GROUP J – Helen Falohun and Alec Walsh
Overview – Savings
In the world today, money plays a central role in virtually every aspect of our lives. From the essentials like food, shelter, and healthcare to other choices such as education, travel, and entertainment, our daily choices are heavily influenced by financial considerations.Learning the art of saving is paramount. Learning to save money teaches valuable lessons in financial literacy. At the heart of this financial literacy lies the crucial skill of saving. Learning about savings is not just about accumulating wealth; it’s about cultivating a mindset of responsibility, foresight, and empowerment.
Understanding the importance of concepts such as financial Independence, emergence preparedness, and goal achievement to high school students helps them develop healthy saving habits that will serve them well throughout their lives. Our Learning design is tailored to basic financial literacy on savings.
Misconceptions about Savings
People assume they cannot save because they are not wealthy, one does not have to be rich to save. Saving is important for everyone, regardless of wealth status. It is about building financial security and preparing for unexpected expenses or future goals. Small amounts saved regularly can accumulate over time and make a significant difference.
Another misconception about savings is that some people believe that saving requires cutting back on all expenses and living a frugal lifestyle, sacrificing enjoyment in the present. However, saving doesn’t have to mean deprivation. It’s about finding a balance between enjoying life now and preparing for the future.
Some people also believe that you cannot save while you are in debt while it is essential to manage debt responsibly, it doesn’t mean you can’t save at the same time. Having an emergency fund can help prevent taking on more debt in case of unexpected expenses. It’s about prioritizing and managing both saving and debt repayment effectively.
Rationale
Our rationale for choosing the topic savings is because it is a topic everyone can relate to and to clear the misconceptions of people believing that only the rich can save. High school students learning this at this stage; will go a long way in equipping them with financial literacy needed to start their lives or change whatever misconception they already have about savings. The learning design aims to provide students with the knowledge, skills, and attitudes necessary for responsible financial decision-making and lifelong financial well-being.
We understand how broad the topic is, we will limiting our learning design to the following Understanding the importance of financial literacy, Introducing key concepts: earning, spending, saving, and identifying short-term and long-term financial goals, Understanding the concept of budgeting, Creating a personal budget: Income vs. expenses, Exploring strategies for budgeting effectively, Explaining the importance of saving money, Introducing different types of savings accounts, Discussing strategies for saving money consistently, Understanding the importance of emergency funds, Explaining the basics of investing: stocks, bonds, and mutual funds, Reflecting on key concepts learned throughout the course using multiple choice test, group project(Students will develop a personal financial plan that incorporates budgeting, saving, and investing strategies learned throughout the course), presentation of personal financial plans to the class for feedback and discussion, reviewing personal financial goals and progress and evaluation of the final project.
Learning Design Plan
| Big Idea | Understand the importance of personal finance and money management.Gained the confidence and skills needed to make informed financial decisions that can positively impact their financial future.Learn basic financial concepts relevant to saving, budgeting, and goal setting. |
| Essential Questions | Why should I save money?What are the best strategies for saving money effectively?What are the potential risks of not saving money? What role does emergency saving play in financial planning?What is the importance of budgeting in managing personal finances? |
| Learning outcomes | Develop a personal budget and savings plan based on their income and financial goals.Create a personalized savings plan to achieve short and long term goal. List short-term goals, set amounts for each goal, and automate savings to ensure consistencyList income sources, categorize expenses, identify short and long-term goals |
| Evidence of Learning | Students will be able to answer questions on the quiz given.Students analyze the case study, identified key savings strategies and propose solutions.Students provide feedback on their peer presentations.Students reflect on their journals where they document their experiences with saving money, challenges encountered, and strategies employed to overcome them. |
| Assessments | Take a quiz with questions covering key concepts related to savings, the importance of savings, and emergency fund. students in groups are provided a case study scenario involving saving for a specific goal. Ask learners to analyze the scenario, identify key savings strategies, and propose solutions. Learners practice with a savings worksheet |
| Learning Activities | Group discussion: students are grouped and provided a case study scenario involving saving for a specific goal. Learners analyze the scenario, identify key savings strategies, and propose solutions.Students are to research different types of savings accounts, such as traditional savings accounts, high-yield savings accounts, and investment options. Compare their features, interest rates, and potential riskStudents set short-term and long-term savings goals. Break down these goals into achievable milestones and create a plan to reach them. |
Technology tools
Word Press, Word Press H5P, YouTube, Google Doc
3. Academic Sources Cited
Shell, K., Sidrauski, M., & Stiglitz, J. E. (1969, January 1). Capital gains, income, and SAVING1. OUP Academic. https://academic.oup.com/restud/article-abstract/36/1/15/1525231
C5687.pdf – national bureau of economic research. (n.d.). https://www.nber.org/system/files/chapters/c5687/c5687.pdf
OpenAI. (2024). ChatGPT (June 10) [ChatGPT]. https://chat.openai.com
Leave a Reply