Junior Financial Literacy Modules: Teacher Toolkit

How can people balance needs, wants, and responsibilities?

Module Title
What do we need to know about payment methods?
What steps can I take to create a simple budget?
How exactly do taxes matter?
What's the difference between saving and investing?
Credit... what’s it all about?

WHAT?

These modules will support student learning of F1. Money and Finances by giving students opportunities to learn, build, and demonstrate the knowledge and skills needed to make informed and responsible financial decisions.

WHOM?

Financial Literacy Modules

Money and Finances

F1 demonstrate the knowledge and skills needed to make informed financial decisions

HOW?

Please note all prompts and information included in this Teacher Toolkit are suggestions only. Educators are always encouraged to evaluate the specific needs of their learners and use their professional judgement.

1. Get Ready…

Before you begin teaching, consider the following prompts to prepare yourself. Some suggested answers have been included as samples.

  • What materials will you need for these learning modules?
  • What pre-conversations will you need to have with your students?
  • What vocabulary will your students learn in each module?

Module Vocabulary Required for Understanding Vocabulary Covered in Module

What do we need to know about payment methods?
  • Financial literacy
  • Online safety
  • Budget
  • Payment methods
  • Chequing account
  • Savings account
  • Interest
  • App/Application

What steps can I take to create a simple budget?
  • Needs
  • Wants
  • Expenses
  • Budget
  • Save
  • Earn
  • Expense
  • Income
  • Financial goal

How exactly do taxes matter?
  • Taxes
  • Services
  • Community
  • Income tax
  • Salex tax
  • Property tax
  • Federal Government
  • Provincial/territorial government
  • Municipal government
  • First Nations, Métis, and Inuit governments

What's the difference between saving and investing?
  • Financial goal
  • Saving
  • Investing
  • Budget
  • Jam jarring
  • Savings account
  • Interest
  • GIC
  • Mutual Fund
  • TFSA

Credit....what's it all about?
  • Credit
  • Debt
  • Financial goal
  • Income
  • Budget
  • Credit card
  • Line of credit
  • Loan
  • Federal government
  • Provincial government
  • Credit score
  • Debt

Note: these modules can be completed independently of one another but may require prior understanding of certain topics covered in previous modules.

  • What pre-teaching needs to happen to prepare your students for this content?

Financial literacy concepts from grades 1-3

  • Is there any pre-reading that you need to do to facilitate this content?
  • Will students work independently, in partners, in small groups, or is this a full class activity?

2. Get Set…

Before you begin teaching, consider the following prompts to prepare your learners. Some suggested answers have been included as samples.

  • What are the learning goals for this module?

Module Learning Goals

What do we need to know about payment methods?
  • identify various methods of payment that can be used to purchase goods and services
  • describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services

What steps can I take to create a simple budget?
  • explain the concepts of spending, saving, earning, investing, and donating, and identify key factors to consider when making basic decisions related to each
  • explain the relationship between spending and saving, and describe how spending and saving behaviors may differ from one person to another
  • design sample basic budgets to manage finances for various earning and spending scenarios
  • identify different types of financial goals, including earning and saving goals, and outline some key steps in achieving them

How exactly do taxes matter?
  • describe the types of taxes that are collected by the different levels of government in Canada, and explain how tax revenue is used to provide services in the community
  • formulate different types of questions to guide investigations into issues, events, and/or developments of civic importance

What's the difference between saving and investing?
  • explain the concepts of spending, saving, earning, investing, and donating, and identify key factors to consider when making basic decisions related to each
  • identify different types of financial goals, including earning and saving goals, and outline some key steps in achieving them

Credit....what's it all about?
  • explain the concepts of credit and debt, and describe how financial decisions may be impacted by each
  • explain the concept of interest rates, and identify types of interest rates and fees associated with different accounts and loans offered by various banks and other financial institutions

  • You may choose to co-create the success criteria with your students or develop your own.
  • How will you activate and/or assess your students’ prior knowledge ahead of this module?

  • Have students complete a KWL chart (what I KNOW, what I WONDER, what I have LEARNED).
  • Have students complete a mind map.
  • How will you draw your students’ attention to the learning outcome for this module?

3. Go!

Module Content Self Check Reflection/ Consolidation
What do we need to know about payment methods? Students will learn about different payment methods by comparing the benefits and drawbacks of each type. Students will have an opportunity to check their understanding by completing a series of true and false questions. Students will demonstrate their learning about payment methods by reflecting on the privacy concerns associated with each.
What steps can I take to create a simple budget? Students will learn about the importance of tracking spending through exploring different options for creating a budget. Students will have an opportunity to check their understanding by ordering the steps of budget creation. Students will demonstrate their learning about budgets by designing a budget based on a scenario.
How exactly do taxes matter? Students will learn about what taxes are used for by exploring the different types of government in Canada. Students will have an opportunity to check their understanding by sorting the responsibilities of the different levels of government. Students will demonstrate their learning about local issues by writing a letter to their local MPP.
What's the difference between saving and investing? Students will learn about financial goal setting though exploring different products for saving and investing. Students will have an opportunity to check their understanding by completing a series of true and false questions. Students will demonstrate their learning about financial goal setting by answering questions about a scenario.
Credit....what's it all about? Students will learn about types of credit through reflecting on the benefits and drawbacks of each type. Students will have an opportunity to check their understanding by matching key terms with their definitions. Students will demonstrate their learning about types of credit by giving advice.
  • While students are working through this module, you can make yourself available to:

  • answer any questions or queries
  • observe students’ engagement with the content
  • conference with individual students using the self-check activity, the essential question, or the demonstration of learning section
  • lead a guided group through the content

Resources

As an extension of learning, extra information, or supplementary activities, please refer to the following resources:

Assessment Opportunities

While these modules do not contain built-in assessment opportunities, the reflection tasks can easily be adapted to act as demonstrations of learning.

Consider

  • extending the final task by changing the format, adding additional questions, and providing an exemplar or clear instructions about output
  • aligning the final task to the associated curriculum expectation
  • referring to the Achievement Chart to create your rubric

Additional Tips

  • Creating Learning Goal
    • Clearly identify what students are expected to know and are able to do in language that students can readily understand. This represents the knowledge and skills that the students must successfully demonstrate to achieve the overall expectation.
  • Use triangulation of assessments
    • Reference example chart/checklist for what to look for during observations, conversations, conferences, and so on.
Student Name Demonstrates
(add specific expectation here)		 Demonstrates
(add specific expectation here)		 Demonstrates
(add specific expectation here)
Date: Date: Date: