24 Aug 2004  Consumer Education - Consumers’ rights and consumers’ choices  Information Processing and Presentation - Application of information technology (D)Intended Learning Objective Knowledge Contexts Process Impact Students should be able to: Students should be able to: Students should be able to:  Understand personal spending  Prioritize needs and wants on a  Develop prudent and positive pattern limited budget attitudes in managing their personal  Realize the influences of  Apply spending skills before finance advertisements on spending money making purchasing decisions  Realize their personal  Realize the influences of peer on  Prepare budgets to plan and responsibilities in using their money personal expenditure manage personal income and  Identify the rights and spending responsibilities of consumers  Tell the reasons for maintaining a budget (E) Lesson Sequences 1. Students recall their personal income and expenditure of last week and examine their current spending patterns. Then, think of categories that might be added in the near future. 2. Students check their personal belongings such as clothing in wardrobe, computer games, stationary etc. and find out the items which are often or seldom used. Then, work out the percentage of items that are really needed. 3. Students identify and prioritize their personal needs and wants within a week or a month. Then, they have to allocate the money to the items in accordance with their limited budgets. 4. From videotaped advertisements, students try to discover messages that may affect their purchasing decisions. 5. Students assess the influences of peer on their personal expenditure through case study. 10
    • Version as at 24 Aug 2004 6. In groups of 4 or 5, students choose an item for applying comparative shopping skills. They have to consider the items to be compared. Then, prioritize the alternatives for purchasing decisions. Students will present their work in the next lesson. 7. Teacher helps students to realize other spending skills before making purchasing decisions. 8. Teacher revises with students the rights and responsibilities of consumers. 9. Students share experiences of spending most of the allowance early in the week and having little left for other expenses later. Then, discuss the reasons of maintaining a budget and the consequences of poor budgeting or not following a good budget. 10.Each student works out a budget that supports personal financial goals. Then, follow the planned budget for a period of time, evaluate and make adjustments. Students will share their experiences in class later. (F) Evaluation Learning Expectation Assessment Assessor Communicate and present ideas Verbal and non-verbal responses/ Teacher effectively Observation Checklist Cooperate with team members in Observation Checklist and Rating Scale Teacher and Peer completing the task Manage time wisely Observation Teacher Work out a priority plan and allocate Students’ plan Teacher and Peer money to the items as prioritized Apply comparative shopping skills Work report/ Presentation Teacher and Peer before making purchasing decisions Prepare a personal budget, implement, Work report/ Self-reflection Teacher/ Students evaluate and make adjustments 11
    • Version as at 24 Aug 2004 Personal Financial Education – How to be rich? Key Stage: 3 (Secondary 3) Duration: 120 minutes (A) Key Features In the learning activities, students are expected to:  Understand the importance of savings  Realize the risks in investment  Work out personal saving and investment plan (B) Task Definition  Working in groups of 4 or 5, students are assigned to study the cases, and then discuss the importance of savings and situations in which money is urgently needed.  In a simulation game, students are given a certain amount of money for investment. They are asked to buy shares or deposit in various currencies. Then, they have to calculate the gain or loss from their investment after a week.  Each student identifies his/ her long-term and short-term needs throughout the rest of life. Then, they set their personal saving goals and work out a reasonable saving and investment plan. (C) Integrated Dimensions of Technology In the learning activities, students will incorporate the following learning elements:  Home Management & Technology - Management of family resources and budgeting  Resources Management - Financial budgeting  Information Processing & Presentation 12
    • Version as at 24 Aug 2004 (D)Intended Learning Objectives Knowledge Contexts Process Impact Students should be able to: Students should be able to: Students should be able to:  Discuss the meaning of “rich”  Search for interest rates for  Have a positive value and  Identify their possible sources of money different types of bank deposits attitude towards richness and share how they manage the money through websites  Know their financial situations  Realize the importance of savings  Calculate the gain or loss after  Plan and manage their personal  Identify different types of bank deposits participating an investment finance and the variations of interest rates game  Be aware of the return and risk  Recognize different kinds of investment  Search for their long-term and of investment and be instruments such as stocks, bonds, deposits short-term needs throughout responsible for their decisions of various currencies, real estate, business, the rest of life made etc  Set their saving goals  Realize the risks in investment  Work out and evaluate their  Understand the importance of insurance personal saving and investment plan (E) Lesson Sequences 1. Students talk about the meaning of “rich”. 2. Students identify their possible sources of money and share how they manage the money. 3. Students read through case study. Then, they are divided into groups to discuss the importance of savings and situations in which money is urgently needed. 4. Students search for interest rates for different types of bank deposits through bank websites and teacher briefs the variations of interest rates. 5. Teacher asks students about kinds of investment that they have heard of and then briefly explains each of them. 6. In a simulation game, students are given a certain amount of money for investment. They are asked to buy shares or 13
    • Version as at 24 Aug 2004 deposit in various currencies. Then, they have to calculate the gain or loss from their investment after a week. 7. In groups of 4 or 5, student discuss the worthiness of spending money on life and medical insurance or insuring the home against theft and damage. Each group then present its opinions. 8. Teacher highlights the importance of insurance. 9. Students map out the rest of life and identify their long-term and short-term needs. Then, try to set their saving goals and work out a personal saving and investment plan. (F) Evaluation Learning Expectation Assessment Assessor Communicate and present ideas and Observation Checklist Teacher and peer information effectively Search for information and make Worksheet Teacher and peer informed decisions Work out a reasonable saving and Student’s plan Teacher and peer investment plan 14
    • Version as at 24 Aug 2004 Related Websites: 1. Federal Reserve Bank of Dallas – Personal Financial Education http://www.dallasfed.org/educate/pfe.html 2. Illinois State Treasurer’s Office – Bank at School Lesson Plans http://www.state.il.us/treas/Education/BASplans.htm 3. JumpStart Coalition for Personal Financial Literacy www.jumpstart.org 4. Personal Financial Education – There’s A Lot To Learn About Money http://www.federalreserveeducation.org/fined/index.cfm 5. 實用生活理財技巧 http://www.practicalmoneyskills.com/chinese/ 6. 兒童理財教育親子同心網 http://www.hkitry.org/money/main.html 7. 香港金融管理局 http://www.info.gov.hk/hkma/cindex.htm 8. 兒童理財教育 http://www.hanna.twmail.org/Home_L1.htm 15