small change

Learning and Teaching ScotlandThe Optima, 58 Robertson Street,

Glasgow G2 8DUCustomer Services: 08700 100 297

[email protected]

Small Change a collection of filmed rehearsed improvisations for use in secondary schools, is the result of partnership working between Glasgow City Council, the Citizens Theatre and the Scottish Centre for Financial Education, which is part of Learning and Teaching Scotland. The aim of the project is to help develop the financial capability of secondary school pupils as part of their general education. Activities such as those described in this resource give pupils opportunities to carry out tasks, to develop problem solving skills, and to do this in a very creative and enjoyable way. The idea of teaching children about money through drama was welcomed by the schools involved in developing the resource.

Developing each individual’s financial capability, from early years through to 18, can enhance life chances and choices. It can help all children and young people achieve the four capacities of Curriculum for Excellence, particularly in becoming responsible citizens andeffective contributors to society and at work, with an informed sense of their roles in the world. One of the main aims in developing the activities in Small Change was to do exactly this.

www.LTScotland.org.uk Learning and Teaching Scotland

Small ChangeLearning about money through drama

© Learning and Teaching Scotland and Citizens Theatre Limited

First published by Learning and Teaching Scotland 2009

ISBN 978-184399-173-1

WWW.LTSCOTLAND.ORG.UK

ContentsIntroduction 03

Part 1 About the Project 06

Part 2 Using the Scenes from the DVD 08

Logbooks 17

Part 3 Acknowledgements and Contact Details 28

Part 4 Glossary of Financial Terms 30

Appendix Financial Education and Curriculum 32 for Excellence: Making the Connections

SMALL CHANGE

3


Introduction

The title – Small Change

Financial capability does not necessarily need to be achieved as a result of enormous changes to our lifestyle. The first steps to improvement can be small steps – little differences on which we can build. Therefore our title reflects the fact that this general approach to ‘small change’ can make a difference to attitudes and behaviours.

This resource may be used in conjunction with other partnerships evolving in the school community, for example school savings accounts with banks and/or credit unions. It seems a logical ‘next step’ for schools who have examined the important part played by finance in our lives to make savings accounts available in school for young people who wish to access these services. Providing such a service may also help to increase the financial capability of school staff and parents by encouraging a

community savings ethos. If you would like any advice on how to contact a bank or credit union to set up savings accounts for your establishment, please contact one of the financial education development officers – you can access the email addresses via: www.LTScotland.org.uk/financialeducation.

About this resourceThis is a set of teacher support materials to accompany the DVD of rehearsed improvisation scenes filmed at Bannerman High School in Glasgow with a class of S3 drama students.

DVD

The accompanying DVD has four scenarios – two of which have scenes showing alternative approaches to the situation in which the characters find themselves. There are therefore six scenes for viewing and teachers may choose to view some or all of the scenes before embarking on discussion and other follow-up activities. These support materials are not prescriptive in any manner and it is hoped that they may offer suggestions which teachers will then adapt, in their usual creative manner, to the school community in which they function. It is recommended that teachers using this resource do some research into services available in the immediate area of their school and the

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wider community. Having the background knowledge and contact details of local credit unions and money advice centres which can be accessed by the school’s community can be a great benefit. Students can also be encouraged to carry out such research.

This resource could be used to kick-start Money Week activities and/or as part of a ‘interdisciplinary task’ within Curriculum for Excellence where the focus is on increasing the financial capability of the school community. It could also be used in conjunction with another Learning and Teaching Scotland drama resource for financial education: Tackling Debt.

Included in this pack is a blank logbook for pupils, which was created by a teacher in the pilot. This was used by PSE pupils and their teacher to record their spending in one particular week and then reflect upon how wise and essential their spending had been. This can be reproduced for use in classes.

Learning and Teaching Scotland would welcome contributions from teachers and young people using this resource and, following distribution of the pack, it is hoped that examples of quality experience in using the sketches will be shown on the Financial Education website: www.LTScotland.org.uk/financialeducation.

Teachers’ notes

These teachers’ notes comprise:

Part 1 – About the Project

Part 2 – Using the Rehearsed Improvisations

Part 3 – Acknowledgements and Contact Details.

The materials complement the DVD and offer some suggestions on how schools might make use of this resource. The ideas given in this set of support materials are suggestions on how teachers from different subject areas in the curriculum might use the DVD and want to take forward some of the financial issues raised by the students of Bannerman High School.

In the context of Curriculum for Excellence, this resource has been viewed as an opportunity to address the experiences and outcomes from various areas of the curriculum: expressive arts (drama), social studies, literacy, numeracy and health and wellbeing (please see Appendix). This resource can be used in English departments in conjunction with texts to support and develop discussion of themes and issues in the English classroom. There is a great degree of overlap in the areas of PSE and drama and therefore there tend to be few distinct ideas given specifically for either area. The support materials offer the opportunity for a variety of departments to use the resource to meet the varying needs of the school community.

There follows some general advice on financial education and ideas for using each scene.

This resource could be used to kick-start

Money Week activities and/or as

part of a ‘interdisciplinary

task’ within Curriculum for

Excellence where the focus is on

increasing the financial capability

of the school community.

INTRODUCTION 5


Who is this resource for?It has been produced with the following in mind: whole school managers, senior leadership teams and project leaders, in addition to classroom teachers. The resource can be used to focus attention on financial attitudes, behaviours and responsibilities, for example it could be used to stimulate discussion and involvement of the students in the whole school vision. Young people could be encouraged to focus on understanding that schools have to function within a local authority budget, or to focus on examining the effect that vandalism in schools has on the spending power with in education.

Pupils (perhaps Pupil Council members) could be encouraged to participate in an exercise where they prioritise spending for part of the school budget. This could lead the students to a greater understanding of the role of the school bursar, AFA (administration and finance assistant) and school business manager, and the management structure of schools in dealing with financial issues. An investigative project may be a useful way forward, with young people being given a specific area to research in groups. One of the tasks could be to interview the school bursar, AFA and/or business manager to report back on their remits, budget and role, and how these are integral to the successful running of the school.

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Part 1 – About the Project

Background

Small Change, a resource based on a collection of filmed rehearsed improvisations, is the result of partnership work-ing between the Financial Inclusion Department at Development and Regeneration Services in Glasgow City Council, TAG, Employability and Enterprise officers (through Glasgow’s Determined to Succeed Team) and the Scottish Centre for Financial Education, part of Learning and Teaching Scotland.

It is also important to emphasise that the teachers and pupils of Bannerman High School who initiated the project and piloted the materials are equal partners and have lent their own particular expertise to the final product.

AimThe aim of this project was to show how drama can be a useful means of exploring some of the areas of finance which touch our lives and how the way we deal with situations impacts on our relationships, quality of life, health and wellbeing, prosperity and opportunities. Following the viewing of the scenes constructed and performed by the S3 drama students of Bannerman High, students can then have the opportunity to discuss values, and to create their own dramatic performances, monologues, rehearsed improvisations etc, thus allowing their creativity to lead their focus on the financial matters which they encounter and will continue to encounter throughout their lives.

PlanningBefore this project began, it was important to look at how financial education was already being taught to the young people of Bannerman High School. Members of the team from TAG (part of the Citizens Theatre) visited the school and spoke with the Pastoral Care Team, pupils and staff regarding the financial education being taught within the school. They learned about the partnership working which already existed with Greater Easterhouse Money Advice Project and the savings ethos being promoted by Greater Easterhouse Credit Union Savings Scheme.

ABOUT THE PROJECT 7


This scheme was already running within the school to foster a savings ethos among the young people. The team also took advice from Castlemilk Law and Money Advice Centre to gain further information about the type of issues which might be useful to raise in this project. These organisations provide practical, direct and up-to-the-minute information. When the members of the team from TAG were satisfied that they had a clear picture of some of the knowl-edge the young people had already gained through their education, they began to formulate a plan of how their own project was going to take shape. An ideal scenario was that all students of drama in the school would benefit from the partnership working with TAG. A visit to the Citizens Theatre, for all 250 students of drama in the school, was arranged. During this visit, the students were able to take part in a special workshop where they learned about the techniques used in the theatre with sound, lighting, costume etc. They also had the opportunity to view a performance of a Shakespeare play on stage. In these ways the cross- cutting nature and benefits of the project began to emerge.

Drama sessions

Subsequently the TAG team provided four sessions for each S3 drama class in the school, delivered weekly. They created a fictional family in which every member struggled with some aspect of financial capability. Each session focused on a different family member and the choices and challenges they faced. The scenes on the DVD accompanying this package were created as a result of that process of practical exploration by the young people.

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Part 2 – Using the Scenes from the DVD

In this section you will find suggestions for using the rehearsed improvisations but most of the ideas are transferable and flexible. Follow-up activities contribute to developing the four capacities of Curriculum for Excellence. It is hoped that the young people in secondary schools will have the opportunity to explore a broad range of issues which will continue to affect their own personal development throughout their lifetime.

Some general points about using the scenesIt may be useful to show the scenes from the DVD and leave the young people to decide how best they feel the resource

can be used in their particular school community. A group of young people from across a range of year groups could be consulted (eg via Pupil Council members) to ascertain the most appropriate year groups with whom to use the resource in school.

Sensitivities

It should be remembered that young people from different social and economic backgrounds will have varied experiences of dealing with money and it is essential to remember this in the process of teaching about money and related discussion. It is also important to recognise significant religious and cultural values and attitudes and always to be sensitive to the experiences of the young people and their families. It might be helpful to take advice from community groups regarding your approach to teaching and learning about finance. Again, it might be useful to show the DVD to the Parent Council or wider Parent Forum and then use the resource in line with the responses received from both young people and parents. It is useful to alert parents to the fact that their children will be focusing on the area of finance in school.

Understanding and empa-thising

Hopefully, there can be some dialogue between parents and students to help the young people understand the issues associated with budgeting for domestic life.

USING THE SCENES FROM THE DVD 9


The sharing of values between students and their parents or carers will be important in supporting and extending the financial capability of the home and in leading to strengthened family relationships. It is hoped that through use of this resource, families can gain a mutual understanding and a positive attitude to the challenges of budgeting in family life.

More information about Small Change, related support materials and ideas from schools using the resource can be accessed via the Learning and Teaching Scotland website: www.LTScotland.org.uk/smallchange.

Addressing the issues embedded in the scenes themselves will lead to further discussion and debate about values, relationships, abuse of power etc.

For useful websites to use in conjunction with this resource, please refer to our website: www.LTScotland.org.uk/financialeducation.

Use across different areas of the curriculumIn Curriculum for Excellence, a ‘interdisciplinary task’ is one where teachers from a number of disciplines across the curriculum are given the opportunity to work with one another to plan and organise an event for young people. A typical example of a ‘interdisciplinary task’ is ‘Money Week’. A number of schools and centres (from early years to secondary) have run very successful Money Weeks.

In secondary schools this has involved interdisciplinary working. Teachers have

worked together to ensure that their students gain an understanding of financial issues and increase their financial capability. Every department has had a part to play – from the Modern Languages department examining exchange rates to Social Studies looking at the debts of developing countries.

For more details on how schools have worked with Money Weeks, please refer to our website: www.LTScotland.org.uk/financialeducation.

Such activity in schools has encouraged and supported the development of the four capacities.

English

Texts which bring up many of the issues associated with financial capability are listed below. This list presents texts for a variety of ages and stages although it is particularly suitable for use in Standard Grade Courses.

• Abomination – Robert Swindells

• Buddy – Nigel Hinton

• Divided City – Theresa Breslin

• Fleshmarket – Nicola Morgan

• The Goalkeeper’s Revenge – Bill Naughton

• Henry’s Leg – Ann Pilling

• Holes – Louis Sachar

• Kes/Kestrel for a Knave – Barry Hines

• Millions – Frank Cottrell Boyce

• Our Day Out – Willy Russell

• Sailmaker – Alan Spence

• Stone Cold – Robert Swindells

• Treasure Island – Robert Louis Stevenson

• The Witness – James Jauncey

• Most of the works of Charles Dickens

Teachers of English may wonder how they can best use this resource to address the needs of their students. There follow some suggestions. However, teachers usually have their own distinct and creative approaches to learning which best suit the students they are working with in their school community. While the English class provides the ideal setting for a group to reflect on their personal experience with finance, there are obviously a considerable number of sensitive issues surrounding this topic. Students should therefore be encouraged to exercise discretion when alluding to their own family circumstances.

The DVD could be used in an English class as a stimulus for the following.

• Personal writing – be aware of the sensitivities and issues of young people writing about money and family finances. This may not be something which should be shared with other pupils in class.

• Discursive writing – Scene 1: Cash in Hand could be developed and used in the writing of an essay entitled ‘Qualities of a Good friendship – Discuss’ or an alternative essay title could be ‘The Wants and Needs of Society – Discuss’.

• Persuasive writing – young people could be asked to express, in essay form, their own opinions regarding aspects of finance, and the effects these may have on the lives/health and wellbeing of individuals and their family unit. To support what they write, evidence must be gathered through research activity. This can also lead young people to be more discerning when they are exposed to marketing materials.

• Reading for information – to support young people’s awareness of the uses of language, for example phrases such as ‘You could already have won’ in junk mail.

• Solo talk – one school carried out a survey at their local shopping centre of how confident people in their community feel with regard to their financial capability. Through the medium of solo talk, students had the opportunity to reflect on their findings and report how they felt about the financial situation of their local community.

• Group discussions and collaborative/ co-operative tasks – responsibilities we all have/what we value in our society.

Drama and PSE

Through taking the opportunity to work in partnership with TAG, Bannerman’s staff and students had an enriching experience which allowed them to use and extend their creative and aesthetic talents to investigate situations relating to their own personal development. Drama became a medium which allowed young people to deepen their understanding of financial issues and the manner in which financial capability permeates every area of life. Bannerman’s students seized the opportunity to express their own ideas, thoughts and feelings through their creative work in expressive arts. This project led those involved into addressing many of the draft experiences and outcomes for Curriculum for Excellence.

Please refer to website: www.curriculumforexcellencescotland. gov.uk

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TAG Financial Workshops: Abbreviated Session Notes

Each workshop addressed a new financial situation within the family, involving a different set of circumstances; we then examined the consequences using a variety of drama techniques.

Lesson planning

Session 1 – Cash in Hand

Below is TAG’s plan for the first session of work with the S3 drama students. You may find this a helpful structure in planning how you might approach the other rehearsed improvisation scenes with your own students.

This session looks at:

• needs versus wants

• what happens if you borrow money you can’t pay back

• emotional aspects of money and not having it

• lying about money

• consequences of actions.

Introduction (5 minutes)

• This is a practical look at having money, not having it and how that makes people feel. Over the course of four sessions we’ll be looking at a fictional family who have a variety of difficulties with money. This week we’ll look at the daughter, Toni, who constantly borrows from her best pal, Sam. Her situation could just as easily be one a boy finds himself in – so Toni could be Tony.

Optional – Ask the pupils

• Without looking – how much money have you got in your pocket/purse?

• How important is it to have a rough idea of what you’ve got?

• Do people who have no idea how much they have tend to be less organised with money?

• Why? Why not?

• We’re going to be looking at Toni, the daughter of our family, who doesn’t really consider how much money she has on her, or the consequences of that.

Warm-up (5 minutes)

• Focus exercise or game of your choice – for example, what would you do if you had £100/£1000/ £1 million?

Decision circle – would you lend? (5 minutes)

Imagine you are in this situation – you are at the cinema with your best friend and a couple of others. Your best pal needs cash to get drink/ice cream etc. They have already

spent what they had earlier on in the day. Would you lend them the cash, if you had enough?

Don’t put your hands up, but on a count of three, everyone shows their decision by one of these hand gestures:

• Yes – open palm flat – in an offering gesture

• No – hand up to suggest ‘stop’

• Don’t know – rock your hand from side to side to suggest ‘maybe’.

What would that decision depend on?

Toni’s point of view (8 minutes)

(NB – This monologue would be best read by the teacher in the role of Toni/Tony. Alternatively the pupils can read it for themselves, or one of them could read it to the rest of the class. It’s written from a girl’s point of view but can easily be adapted to make Tony a boy going out with his best mate. The references to types of food bought and titles of DVDs etc should be updated/adapted to suit your own needs.)

‘I was in the town, right, and I had £15 from my mum. We were all going to see ‘I am Legend’ with Will Smith. I’d been in the town earlier on with Sam and I’d got a Big Mac – I was totally starving. We also went in HMV. I got the DVD of Casino Royale. Sam couldn’t get what she was looking for. Have you seen Casino Royale? I think Daniel Craig is brilliant.

When we were at the pictures everyone was getting Pic ‘n’ Mix. I wanted a massive bag. Anyway, I was skint so I asked Sam for two pounds. She was a bit cagey about it but I knew she had enough cash. I’d seen it.’

• How much did Toni start out with?

• What did Toni spend cash on before getting to Cineworld?

• What do you think she actually needed?

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Toni’s budget = £15.00

Toni’s spending before going to cinema:

Big Mac £3.20

HMV £6.00

Total £9.20

Cash Toni must not spend:

Cinema ticket £4.50

Bus fare home £1.00

Total £5.50

Bearing all this in mind, Toni has only 30p left for all the snacks she wants in the cinema.

She wants a big bag of Pic ‘n’ Mix sweets = about £5.00

• What do you think happened when she asked for cash from Sam?

• Toni is ‘downsizing’ – she asks Sam for a couple of quid but actually needs about £5.

At this time, teacher could arrange a Circle Time activity to encourage students to share their attitudes and feelings.



Sam’s point of view (5 minutes)

(NB – This monologue would be best read with the teacher in the role of Sam. Alternatively the pupils can read it for themselves, or one of them could read it to the rest of the class. It’s written from a girl’s point of view but can easily be adapted to make Sam a boy going out with his best mate. All references could be updated/ adapted to suit your own needs.)

‘We were all at the pictures, ready to go in, right, and then Toni goes ‘Sam, lend us £5 to get sweeties.’ I couldn’t believe it. This happens all the time ’cos she knows I give in, but I’d already said I wasn’t lending her anything again after last time. What happened was, Toni got a lenny a fiver and I never got it back. When I asked, she said she’d never borrowed it – which was total rubbish! Either she’s a liar or she’s got a brain like a goldfish.

Anyway there we were in the queue and she’d got a huge bag of Pic ‘n’ Mix and she asks for a fiver! Toni’s my best pal but I can’t keep bailing her out. She knew I needed that money for my mum’s present. On the other hand, I didn’t want to look stingy, know whit ah mean?’

• Why do you think Sam has lent Toni money so often in the past?

• What happened recently that changed Sam’s attitude?

• When do you think Toni knew she didn’t have enough cash to pay for what she was about to order – ie did she know before she got in the queue but just expected to sponge off Sam, or did she just discover it when she looked in her purse to pay?

• Which is worse?

Big scene at the cinema – paired role play (20 minutes)

In pairs you are going to improvise what happened when Toni asked for the money. Show us if Toni got the loan or not. First of all discuss the following.

• What can Sam do? She wants to keep Toni as her best pal but not lend the cash she’s asking for. What are her options?

• What might Toni say to persuade Sam? Think of all the tactics she might use – which is the hardest for Sam to resist? Remember you don’t want to fall out with Sam.

• Both characters – remember the history of borrowing in the relationship.

Pairs improvise and then look at some of the scenes.

• What are the most effective tactics used by both Sam and Toni?

• What’s the long-term effect on their attitude towards each other and their friendship?

If time permits:

Under pressure, Sam lends Toni the cash on condition that it is paid back in the next two days. Sam needs the money to buy a birthday present for her mum. Toni promises to pay the money back on time.

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Toni gets the money but on the way to school spends it all on celebrity magazines and sweeties. She reckons she can stall Sam and pay her back later in the week. Toni avoids Sam all day but is confronted by her on the bus on the way home and gets a real showing up in front of everyone.

• Improvise the scene on the bus.

Abbreviated ses-sion notes for TAG’s other sessions in school – including monologues

These monologues have been included to support you in creating your own ideas for monologues. It can be very helpful to look at how the individuals involved may be feeling and how relationships are affected by attitudes to finance.

You may also wish to look at how self-esteem and self-confidence are affected by our spending power. Monologues are a useful tool in aiding examination of how emotions are tied into behaviour with money and spending.

Session 2

This session revolves around Ryan, the younger brother. This character is used to look at what makes us want things we don’t need and can’t afford, and where this can lead – the power of advertising on a young person. Ryan wants an item that his parents can’t afford. They have a difference of opinion about whether his demands should be met. This situation involves the emotional power that money can have.

As a follow-up activity, students could spend some time examining the techniques of advertising and how they are finely tuned to appeal to human psychology. Students could work on creating their own advertisements, allowing them the opportunity to investigate how people are manipulated by companies who need our spending power to gain financial success for the company and its employees.

Session 3

In this session we meet Stevie, the dad. His monologue concerns his debt situation and how he has been failing to deal with this because he has been keeping it a secret. There is the opportunity to interview Stevie and to create scenes around the discovery of the situation by his wife Shannon and children. How do they respond? What effect will this have on the whole family? Could Stevie have handled the situation in a different way?

Stevie’s monologue at the start of session 3

I don’t know what to do. I’m ashamed you’re seeing me like this but I don’t know who else to talk to. I’ve got a letter from the bank saying they’re taking me to court



’cos I haven’t paid the mortgage for the last two months, the Council Tax have frozen my bank account and I’m expecting the gas and electricity to go off any day now.

I lost my job a couple of months ago – that’s why nothing’s been paid. Before that it was a bit of a struggle but we managed. You just do, don’t you? The weans have gotta have new stuff all the time and Shannon’s always using they store cards. She lives and breathes to shop, y’know? We had a lot of stuff on hire purchase but who doesn’t? I got by and everyone was happy.

Then they kicked me out of work and since then debt’s got out of control. I got one of they consolidated loan things for the Visa, Barclaycard, store cards, stuff like that, but the interest’s terrible. I’m not even scratching the surface of what I really owe.

And of course Shannon’s still using the cards. I never told her I’d lost my job – carried on going out the house in the morning and coming home for dinner. Kept thinking I’d get more work before it came to this. It’d make her ill if she knew the mess we’re in.

But now so much stuff’s going to have to go back, telly, washing machine, phones, DVD. You name it. Even the motor and the X Box. And I’ve got this letter about going to court. What am I going to do?

Session 4

The situation here is a more positive one, where Shannon, the mum, wins a considerable amount of money. She wins enough to clear the debts referred to in session 3. How will the family use their new-found wealth? Everyone has a different opinion. To help the improvisation, each family group gets a shopping list of what the family want and a list of their current debts.

It is important to focus on how likely it is that a Prize Draw or a ‘lucky win’ will ‘save the day’ for those experiencing financial difficulties. Looking at the statistics regarding how many people have ‘wins’ – it is useful to remember that this happens to only a very low percentage of the population.

Shannon’s monologue at the start of session 4

So I’m working full time now in Asda and Stevie’s signing on and still looking for work. We’ve managed to keep the house, thank God. Went to this money adviser guy who was really helpful and got us through the crisis.

We re-negotiated the mortgage so we’ll be paying it off for like the rest of our lives, but at least we’ve got the same roof over our heads. Council tax has gone right down now Stevie’s on benefits.

Got a meter for the electricity – I’m constantly sending Ryan down to the garage to get more of them power cards. They seem to last like 5 minutes and then we get plunged into the dark ages. I spend my whole life telling Toni to ‘Turn it off!’

Borrowed my dad’s portable telly, s’like that big. Washing clothes in the sink – look at my hands. Cut up all the credit cards … still in total debt.

Kids don’t bring anyone back now. Ryan still bugs us for stuff. Toni just sulks. Stevie and me struggle through. Sometimes I feel so angry with him. Sometimes I feel guilty. Most of the time I’m just knackered.

On the next page is an example of a Pupil Sheet focusing on the family budget, which you may wish to use as an introduction to discussion and research activities.

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Family budget – Stevie, Shannon, Toni and Ryan Wilson

What they owe What they want to buy

Gas/electricity £400.00

Council tax £100.00

Phone bill (unpaid) £150.00

Credit card (consolidated loan) £6000.00

Interest on loan £1710.00

Total £10140.00

Plasma TV £1000.00

TV licence £140.00

Games console £200.00

2 mobile phones (Pay As You Go) £100.00

Second-hand car + tax + insurance £5000.00

Washing machine £300.00

Laptop £200.00

iPod + video £200.00

2 week holiday for 4 in Spain £3000.00

Total £10140.00

Through carrying out some research, can you find many of the things you want at a more reasonable cost? For example, look in your local supermarkets at offers on electrical goods.

Numeracy across learning

In using the following log books, teachers may wish to show particular sensitivity in dealing with young people as their sources of income are likely to be diverse and the amounts of money involved in different families may lead to criticism and comment from other pupils.

The first two log books are examples of records which might have been kept by Toni and Sam. The third example of a log book is a blank version which teachers may wish to distribute to their class to allow the students the opportunity to examine how they spend their own money.

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SMALL CHANGELOGBOOK

Name: Toni Class: 2B

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What do I have to do?

• Each day, for one week, write down each thing you buy (for example, bus ticket, lunch, sweets, cinema ticket … ) and how much you’ve spent.

• Start with today (even if it’s not Monday!) and go through the whole week day by day.

• If you run out of space, write it on another piece of paper.

• There are also five questions to think about at the end.

WednesdayBought Spent

Lunch – Chips

Crisps

Juice

£1.50

30p

50p

ThursdayBought Spent

Lunch – Chocolate bar 45p

TuesdayBought Spent

Lunch – Pizza

Magazine

Bus home

£2.50

£3.50

50p

MondayBought Spent

Lunch – Baguette

Bus to school

Bus home

£4.00

50p

50p

Total: £5.00

Total: £6.50

Total: £2.30

Total: £0.45

LOGBOOKS 19


For next class

• Are you surprised at how much you spent?

• When did you spend the most money?

• Why do you think that was?

• Which of the things you bought did you need?

• Which of the things you bought did you want?

FridayBought Spent

Lunch – Baguette

Bus to school

Bus home

£4.00

50p

50p

SaturdayBought Spent

4 subway tickets

Make-up

Lunch – Baguette

Burger Meal

Pick ‘n’ Mix

Cinema ticket

£4.40

£15.00

£2.00

£4.00

£6.00

£4.50

SundayBought Spent

Total: £5.00

Total: £35.90

Total: £0.00

Final total: £55.15

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21


SMALL CHANGELOGBOOK

Name: Sam Class: 2B

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Lunch – Fuelzone

Crisps

£1.15

30p


Lunch – Fuelzone

Make-up

£1.15

£3.00

TuesdayBought Spent

Lunch – Fuelzone

Chocolate bar

£1.15

45p

MondayBought Spent

Lunch – Fuelzone £1.15

Total: £1.15

Total: £1.60

Total: £1.45

Total: £4.15






LOGBOOKS 23


For next class






FridayBought Spent

Total: £1.15

SundayBought Spent


Total: £9.00

Total: £1.00

Final total: £19.50

Lunch – Fuelzone £1.15

Subway Discovery ticket

Lunch – Sandwich, juice

Cinema ticket

£2.50

£2.00

£4.50

Magazine £1.00

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SMALL CHANGELOGBOOK

Name:____________________ Class: ______

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Learning and Teaching Scotland

Learning and Teaching Scotland (LTS) has a remit that actively promotes a climate of innovation, ambition and excellence throughout the Scottish education system. The Scottish Centre for Financial Education (SCFE), as part of Learning and Teaching Scotland, takes the view that the resource Small Change helps to meet this requirement. Our remit also encourages working with key partners and the partnership that has been established with the teachers and pupils involved in the

pilot, TAG, Glasgow City Council’s Financial Inclusion Department (at Development and Regeneration Services) and Glasgow’s Determined to Succeed Team has been a very innovative and exciting one. We are also sure that the interdisciplinary approach to developing pupils’ financial capability, through their engagement with the situations developed in this resource, will be very successful. If you wish to contact any member of the SCFE, please find contact details on the website: www.LTScotland.org.uk/ financialeducation.

Part 3 – Acknowledgements and Contact Details

ACKNOWLEDGEMENTS AND CONTACT DETAILS 29


TAG

TAG is part of Glasgow’s Citizens Theatre and regularly tours high quality professional theatre productions for children and young people to venues and schools in Scotland and beyond, as well as providing a comprehensive range of participatory project work and training.

TAG regularly collaborates with a broad range of project partners using drama to explore issues. The company received the Best Show for Children and Young People Award for David Greig’s Yellow Moon at the Theatrical Management Association Awards 2007.

To discuss working with TAG, please contact Martin Travers (Head of Citizens Learning and TAG) on 0141 418 6243 or email [email protected]

Acknowledgements

The Scottish Centre for Financial Education at Learning and Teaching Scotland is extremely grateful to all those who have contributed to the development of this resource. Thanks are due to the members of the Working Group

formed to support the development of these support materials:

Alasdair Watt – Development and Regeneration Services, Glasgow City Council

Sam de Smith – English Department, Bannerman High School, Glasgow

Christina McLean – Drama Department, Shawlands Academy, Glasgow.

An enormous thank you to the Employability and Enterprise Officer for the Bannerman Learning Community and all students and drama staff of Bannerman High School who contributed to this resource. They showed great enthusiasm and were very generous with their time in the creation of this project.

Thanks also go to the Senior Leadership Team of the school in being so accommodating in allowing the SCFE access to the school, staff and students.

Thanks also to members of Glasgow City Council’s Determined to Succeed Team who gave up their time to attend Working Group meetings.

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Part 4 – Glossary of Financial Terms

APR – Annual Percentage Rate

This is used to calculate the amount of interest you will pay each year for your loan. The higher the APR, the more interest you will pay. It is wise to check the APR for any loan, credit card or store card. Some are 10 per cent whereas others are 15 per cent or even 30 per cent.

Auditor

A person who audits accounts.

Bank loan

A loan made by a bank which is repaid with interest on, or before, an agreed date.

Consolidated loan

This type of borrowing may be a good option if the creditor has a lot of smaller debts. This loan can be secured against property, which is a cheaper option, or it can be unsecured. Debt counsellors would normally advise that the borrower should seek professional independent advice on how best to manage their debts, deciding whether or not to go for a consolidated loan or simply to reduce expenditure over a period of time.

Co-operative

It is owned and controlled by its members. Each member has one vote. Any profit made is returned to members through dividends shared out.

Credit card

Credit cards are useful ways of paying for goods. You can use them in shops and also when buying online or over the phone. As they are loans, you have to pay an amount of interest depending on the APR of the card. Each month you must make a minimum payment. If you only pay this, then the debt will increase as the interest charged is usually more than the minimum payment. The credit card will have a limit – this is the limit of how much the company will lend you. You still have to pay it all back as well as the interest.

Debit card

This card allows you to buy goods or get cash with the money being taken from your bank (current) account.

Dividend

A pro-rata share in an amount to be distributed – an amount paid to shareholders of a corporation out of profits.

GLOSSARY OF FINANCIAL TERMS 31


Doorstep lender

These legal organisations offer short-term loans, usually for amounts between £50 and £500. The money is delivered to their customer’s door and the repayments are collected in the same way.

Insurance

This can be for your car, life, credit card, store card, home, building, contents etc. This is ‘coverage’ by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.

Interest

A sum paid or charged for the use of money or for borrowing money.

Store card

Store cards are useful for paying for goods if you shop a lot at the same store. Some people use them when they do not have enough money to pay for the goods. As they are loans, interest has to be paid and some of these cards have a high APR, which means paying back a lot more than the goods cost – especially if you need a long time to pay. The more store cards you have, the more of a problem this can be.

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Appendix – Financial Education and Curriculum for Excellence: Making the Connections

Financial education and the resource Small Change are closely linked with many of the draft experiences and outcomes of Curriculum for Excellence. These links are strongest within the areas of numeracy, expressive arts, English and literacy, and health and wellbeing.

Building the Curriculum 3 states:

‘The OECD noted that if a curriculum is operated as a rigid structure, the time available for learning will be for subjects and not students. The experiences and outcomes are grouped under the headings of the curriculum areas: expressive arts; health and wellbeing; languages; mathematics; religious and moral education; religious education in denominational schools; science; social studies; and technologies. They describe learning which has a clear purpose at levels from ‘early’ to ‘fourth’, as set out later in this document. They describe stages in the acquiring of knowledge and establishment of understanding and support the development of skills and attributes. They are written so that, across the experiences and outcomes, children and young people have opportunities to

develop the attributes and capabilities for the four capacities. They can be applied in a range of contexts which will be meaningful and relevant to the children and young people and so offer a degree of personalisation and choice which can give children and young people a sense of ownership of their learning. The curriculum areas are therefore the organisers for setting out the experiences and outcomes.’

‘Experiences set expectations for the kinds of activities which will promote learning and development.’

‘Outcomes set out what the child or young person will be able to explain, apply or demonstrate.’

‘All are designed to encourage a range of effective learning and teaching approaches.’

The overarching cover paper for the draft experiences and outcomes contains the following statement:

‘The experiences and outcomes provide for progression and seek to convey the values, principles and purposes of Curriculum for Excellence. They build on the best of existing guidance while introducing areas of change. They are designed to express an approach to learning that is clear to the teacher

APPENDIX 33


1Financial Education in Scottish Schools: A Statement of Position (1999)

experiences that will enhance learning, and outcomes that are meaningful to the young person.

Most importantly, the draft experiences and outcomes should have an impact on classroom practice and learning. As a result, practitioners should have the opportunity to engage with young people in purposeful and worthwhile tasks, activities and events that contribute to their personal development and learning.’

Financial capabilityFinancial capability1 is broken down into four main components:

Financial understanding

As a result of learning experiences, young people should be able to demonstrate an understanding and appreciation of:

• sources of income

• the nature and role of money in society, including foreign currency

• taxation, spending, saving and investment

• credit and debt

• financial services/products and advisory services

• consumer rights, responsibilities and protection

• the impact of advertising, ICT and the media.

Financial competence

As a result of learning experiences, young people should be able to:

• keep financial records

• analyse financial information

• assess value for money

• prepare and use budgets

• make informed financial decisions.

Financial responsibility


• take increasing responsibility for making decisions with respect to themselves

• analyse the potential impact of financial decisions made by others on society and the environment both locally and globally

• analyse the potential impact of their financial decisions on other people and the environment both locally and globally.

Financial enterprise


• evaluate potential risks and returns

• use financial and other resources in an innovative and confident manner

• apply knowledge and skills creatively in a range of situations.

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Furthermore, in the Financial Services Authority’s Financial Capability: Establishing a Baseline (2006), John Tiner, Chief Executive, FSA (2003–7), writes in the Foreword:

‘In a world in which individuals are increasingly required to take responsibility for their financial affairs, people need to be able to manage their money well. This report, the product of a survey of over 5300 people, assesses the ability of the UK population to do so.

The Financial Capability Survey’s main purpose is to establish a baseline measure of financial capability in terms of how well people:

• make ends meet

• keep track of their finances

• plan ahead

• choose financial products

• stay informed about financial matters.

Young people can improve and develop their financial capability as defined above, while learning through using the resource Small Change, and teachers could give young people the opportunity to address the various experiences and outcomes for Curriculum for Excellence.

The pfeg Quality Mark shows that this resource meets the pfeg quality standards. At the time of issue the resource contains educational benefits and accurate financial information. For further information visit www.pfeg.org

small change

Documents

school community

appendix financial education

drama learning

glossary of financial

idea of teaching children

general education

savings accounts available

bannerman high school