Unit 1 - Money and me – Suggested Activities

After consultation and discussion with students (using the focus questions provided as prompts) teachers could select activities from the following topics:

•Invisible money

•Money at work (excursion)

•Let's bank

•Follow the money

In the Knowing stage, students developed the skills to use and manage cash. It is vital for them to understand the increasingly complex financial landscape of 'invisible money'. In many instances students will not see actual cash change hands during shopping transactions.

Building on their knowledge and experience of using cash transactions, students explore how money transactions take place and develop an understanding of the various types of financial transactions and the pros and cons of cashless money transactions.

Activity 1 - Discussion

Invisible money

Discuss students' experiences with money and how they have observed people paying for goods. Some will mention cash, while others will describe a plastic card being waved at the checkout. Some people will even get cash back when they use their plastic card.

Students describe all that they have observed and discuss the differences, e.g. shopping within a larger town, buying goods in their community, shopping in a city.

Here the differences between remote, rural and urban communities may surface and could present the opportunity to discuss the concept of book up – that still exists in many communities.

Explore why these shopping experiences are different and pose a series of questions:

•What is a bank or credit union? Why do we use a bank or credit union?

•Why don’t we keep money with us all of the time?

•When we 'save' what happens to the money? How do we use the money we have saved in our bank or credit union?

•How does money get onto the card? Where does the money come from?

•What are the pros and cons of using cards instead of cash?

•What different types of cards exist? - Credit, debit.

•Does the plastic card system make things easier in any way?

Activity 2– Excursion

Money at work

Take students on a field trip to the local shop or bank to see real money and consumer practice in action. The trip should highlight digital money in operation and students should be able to observe experiences of purchasing, using ATMs, writing cheques, pay wave, PINs etc.

While observing these financial transactions in the community raise students' awareness of the need for consumer protection by discussing the risks of digital security, ATM skimmers and ATM fees.

On return to the classroom, students document all of the forms of payment that they observed. Discuss the possible pitfalls that can occur with some payment methods e.g. PIN security, not using cash, using credit. Record responses in a table or diagram and ensure all students are familiar with each form of payment and its associated vocabulary. An example of the table is below.

Form of payment / Possible traps / Things to remember / What can I do?
Credit card / Forget your PIN / PIN Security / Not to spend too much / Make a budget and stick to it
EFTPOS / Direct debit / Not have enough money in your account
Cash

Activity 3 - Let's bank

Teachers and students investigate the MyKidsBank artificial bank ( It is designed to help students develop personal money management skills. The artificial online bank operates in a way that is similar to a real online bank. Teachers can apply for a unique user log in to demonstrate how accounts can be established and manipulated, reinforcing the concept of 'invisible' money. (Another similar website is banquer.co)

Work with the students to devise a money cycle that illustrates the invisible nature of money. You may consider a role play, whereby students adopt the role of a bank, an ATM, cash or a card. Students move around a space to show the movement of cash to card and its interactions with ATMs. Or, they could design a large map showing the movement of money from jobs, including earning and banking, payments, ATMs and cash in the hand.

Try creating your own ATM and encourage students to create stories that will help shape their understanding of the money cycle - the pathway of earning, saving and spending.

Activity 4 - Follow the money

The concept of invisible money and the way transactions occur can be very difficult to understand. Ask groups of students to devise ways of teaching other students, siblings, parents and community members about the concept of invisible money. Consider a range of creative modes – film, art, drama, craft etc. This activity will be a feature of the Community Consumer Expo (Money Yarning) where students will share what they have learnt with other classes, parents and the community.

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