identify and explain the importance of tracking and verifying transactions and keeping financial records to manage income and expenses
identify and discuss casual employment opportunities that can earn income
identify the role of casual employment in the community and some associated rights and responsibilities
explain why it is important to set and prioritise personal financial goals
research, identify and discuss the rights and responsibilities of consumers in a range of ‘real-life’ contexts
research, identify and discuss the legal rights and responsibilities of business regarding goods and services provided to consumers
identify implications of ‘terms and conditions’ such as fees, penalties, interest and warranties
identify and discuss the different forms of ‘credit’ and costs involved
analyse and explain the range of factors affecting consumer choices
identify where to access reliable information and advice concerning the rights and responsibilities of consumers and business
identify the risks within the consumer and financial landscape such as scams, identity theft, fraudulent transactions and ways of avoiding these.
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
compare income, spending commitments and life-styles at different stages of life
accurately complete and explain the purpose of a range of financial forms, including for online transactions
determine the value of ‘deals’ when purchasing goods and services such as ‘buy one, get one free’
determine and compare the actual cost of using different ways of paying for goods and services such as cash, credit, lay-by and loans
justify the selection of a range of goods and services in a variety of ‘real-life’ contexts
convert from one currency to another in ‘real-life’ contexts
explore the pros and cons of a 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
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
access and evaluate information on strategies to resolve consumer disputes
identify and explain marketing strategies used in advertising and social media to influence consumer decision-making.
Responsibility and enterprise
Students can:
explain how individual and collective consumer decisions may have an impact on the broader community and/or the environment
apply informed and assertive consumer decision-making in a range of ‘real-life’ contexts
discuss the legal and ethical issues associated with 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
recognise the importance of planning for their financial futures and appreciate that sacrificing current expenditure can bring long-term benefits
recognise that people have different ways of living and expectations according to their values and/ or financial situation
recognise that their ability to make informed decisions about personal finance and financial products is strengthened by finding and evaluating relevant information and accessing reliable advice
explain the role of banks and other deposit-taking institutions (such as building societies and credit unions) in providing financial products and services to individual consumers 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, community and socio-cultural values and customs can influence consumer behaviour and financial decision-making.
