Financial choices - needs and wants
Challenge reference: 9064
Active
Notional learning hours
10
Level
Entry 3
Subject area
Preparing for Adulthood pathway
Vocational area
Skills
Learning aim
The learner will be introduced to financial concepts differentiating between "needs and wants".
Learning context
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Learning outcomes
(What the learner needs to know, understand or be able to do)
The learner will:
-
1
. Identify and understand the difference between needs and wants.
-
2
. Recognise the impact of financial choices on personal and family well-being.
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Assessment criteria
(What the learner need to demonstrate in order to meet the learning outcome)
The learner can:
- Define what "needs" and "wants" are in the context of personal finances
- Provide at least two examples of needs and two examples of wants
- Explain how making choices between needs and wants can impact daily life and family finances
- Discuss the potential effects of spending on wants rather than needs
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Assessment methodology
Assessment methodology
Linked to learning outcome
Labelled product, video or photographic evidence
1
Observation checklist
2
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