Derick is spending hismoney on toy robots.
I really like robots.
Derick is spending all hismoney on toy robots.
Now Derick doesn鈥檛 have any money to spend on anything else.
TUMMY GURGLE
Like something to eat. You can鈥檛 eat a toyrobot Derick.
Maggie hasn鈥檛bought any toy robots.She is saving her money.
I love saving money.
In fact, Maggie is saving all of her money. So Maggie doesn鈥檛have any money left for anything else. Like a table or chairs? Oh!How could Derick make sure he doesn鈥檛 spend all his money ontoy robots?
How could Maggie make sure she keeps enough money back tobuy a chair? Mmm. It looks like Derick wants to get a new TV.
Yes. A big one!
Oh, what happened to your shoes Derick?
A dog took them.
Grrr. Do you think you might need some new shoes Derick?
I really want a new new TV.
Oh, Okay.
Brrr, it鈥檚 cold. Uuurr. Bruurr.
Maggie on the other hand, wants football stickers.
I love football stickers.
But last week Maggie broke a window playing football. WINDMaggie, do youthink you need a new window?
Oh. Maggie and Derick are having trouble working out whatthings they need and what things they want. Maggie and Derickwant different things and need different things. A new pair ofshoes wouldn鈥檛 help Maggie keep the wind out of her house. Anda new window wouldn鈥檛 be any good for Derick.
Can you work outwhich things Maggie and Derick want? And which things theyneed? Which things are most important? What should they buy first.
This animated video takes a look at how we have choices to make about how we spend and save our money.
To explore this topic we follow the dilemmas facing two characters, Maggie and Derick. They are having trouble working out whatthings they need and what things they want.
Pupils are challenged to work out which things Maggie and Derick want? Which things they need? And which things are most important?
This video is from the series Financial education.
Teacher notes
Central or big idea
We have choices to make about how we spend and save our money. These choices are influenced by what we need and by what we want.
Questions to explore
- What are our wants?
- What are our needs?
- What might influence our decisions about what to spend money on?
- When might you save up for something and why?
Key learning outcomes (Young Enterprise Financial Education Planning Framework)
5-7 - KS1
- I know I have choices about saving and spending my money.
- I am beginning to understand that people may make different choices about how to save and spend money.
- I can explain the difference between something that I need and something I might want.
- I am beginning to understand that we might not always be able to have the things we want.
- I know that my own needs and wants may be different to those of other people.
7-9 - Lower KS2
- I know how to prioritise between needs and wants.
- I can make spending decisions based on my priorities, needs and wants.
- I understand that it may not be possible to have everything I want straight away, if at all, and that I may need to save money for things I want to buy in future.
Key vocabulary and definitions
- Influence: to have an effect on a behaviour (or choice)
- Prioritise: to put in order of importance
- Consumer: a person who buys things
Suggested activities
Understanding the difference between wants and needs:
- Pause the animation where it asks 鈥楥an you work out which things Maggie and Derick want and which things they need?鈥
- Ask the children to sort the items into those that Maggie and Derick want and those that they need.
- How did they decide which things they need?
- What does it mean to need something?
- Continue the video to explore the questions:
- Which things are most important?
- What should they buy first?
Sorting wants and needs:
- Give the children a selection of images of items a child might want and need.
- Ask them to sort them into two categories.
- Are there any items that they want and need?
- What could they add to the 鈥榳ant鈥 category?
- How about the 鈥榥eed鈥 category?
Advice for Maggie and Derick:
- What would your advice for Maggie be? She wants to save and save but that means she does not buy things that she needs.
- What would your advice for Derick be? He wants to buy everything that he wants but that means he does not buy things that he needs.
Ideas for going further
- We all have choices to make as consumers but do we have the same wants and needs?
- How might children鈥檚 spending needs be different to an adult鈥檚 spending needs?
- What might influence our wants?
- What might influence how we spend our money on the things that we need?
Links to other 91热爆 resources
1. Money and how we pay for things: bartering to online banking. video
This video explains how the ways that we pay for goods and services has changed over time.
3. Influencers: how they can affect our spending. video
Spending money can be influenced by other people, including friends and online influencers.
4. Helping others through actions, donations and spending. video
The impacts of helping others (by sharing, donating money or certain purchasing choices).
5. Keeping track of spending and savings: being wiser with my money. video
Keeping a record of what we spend and save helps us to stay in control of our money.
6. Advertising: how it can affect my buying choices. video
Advertisements can influence the decisions we make about how to spend our money.
7. Gaming payment models. video
A look at gaming payment models: subscription, upfront and in-game purchases.
8. Online scams: protecting my money and personal details. video
A look at online scams 鈥 online scammers might appear to be connected to someone we know, but always check with the person offline to be sure.
9. Saving and borrowing: the costs and benefits of interest. video
Interest is money which can be added to the money that we save or borrow.
10. Jobs: the link between work and money. video
We can earn money by having a job and different jobs pay different amounts.
