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Lesson introduction

This lesson is designed to help children understand the difference between something we ‘need ‘in order to survive and something we ‘want’ but which isn’t essential. It introduces the idea that sometimes we have to make difficult choices because we can’t always afford everything we want. It also explains that some things we value, like personal or sentimental items, don’t cost money. The children explain the reasons for their choices, orally and in writing.

This lesson is also available in video format below.

Learning objectives

To:

  • become a critical consumer
  • understand choices about saving and spending
  • understand needs and wants

Learning outcomes

By the end of this lesson children will:

  • be able to explain the difference between something they ‘need’ and something they ‘want’
  • know their needs and wants cost money
  • understand they might not always be able to have the things they want
  • understand people may make different choices about how to spend money
  • understand that not everything we value costs money

Vocabulary

Afford, budget, choose, cost, money, need, want, essential, luxury, priority, value

Financial Education Planning Frameworks

The Young Money Financial Education Planning Frameworks underpin all of our resources and support the planning, teaching, and progression of financial education. They are designed to help you deliver financial education flexibly across your curriculum.

Download planning frameworks