identify and explain strategies to manage personal finances
explain the different ways in which people are paid including wages, salaries, commissions, self-employment and government benefits
identify and explain common terminology and categories for deductions used on pay slips
explain the various factors that may impact on achieving personal financial goals
discuss why some goods and services are provided by Government for community benefit and how these are funded
explain how over-reliance on credit can impact on future choices
analyse and explain the range of factors affecting consumer choices
discuss and compare different sources of consumer and financial advice
identify types of consumer and financial risks to individuals, families and the broader community, and ways of managing them.
Competence
Students can:
use a range of methods and tools to keep financial records in ‘real-life contexts’
create simple budgets and financial records to achieve specific financial goals, now and in the future
investigate the financial decisions required at significant life-stage events
accurately complete and explain the purpose of a range of financial forms, including for online transactions
discuss the differences between ‘good’ and ‘bad’ debt, including manageability of debt and its long-term impact
analyse relevant information to make informed choices when purchasing goods and services and/ or to resolve consumer choices
compare overall ‘value’ of a range of goods and services using IT tools and comparison websites as appropriate
convert from one currency to another in ‘real-life’ contexts
evaluate the range of payment options for goods and services such as: cash, debit card, credit card, direct debit, PayPal, BPay, pre-pay options, phone and electronic funds transfer across a variety of ‘real-life’ contexts
explain procedures for safe and secure online banking and shopping
identify and take precautions to prevent identity theft and explain what to do if this happens to them
explain the procedures for resolving consumer disputes relating to a range of goods and services
evaluate marketing claims, for example in advertising and in social media, to influence consumers to purchase a range of goods and services.
Responsibility and enterprise
Students can:
research and identify the ethical and moral dimensions of consumer choices in specific circumstances and the consequences for themselves, their families, the broader community and/or the environment
explore the economic cost of individual and collective consumer decisions on the broader community and the environment
apply informed and assertive consumer decision-making in a range of ‘real-life’ contexts
research and discuss the legal and ethical rights and responsibilities of business in advertising and providing goods and services to consumers
apply consumer and financial knowledge and skills in relevant class and/or school activities such as student investigations, charity fundraising, product design and development, business ventures and special events
exercise a range of enterprising behaviours through participation in relevant class and/or school activities
practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts
appreciate that there is often no one right answer in making financial decisions because these depend on individual circumstances, preferences and values
understand and explain the legal responsibilities of taking on debt, including the consequences of not paying
explain how, as financially active citizens, they fit into the broader economy and society through:
generating income and paying taxes
saving
spending
donating
investing.
explain the role of banks and other deposit taking institutions (e.g. credit unions, building societies) in collecting deposits, pooling savings and lending them to individuals and business
explain the role played by governments and the voluntary sector in the community to help those in financial need and explore the cost benefit to the economy
demonstrate awareness that family and socio-cultural values and customs can influence consumer behaviour and financial decisions.
