knowing stage - educator guide · web viewepisode 4 provides a history of trading activities by...

Knowing Growing Showing resource

Educator guide(Knowing stage)

Building fincanical capability for Indigenous students

moneysmart.gov.au

https://moneysmart.gov.au/?utm_source=teaching-resource&utm_medium=download&utm_campaign=be-moneysmart-educator-guides

Knowing Growing Showing

Financial literacy resources for Indigenous students

ContentsSetting the scene...................................................................................................................................

Why teach financial literacy?.......................................................................................................................Knowing stage – What is money?........................................................................................................Overview.................................................................................................................................................

Vocabulary...................................................................................................................................................Learning outcomes................................................................................................................................

Long-term understandings...........................................................................................................................Community and cultural considerations.............................................................................................

Guiding ideas...............................................................................................................................................Real-life scenario...................................................................................................................................

Authentic context.........................................................................................................................................Note for teachers.........................................................................................................................................

Unit 1 - Understanding Money..............................................................................................................Key concepts...............................................................................................................................................Focus questions..........................................................................................................................................Suggested activities & assessment rubric...................................................................................................

Unit 2 - Classroom Money...................................................................................................................15Key concepts.............................................................................................................................................Focus questions........................................................................................................................................Classroom economy..................................................................................................................................Suggested activities & assessment rubric.................................................................................................

Unit 3 - Spending Money.....................................................................................................................18Key concepts.............................................................................................................................................Focus questions........................................................................................................................................Classroom shop.........................................................................................................................................Suggested activities & assessment rubric.................................................................................................

Unit 4 - Your Market.............................................................................................................................23Key concepts.............................................................................................................................................Planning a market......................................................................................................................................What is a social entrepreneur?..................................................................................................................Establishing an enterprise.........................................................................................................................Suggested activities & assessment rubric.................................................................................................

Curriculum Links.................................................................................................................................26Additional resources...........................................................................................................................26‘Knowing stage’ assessment tasks (template).................................................................................27

Last updated: November 2020

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Setting the sceneAboriginal and Torres Strait Islander people have engaged in trade, exchange and bartering for tens of thousands of years. Trade and commerce are not new ideas to Indigenous communities and the cultural understandings of trade and commerce provide a strong foundational base for learning about how the mainstream financial economy works.

Showing Indigenous students that their own cultural practices are not dis-similar to the skills needed to engage with money and mainstream financial concepts can give them the confidence they need to engage in financial capability education – they already have the skills, they just need to apply them in a different context.

Knowing Growing Showing is an online resource that supports teachers to engage students with concepts of consumer and financial literacy. This is done by connecting with, and building upon, Aboriginal and Torres Strait Islander cultural and community values, histories, world views and lived experiences.

Why teach financial literacy?Decisions about money and finances are part of everyday life and the decisions we make can have a huge impact on individuals, families, community and environmental wellbeing. Students are aware of money from a young age as observers of adult interactions with money.

Financial literacy education is about developing in young people the skills and behaviours to be able to:

Manage money day-to-day Plan and save for the future Make informed money decisions

Video: Money makes the world go around (2:23 mins)Our Money makes the world go around video is a powerful digital animation that uses social trends and statistics to show the demands of the modern world on young people. (Moneysmart YouTube channel)

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https://youtu.be/YKmwgMD7i6I

https://youtu.be/YKmwgMD7i6I



Knowing stage – What is money?In the Knowing (introductory) stage, Aboriginal and Torres Strait Islander students engage with the basics of money and develop a foundational understanding of consumer and financial literacy.

This understanding includes:

what money is the different forms of money how to calculate change how to work out its value what it is used for where it comes from.

OverviewIn the Knowing stage, students learn about the following key concepts:

Unit 1: Understanding money - This unit encourages students to explore all aspects of money, its purpose, value and history. Students will learn to order coins, count in stages and realise that money can come in different forms.

Unit 2: Classroom money - Students use what they learnt about money in the Understanding unit and apply it in a simple classroom economy. Here they learn about saving and spending, and how money can bring both good for the community as well as some tensions.

Unit 3: Spending money - Students will continue to build on learning to focus on exchange of money for goods and services in a classroom shop. They learn about value for money and what that means for them. They explore how their consumer choices may be influenced. They also relate the classroom shop to local businesses in the community.

Unit 4: Your market - Students are introduced to the idea of enterprise and begin planning an enterprising activity based on community needs. They establish a small scale market and include the community. Students have opportunities to practice money exchanges and use money in a practical setting and then consider how they can give back to the community

VocabularyIn undertaking activities in the Knowing stage, students may need to develop an understanding of the following terminology and concepts.

• Worth, value, benefit, wellbeing• Economy, enterprise, business, exchange, barter, trade, currency• Goods, services, products• Funds, funding• Essential• Volunteer, employment• Influence, advertisement• Unit price, discount, balance• Budget

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Learning outcomesBy the end of this stage students will:

know and recognise Australian coins and notes and gain an understanding of how the money system operates

be able to identify the difference between a want and a need be able to confidently and accurately handle money including counting and giving change develop an understanding of how money is used to access goods and services.

Long-term understandings• Money is a finite resource, so one needs to keep track of spending.• Effective use of money can bring about long-term wellbeing for individuals, groups and communities.• Accessing money electronically makes it harder to keep track of money.• Values and experiences influence decisions on needs and wants and how money is used.

Community and cultural considerationsThe following seven guiding ideas provide support to teach consumer and financial literacy through the Knowing stage in a way that is meaningful and empowering for students. These ideas support the incorporation of community and cultural considerations in a learning context.

Guiding ideas

COMMUNITY Connect with community & cultural identityHistory shows that Aboriginal and Torres Strait Islander people have engaged in trade, exchange and bartering for tens of thousands of years. Teachers of Aboriginal and Torres Strait Islander students can draw upon these practices to affirm the importance of trade and resource exchange.

REAL-LIFE APPLICATION

Build on your students' real-life experiencesCapitalise on the experiences of students as they arise. Having student share their stories can help everyone develop deeper understandings of money, its purpose and how it works in the community.

PRIOR EXPERIENCES

Gather information about prior experiences with moneyAboriginal and Torres Strait Islander students' prior experiences with, and understanding of, money will vary. They will see money being used in their homes and communities in varying ways; including money being spent at shops, being shared amongst family, or being exchanged for services (such as paying for a taxi, ferry, bus or other form of transportation).

In more geographically remote areas however, students may not have access to a wide range of experiences in directly seeing money in operation due to a lack of retail outlets, banks, public transportation, and other services that larger centres may take for granted.

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STORY Recognise the power of storyAboriginal and Torres Strait Islander societies are founded on narrative-based cultures. The power of story has shaped lore, identity, law and connection to country. In contemporary teaching, story-telling can be used as a powerful learning tool to share experiences, explore students' insights and differing perspectives, find meaning, and shape ethics and morals.

SHARING Reinforce cultural values of sharingIn some communities, the connection between money and culture may not be immediately apparent and may be seen as incongruent and inconsistent with Aboriginal and Torres Strait Islander values. However, by working from an Aboriginal and Torres Strait Islander values-system point of view, all teachers and learners consider other perspectives about how money is used.

Through your teaching, you could help reinforce a cultural message that 'money can be used for sharing and caring'. This goes to the heart of an Aboriginal and Torres Strait Islander ethos of reciprocity, sharing and looking after each other.

By working from this perspective, students begin to appreciate that money can be a resource for community wellbeing and not just individual wealth.

DIVERSITY Embrace diversitySocial and cultural diversity will exist among your students and care must be taken to avoid stereotyping. As with all students, Aboriginal and Torres Strait Islander students will enter school with differing interests and varying degrees of prior knowledge and skills. They may also enter the school with varying degrees of cultural understanding and sense of identity, due to historical factors (such as the Stolen Generations). Aboriginal and Torres Strait Islander students more often than not have shared cultural values and social experiences.

This often includes a common world view through their identity, a deep sense of obligation to family, and similar upbringings in places of poverty and financial hardship. Use these realisations and understandings to facilitate learning experiences that resonate with your students.

Have students consider the diversity within families and roles in the family by drawing their family and sharing with others. Examine the cultural diversity within the class and share differences in food choices, music and language.

ACHIEVEMENT Celebrate achievementQuality teaching in Aboriginal and Torres Strait Islander contexts means adopting strengths-based approaches to teaching and learning. This means teachers will be continually building upon what students know, as opposed to highlighting what they do not know. Adopt a two way learning approach to your teaching whereby you share your knowledge and experiences about consumer and financial literacy while students share theirs with you and their peers.

Quality teaching in Aboriginal and Torres Strait Islander contexts also means that teachers will be positively reinforcing cultural identity.

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Real-life scenario

Authentic contextThis scenario has been developed to provide real-life context to frame the unit and learning opportunities, as well as generate discussion to develop an understanding of money and specific cultural aspects of money relevant to this stage.

Teachers are encouraged to adapt the scenario to suit the context, level and learning of their students.

Tyrone has to catch a bus to see his Aunty Jackie who has been sick. His Mum has given him $5 for the bus to Aunty Jackie's place and to get back home.

"You make sure you go see Aunt, she's crook," his Mum says.

Waiting at the bus stop, Tyrone's cousin Aleesha asks him for money so she can buy some food and a drink. Aleesha hasn't eaten all day.

Tyrone has $5 in his pocket, but has $20 in his bank account which he has been saving for months to see his favourite football team play next weekend.

What should Tyrone do?

Note for teachersAspects students can consider:

money can take various forms: cash and electronic students make choices and problem solve tension of needs (family) versus wants (football) cultural consideration - namely, obligation to family.

There isn't a right or wrong answer, but students need to justify why they have reached their decision. They need to consider the advantages and disadvantages of the decision that they have reached.

Unit 1 - Understanding Money

Key conceptsThe key concepts covered in this unit are:

What is money? History of money How do people use money? Different forms of money

This unit encourages students to explore all aspects of money:; its purpose, value and history. Student achievement from this unit will vary depending on the individual learner, but it is anticipated that students will be able to order coins, count in stages and realise that money comes in different forms while considering money in the past and what money means for them now.

To enable students to engage with the basics of money in real contexts and facilitate meaningful learning experiences a variety of learning experiences have been devised which include games and online exercises, a classroom economy the simulation of a shop and showcasing learning through planning and implementing a market or small enterprise.

The ideas and activities could be used exactly as described, or might provide a springboard for teaching and learning opportunities or ideas that inspire teachers to develop alternative activities that meet the specific needs of their students and curriculum requirements

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Focus questionsFocus questions provide a guide to engage students in key concepts addressed in the unit and the learning intentions of this stage. Through guided questioning, teachers can establish student levels of knowledge and awareness of money.

Building understanding:

What is money? Where does money come from? How did people get what they needed before money? What is trade and how was it used in the past? Why do we need money now? How do people get money? How do people use money? What forms can money take (cash in the hand and money in the clouds -

electronic)?

Aboriginal and Torres Strait Islander experience with money:

How did Aboriginal and Torres Strait Islander people get what they needed in the past (before money)?

How do Aboriginal and Torres Strait Islander people get what they want and need today?

Personal experience with money:

Are there examples in the broader school community where needs and wants are met without involving money (e.g. volunteering, community gardens, trading one good or service for another)?

How is money used in a family? At school? What do we need to know/understand about money?

Suggested activities & assessment rubricAfter consultation and discussion with students (using the provided focus questions as prompts) teachers could select activities from the following topics:

• Money in the past• Money in the present• Counting, adding and ordering

Note: All assessment rubrics are a guide only and can be modified to suit teachers’ needs or integrated into existing assessment systems.

Activity 1 - Money in the past

Assessment rubric

Content Description Competent Developing at level Needs further development

ACHEK028 - The traditional markets of Aboriginal and Torres Strait Islander communities and their participation in contemporary markets.

The student explains the traditional trading practices within and between Aboriginal and Torres Strait Islander communities

The student gives some explanation of the traditional trading practices within and between Aboriginal and Torres Strait Islander communities

The student demonstrates some knowledge of the traditional trading practices within and between Aboriginal and Torres Strait Islander communities

Trade

Exploring trading in traditional Aboriginal and Torres Strait Islander societies (including practices that are still

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happening).

In introducing this activity, teachers support students in exploring the traditional trading practices of Aboriginal and Torres Strait Islander societies.

Copyright: SA Museum

• Start by playing an Aboriginal and Torres Strait Islander related game of trade based upon traditional trading routes and Dreaming pathways. Ask students to make, collect or bring items from home to integrate into a simple trading activity.

• There may be someone in the community the school can invite to share stories about traditional trading.

• The Aboriginal Languages Map could be used for this Queensland Museum Network activity • For ideas, see Moneysmart for teachers Year 1 Bertie’s Socks Unit of work Activity 6 (page

22): • Reflect on this activity and discuss the items that were traded and how values were assigned to make

the trading fair.• Draw or paint a map of Australia on the oval or cement play area. Clearly mark the trading routes and

discuss the processes involved in trading items. • The ABC series First Footprints is a four part documentary which tells the story of the history

and culture of the Aboriginal and Torres Strait Islander people over the past 50,000 years. Episode 4 provides a history of trading activities by Aboriginal and Torres Strait Islander people.

In this topic, key ideas relate to what items were traded, protocols and ethics associated with movement across traditional boundaries, negotiating travel, the physical elements and the spiritual elements.

ExtensionStudents form groups (clans) and work collaboratively to create fictitious trading scenarios which include routes to be travelled, goods to be traded and exchange protocols.

Use different areas of the school to represent certain points on the trading routes. Students negotiate the travel and navigation using their maps and the cues determined by their clan. The travelling party follow the markers to reach their destination point. Along the way, the travelling party can undertake and complete physical challenges relational to the distances travelled and the finding of food and water. Challenges can be set to test the wares of each travelling party.

Upon arriving at their destination, students follow the protocols of trade and good behaviour when operating in another clan’s country. The underlying elements of respect, ethics, negotiation and sharing are all manifest components of this activity.

Compare past and present

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https://www.abc.net.au/tv/programs/first-footprints/

https://moneysmart.gov.au/teaching-resources/bertie-s-socks-unit-of-work?utm_source=teaching-resource&utm_medium=download&utm_campaign=kgs-educator-guide

https://blog.qm.qld.gov.au/2012/05/16/indigenous-science-australia-had-ancient-trade-routes-too-2/

http://www.samuseum.sa.gov.au/copyright



Compare traditional Aboriginal and Torres Strait Islander trade and pathways of trade in comparison to the modern day money system. Students list the key factors, pros and cons of each system and examine the differences between the systems. Students build towards an understanding of how a balance can be achieved between old and new ways.

Activity 2 - Money in the present

Assessment rubric:


ACMNA003 – Subitise small collections of objects.

The student applies subitising to recognise the number of coins and/or notes in small collections

The student applies subitising to recognise the number of coins and/or notes in some of the small collections

The student uses counting to find the number of coins and/or notes in small collections

ACMNA034 - Count and order small collections of Australian coins and notes according to their value.

The student accurately counts small collections of notes and coins

The student counts small collections of notes and coins with occasional errors

The student can count a limited range of small collections of notes and coins

Build students' knowledge and confidence with money by guiding them through a number of recognition, matching, counting and ordering activities.

Australian coins and notesAsk students to describe the currencies in Australia and show them the coins and the notes. Explore the characteristics of Australian coins and notes e.g., colour, size, shape, weight, markings, texture. Students view the following news items to consider the design and security features of Australia’s five dollar and ten dollar notes.

Behind the News - $5 note Behind the News - $10 note

Discuss the various pictures and symbols on the notes and consider reasons why they were chosen.

Coin Rub activity Students are given an array of coins and asked to rub the likeness with a pencil onto the paper. The activity moves into reaching a displayed sum using the same technique of rubbing, e.g. $1: how many 50 cents would it take to make a $1, etc.?

Card snap Uses pre-made money snap cards with varying images and values of money (both coins and notes). Students play in pairs, or groups, to snap when they see a matching image or value.

Coin/card matchUsing real currency, students are given a handful of coins and they work to recognise the matching amount of money that appears on a money flash card.

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http://www.abc.net.au/btn/story/s4733843.htm

http://www.abc.net.au/btn/story/s4526332.htm



Flash cards

Play Letters and Numbers Team Game – the teacher shows a dollar amount on a flash card and the students work in their teams to figure out coin combinations that add up to the dollar amount shown on the flash card. The student teams must figure out as many coin combinations as they can in a set amount of time, e.g., in 10 seconds. Student teams win 1 point for each correct combination of coins, and the team with the most number of points wins.

Activity 3 – Counting, adding and ordering

Assessment rubric


ACMNA034 - Count and order small collections of Australian coins and notes according to their value.

The student accurately counts small collections of notes and coins

The student counts small collections of notes and coins with occasional errors

The student can count a limited range of small collections of notes and coins

ACMNA059 - Represent money values in multiple ways and count the change required for simple transactions to the nearest five cents.

The student records all possible ways of representing a total amount of money using different combinations of notes and coins. They accurately count change for simple transactions

The student records some possible ways of representing a total amount of money using different combinations of notes and coins. They accurately count change, with some prompting to ‘count on’ for simple transactions

The student requires teacher guidance and manipulation of notes and coins to represent total amounts of money. They correctly calculate change for very simple transactions

Money dice game Using the money die (die that have had money values placed on each face) students sit in a circle and are encouraged to call out the value showing on the dice. Using two and then three dice, begin to show how they can be added together to form a value.

(Note: Money dice can be made or purchased online)

Scavenger hunt Set up a large area, incorporating the play equipment, water bubblers etc., and scatter coins throughout the space. See how many coins can be collected in a given time period. Segue into a discussion about each coin's value and then ask students to count how much money each person had, find out who had the most, and how much money was collected in total.

Target practiceConstruct an in-class or outdoors target gallery where various items are attributed a coin value and set up in the space. Using different methods and varying ranges of time, the students have to knock down as many items as they can in the allotted time or using the allotted balls. If indoors, experiment with using blue tack balls, crumpled paper balls and soft sponge balls. If outdoors, experiment with tennis balls, soccer balls, footballs and basketballs. Interchange between head, foot and hand to shoot.

Once completed, the students add-up the coin values attributed to the items they each knocked down. Scores are listed and a table of results is formed. Segue into a discussion about each coin's value and ask students to count how much money each person made, who had the most and how much money there was over all.

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ExtensionTeachers link the totals from the previous two activities to VALUE. By creating a graph or other visual representation of the totals, and then linking to what that would buy to reinforce student understanding. Student estimates of what they could buy with the money could then be checked online or in catalogues for accuracy of their estimates.

Additional discussion points• What is money worth? • What does money buy you? • What is the value of money? • Are worth and value the same thing?• Can you obtain things without money?

Activity 4 - In your community

• Encourage students to apply their learnings about trade and barter to their own school and community.

• Students describe circumstances in their everyday lives where goods and services are provided without money being exchanged.

• Engage with your community by undertaking a class walk to the local community centre/shops or invite speakers into the class to develop an understanding of differing types of paid and unpaid work and goods and services that are delivered free of charge. Students learn that some needs and wants, goods and services are met by people giving their time freely (e.g. volunteering - tuckshop workers, classroom helpers, community gardeners).

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Activity 5 – Meetcha Kambong

Assessment rubric






A game of the Noongar people of the southwest of Western Australia

Play the game based on Meetcha Kambong – a team based rob the nest game, where players try to remove balls from the opponent’s nest and bring back to their own. Each ball is given a coin value (soccer balls: $2, rugby balls: $1, tennis balls: 50c, etc.,) and the total value is calculated at the end of each session. Play in a set time period and the total number of balls collected wins. Play with pool noodles or Oz tags, to freeze players for the benefit of their team. Highlight the embedded counting dynamics.

This game presents opportunities to discuss issues and tensions that can arise in families and communities around accumulating and sharing money.

Activity 6 – David Unaipon

Assessment rubric


ACHASSI034 - Pose questions about past and present objects, people, places and events.

The student asks appropriate questions about people and places and about their past and present. They independently research the history of and facts about Australia’s currency

The student asks some questions about people and places and about their past and present. They research some of the history of and facts about Australia’s currency

The student requires teacher guidance to ask questions about people and places and about their past and present. With assistance, the student can perform simple research tasks relating to Australia’s currency

Australian Currency designUsing the $50 note, students explore the life of David Unaipon. What were his achievements? Students are to list and comment on three notable examples from his life.

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http://adb.anu.edu.au/biography/unaipon-david-8898

https://noongarboodjar.com.au/education-and-training/fun-and-games/



Activity 7 – Students create

Assessment rubric






ACHASSI034 - Pose questions about past and present objects, people, places and events.

The student asks appropriate questions about people and places and about their past and present. They independently research the history of and facts about Australia’s currency

The student asks some questions about people and places and about their past and present. They research some of the history of and facts about Australia’s currency

The student requires teacher guidance to ask questions about people and places and about their past and present. With assistance, the student can perform simple research tasks relating to Australia’s currency

Students work collaboratively to design and create their own class–based currency that includes both coins and notes. The classroom currency design may be inspired by well-known Aboriginal and Torres Strait Islander Australians and /or traditional art-work designs. This could then be used as the currency for the Knowing classroom economy.

Australian currency and Aboriginal and Torres Strait Islander AustraliansIn preparation for this activity, students research the history and facts surrounding Australian notes and coins, especially those that feature other Aboriginal and Torres Strait Islander artists.

Suggested resources

Reserve Bank of Australia – Museum - From the Film Australia Collection. Made by the Commonwealth Film Unit. Directed by Bob Kingsbury.

Inside Story - For the love of money, Brett Evans, 11 February 2016. (For the copyright and late payment for the art work)

The Conversation - ‘Dollar Dave’ and the Reserve Bank: a tale of art, theft and human rights, Stephen Gray, 22 March 2016.

National Gallery of Australia - Some people are stories, Djon Mundine, n.d;

National Film and Sound Archive - Bark Painters. Aborigines of the Northern Territory, YouTube video (4:48). Published on Feb 15, 2016.

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https://youtu.be/B1NcMxDEB9M

http://nga.gov.au/exhibition/malangi/Default.cfm?MnuID=6&Essay=2

http://theconversation.com/dollar-dave-and-the-reserve-bank-a-tale-of-art-theft-and-human-rights-56593

http://insidestory.org.au/for-the-love-of-money

http://museum.rba.gov.au/exhibitions/the-decimal-revolution/resources/



Unit 2 - Classroom Money


Value for money Goods and services Establish a classroom economy

Students use what they learned about money in the Understanding Money unit and apply it in a simple classroom economy. Here, they learn about saving and spending and how money can bring good for the community as well as some tensions.

Focus questionsFocus questions are provided as a guide to assist teachers to engage students in key concepts addressed in the unit. Through guided questioning, teachers can establish student levels of knowledge and awareness of money.


What do things cost? Why might it be important to understand if something is value for money?


What goods and services are essential in Aboriginal and Torres Strait Islander communities?

How might this be impacted by location - (remote, regional, urban)?


What are essential costs to a family/community? (Consider housing, food, utilities, transport etc.)

What does it mean to spend less than you earn? What are the consequences of not having enough money to pay for essentials? What do people need to think about before spending money?

What is 'enough'? What is a 'need'?

Classroom economyThe aim of the classroom economy is for students to apply the knowledge gained in the previous unit and practise using money in a variety of ways. This includes counting, spending, saving, exchanging, earning and gaining an understanding of the value of money.

After consultation and discussion with students (using the focus questions provided as prompts) teachers could consider which activities relating to a classroom economy would work best for their students.

Classroom economies can be implemented in many different ways. They can involve simple, basic use of money in the classroom as a reward and recognition system for being on task, completing work, displaying critical and creative thinking, demonstrating ethics, good behaviour and positive interactions with other students and teachers. More sophisticated models incorporate concepts of employment, wages, rent, electricity, food, and other associated money transactions which take place in a real world context.

It is suggested that when implementing a classroom economy students are given the opportunity to relate activities undertaken in their classroom economy to the real world economy operating in their community and beyond.

A variety of classroom economy ideas are presented in this unit for teachers to select and build upon. Teachers should develop a model for their classroom economy that meets the needs of their students. Ideas start simple and gradually become more complex. You may wish to consider introducing either an individual or a class savings goal. This provides the opportunity to explore saving, goal setting and planning for the long term.

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Cultural perspective

Underpinning this topic will be the notion of money for caring and sharing. From an Aboriginal and Torres Strait Islander standpoint the notion of reciprocal obligation could be built into this learning task by asking students to share earned points/classroom money throughout the unit. This ensures students experience an intrinsic sense of reward for demonstrating communal care and sharing of what they have earned.

Case study: Classroom economy

Singleton Primary School in WA created a classroom economy (Moneysmart YouTube channel) using a whole-school approach which features a rewards system that increases in complexity with each year level.

Good behaviour is rewarded with 'School Dollars', which can then be spent during 'transaction' or 'shopping' days. On these days students can use their School Dollars to purchase activities, such as wearing their hair-down for the day, 20 minutes of free-play etc.

In Kindergarten, each student has a banking book, in which each sheet has an image of 10 ten cent coins. Teachers instruct students to colour in a ten cent coin when they have demonstrated good behaviour. The students know that 10 ten cent coins equal a dollar and thus can tally their savings.

The year one and two class also uses a banking book, but it is formatted as a multiplication array to encourage students to do multiplication sums and skip-counting. When the students save one dollar they bank it with the teacher. This allows for role-play and discussions about depositing, saving, withdrawing and earning interest.

In the year two class students collect toy coins and when they have too many they also deposit it at the bank. This allows discussion around banks and their role in a society.

In year three students have a 'stamper card'. Once a row is complete they add up their savings and spend it during school shopping days.

In year four students also have a stamper card, but this is expanded to include a transactions book. They keep record of their transactions and calculate how much they have spent and saved over time.

In years five and six students are paid a daily wage for coming to school and completing work, and they are also fined for bad behaviour. They keep track of their earnings and transactions using a range of financial record keeping formats ranging from basic tally sheets to more complex records of deposit and withdrawal.

Suggested activities & assessment rubric

Establishing your classroom economy modelDetermine the model upon which the classroom economy will operate, e.g. small scale or more complex, and introduce the concept to the class.

Engage students in developing the tasks and activities that will be assigned a money value which can then be used to purchase a reward. Rewards can either intrinsic or extrinsic and range from items to purchase (extrinsic), or free time, additional time playing a game, time on the computer, etc. (intrinsic).

Money earned and rewards available for purchase can be displayed in the classroom. Initially, earnings can be listed on a tally board and when milestones are reached the students could be allowed to redeem their money for a reward of their choice. Students will decide how much they spend, and on what reward. This process will begin the elementary phases of long term decision making, self-determined rewards and positive associations with work, effort and behaviour.

Gradually introduce students to keeping records of their money (deposits, withdrawals and earnings) and monitoring themselves. Using class designed passbooks, along with classroom deposit and withdrawal slips along with weekly or monthly statements. This will support students in becoming familiar with financial documents and records and filling out forms.

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https://www.youtube.com/watch?v=otgge9zTZcM



Speak with your students about how the classroom economy will operate. Together, you may like to discuss the considerations listed below:

• What activities/behaviours/items will attain a dollar value and how much are they worth?• Who will be the banker (e.g. teacher, student, support staff, community member)?• How often will rewards be allocated?• How often will banking take place?• How will rewards be recorded and documented (e.g. in a personal bank book or a tally board for all to

see)?• What currency will be used (you may wish to use the currency the class developed in the previous unit)?• How will rewards be retrieved, accessed and cashed in?• Can rewards be saved?• Is there a time limit on accessing rewards?• Are there class/individual savings goals (e.g. end of term celebration/excursion/fun activity)?

The classroom economy provides opportunity to explore the concept of earning money. Allocating classroom jobs can be aligned to working to earn money. Regular classroom jobs such as being a monitor for certain activities can be viewed as working for pay with additional work earning additional reward / pay.

Activity 8 – Determining value

Assessment rubric


ACHASSK119 - The difference between needs and wants and why choices need to be made about how limited resources are used.

The student explains the difference between needs and wants. They explain the differences in needs and wants for different groups and justify choices that are made based on an understanding of limited resources

The student explains the difference between needs and wants. They have some understanding of the differences in needs and wants for different groups and they make choices that are based on some understanding of limited resources

The student understands that people have needs and wants and can give some examples of both

Discuss with students the concepts of cost, value and worth.

Ask students to identify what is of value to them - both in a monetary and personal sense. What would be of high cost, low cost and no cost? This could be discussed when determining the behaviours/activities which receive payment and the rewards students may wish to purchase. Document ideas and explore why cost might have very little to do with how much value is placed on items by different people.

Students consider the range of responses and the reasons they might vary, including community and cultural influences on decisions.

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Unit 3 - Spending Money


Needs and wants What influences spending? Understand local economy Set up a classroom shop.

In a classroom shop students consider the concept of 'value for money' and what this means for them, while continuing to learn about the exchange of money for goods and services. They explore what influences their choices and relate the classroom shop to local businesses in the community.

Focus questionsFocus questions are provided as a guide to assist teachers to engage students in the key concepts to be explored through the creation and running of a classroom shop. Through guided questioning, teachers can establish student levels of knowledge and awareness of money.


What is difference between a need and a want? How do people determine what is a need or want? How do values influence needs and wants? How can we shop safely, ethically and responsibly online? How do shops operate/ work?


How might needs and wants have changed in Aboriginal and Torres Strait Islander communities over time (values, number of choices, location, etc.) Explore values from a number of viewpoints?

Who influences decisions about money in Aboriginal and Torres Strait Islander communities?


How do the local businesses reflect the needs and wants of the community? Are there gaps or an oversupply in the provision of goods and services in the

community? What information is required to know if something is value for money? What

strategies can we use to get this information? Why is it important to consider spending carefully (e.g. taking time and planning

purchases)?

Classroom shopEstablishing a classroom shop or shopping mall builds upon and consolidates concepts and skills learnt in previous units.

Students explore needs and wants and value for money while planning and establishing their own classroom shop/s.

The concepts developed and covered in establishing a classroom shop can range from very simple ideas which enable students to develop an understanding of how shops work to more sophisticated concepts such as market competition, business expenses and profit. The elements of establishing an enterprise are covered in detail in the Showing stage of this resource.

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Suggested activities & assessment rubricEstablishing a classroom shop or shopping mall builds upon and consolidates concepts and skills learnt in previous units. Students explore needs and wants and value for money while planning and establishing their own classroom shop/s. The concepts developed and covered in establishing a classroom shop can range from very simple ideas which enable students to develop an understanding of how shops work to more sophisticated concepts such as market competition, business expenses and profit. The elements of establishing an enterprise are covered in detail in the Showing stage of this resource.

After consultation and discussion with students (using the focus questions provided as prompts) teachers could select activities from the following topics:

• Memory Game - Needs and Wants• A trip to the shops (excursion)• Talking Business (guest speakers)• Classroom shopping mall• Shopping spree

Activity 9 – Needs and wants – Memory game

Assessment rubric


ACHASSK119 - The difference between needs and wants and why choices need to be made about how limited resources are used.

The student explains the difference between needs and wants. They explain the differences in needs and wants for different groups and justify choices that are made based on an understanding of limited resources

The student explains the difference between needs and wants. They have some understanding of the differences in needs and wants for different groups and they make choices that are based on some understanding of limited resources

The student understands that people have needs and wants and can give some examples of both

The teacher begins a continuous story game by saying "today I went to the shop and bought …". The next student must remember the item said by the teacher and then add their own. The student after them must remember the items said previously and also add their own, and so the game continues. Depending upon the age level, class help may be necessary. Highlight how many items were remembered, how many were bought, who remembered more items, what item was the most expensive, etc.

Encourage students to reflect on the items 'bought' and consider which were needs and which were wants. Continue the discussion to incorporate personal needs and wants, family needs and wants and community needs and wants. Consider how an individual, a family and a community might prioritise, plan and budget accordingly. Students could consider:

• What do we think of first- needs or wants?• How would a family plan to pay for needs?• Is it ok to have wants? What influences what we want?

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Activity 10 – A trip to the shops

Students visit a community store, local council, local business or local community enterprise and are exposed to real-life scenarios of money exchange and financial management.

Students observe then categorise the types of shops/businesses that exist within the community, the types of services or products they provide or sell and how they operate. In addition students observe the range of workers and the specific role they have within the business they visit. Students could consider:

• Which shops focus on essential items? • Are there shops that only sell items that are nice to have (wants)? • How do the shops attract customers?• The shop workers - what are the specific skills that they need to work in this shop/business?

Opportunities exist here for discussion about training for a role, developing expertise and the importance of preforming the role well. Start to use the word 'job' instead of role and relate this to the jobs of the people they observed in their excursion to the shops. Consider customer service and the shopping experience for the customer.

Visiting the local community shops provides the opportunity to explore a range of concepts which include unit pricing (getting the best value for money spent), product placement and how advertising and gimmicks can influence choices you make and what you buy.

Talking businessInvite a local store manager or business owner to speak to the class about their business. Students ask questions to gain an insight into the operation of the store/business. Information gathered here will assist students in establishing their shop/business.

From observations students have made on their trip to the local community store/shops, students formulate a series of questions that could be asked of a guest speaker and will assist them to set up their classroom shop/business.

The following questions can be used as a guide. Other questions will depend on the students' level of knowledge, experiences and ideas on the type of shop/business they wish to establish.

Questions could include:

• How does the shop/business work?• Can shoppers purchase your goods online?• Does your shop deliver?• Where does the stock/goods come from?• How do you know how much to charge?• How do you get staff?• Do the staff / workers get paid for what they do?• How do the staff know when to come to work? • How does the staff know what to do?• How many staff do you need?• What if no one wants to buy things?• Why do things go on sale?• Why are items discounted?

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Activity 11 – Establishing a classroom shopping mall

Assessment rubric


ACMNA080 - Solve problems involving purchases and the calculation of change to the nearest five cents with and without digital technologies.

The student selects and applies an appropriate mental or written strategy to add and subtract money amounts accurately including the calculation of change

The student uses mental or written strategies to add and subtract money amounts with occasional errors, including when calculating change

The student requires teacher guidance to add and/or subtract money amounts and to calculate change

Using the information gained from the excursion and guest speaker, students begin to plan to create a shopping mall in their classroom. Guide students to decide on the types of shops/businesses in the mall, the items they might sell, or the service they may provide. Students work in groups, with each group establishing a different type of shop or business. Ensure there is a good mix of shops- shops that service needs and wants and those that provide goods or services.

Students work collaboratively to design and build their shop front. They then decide on what role each member of the group will have in establishing and running their shop/business and assign a name and title to their role. Remind students that this is their job and they will earn as they work, relating this to the excursion to the shops and the jobs they observed. You may want to introduce the use of a simple contract stipulating expectations for the 'workers' to sign up to work in their job. This can be simple or more complex according to the skills of the students.

The stock for the shop or business is either made by students, brought from home (e.g. empty and cleaned packets of food/drink), or borrowed from the classroom or school supplies. 'Items' can be sourced and cut out from magazines to simulate the stock.

Once the simulated shops are open for business, students are given a series of items to be found, returned, bartered for and exchanged. Students can draw upon local examples of this process and incorporate the types of family and community based tensions* that may occur. These may include, but are not limited to:

• Underlying issues associated with welfare communities • Communal sharing and reciprocal obligations• Money for wellbeing

Note: This is an opportunity to identify Aboriginal and Torres Strait Islander people from within the school and the broader community who may be able to share stories in relation to these matters from a local community perspective and assist teachers in classroom discussion on these and associated matters.

This can lead to discussion on various payment forms (e.g. cash, time payment, lay-by, online etc.) as the class shop/mall continues to operate over a number of weeks or even months. Issues raised during the shopping process can increase in complexity as student knowledge develops. Moral and ethical issues could be presented and resolved by the students.

To enhance the shopping mall activity, include an ATM where students simulate the operation of the machine. This could tie in with the classroom economy and the actual amounts of classroom money the students have in their account.

For further information view Singleton Primary School: Learning to bank through role play (Moneysmart YouTube channel)

Discuss PIN and notion of PIN security and safety.

Shopping basicsWith guidance, students participate in a variety of shopping events. They begin with an amount of money and

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https://www.youtube.com/watch?v=4kGcgIPpH6I



are tasked with finding items, negotiating the transactions, managing the balance and finding the best buys.

Implicit in this ongoing activity is the idea of budgeting, planning, spending wisely and saving the 'money' from the classroom economy to use in the simulated shopping scenarios.

This is an opportunity for students to investigate unit pricing. They learn that by understanding unit pricing they may get a better buy and ultimately becoming a more informed consumer.

Ensure students observe and discuss pricing labels when they shop and encourage them to make judgements about how clear (or not) the label presents the unit price.

In preparation for the shopping excursions students could bring samples of unit pricing labels to the classroom for investigation and evaluation. For more information on unit pricing, see the ACCC’s website pages:

Unit Pricing Code Grocery Unit Prices .

ExtensionInclude opportunities for students to explore how online shopping works. One of the classroom 'shops' could be virtual and students will shop 'online' either by setting up a website for use within the classroom or a simulated version of online shopping. The virtual shop hosts would need to consider delivery, packaging and marketing just as any of the other shops in the classroom shopping mall. Engage students in considering safe and secure online shopping. Questions could include:

• How do people pay for goods online?• How do they know they will receive the goods?• What are the risks with shopping online?• What are the rights and responsibilities of the shopper / seller in online shopping? Are they different

to shopping in a real environment?

For further information see the Government’s Australian Cyber Security Centre (ACSC) website.

Shopping spreeUsing catalogues and flyers (hardcopy or online) students create a list of things they would like to purchase. Teachers could put limitations arounds this activity (e.g. giving the student a total budget or limiting the list to a certain number of items, ensuring students include certain items that may only be available online).

Students can total the costs of their wish list and identify which notes and coins they would need to pay for each item. This activity will reinforce the learning about money that has occurred in previous units (e.g. counting).

Students could then consider which of the items are 'needs' and which are 'wants', and prioritise accordingly.

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https://www.cyber.gov.au/

https://www.accc.gov.au/consumers/groceries/grocery-unit-prices

https://www.accc.gov.au/business/industry-codes/unit-pricing-code



Unit 4 - Your Market


Exchange of money Plan a market event Engage community.

Students are introduced to the idea of enterprise and begin planning a money making activity that takes into account the local community and its needs and interests.

They use what they have learnt in previous units to plan and undertake a small scale market idea that will include the community. They practice money exchanges, and this may include using real money in a practical setting. They then consider how they can give back to the community.

The challenge is for students to seek a cause for improvement which could include something for people, groups, organisations or even the local environment. E.g. a local park might benefit from additional trees, park benches or a beautification plan.

The proceeds of the Market fund the 'need' with in the community allowing students to see a direct correlation between enterprise, raising funds and creating a change.

Students may:

Offer a product for sale (e.g. baked goods, craft items, sausage sizzle) Manage an event or performance where there is a fee for entry (tickets for sale)

Planning a marketThe students will now have the opportunity to devise, plan and conduct an activity that will make a profit and benefit the school and community. This activity could be to make and sell food, art, or any other item that the students feel people would buy. Or, it may include another type of product, service or transaction that is determined in consultation with the community

In order to help students identify how they can contribute or give back to the community, teachers could invite a community member to address the class and highlight an issue or social need.

Students could then explore the concept of social entrepreneurialism and justify their choices for the types of activities they include in the market.

Depending on the scale of the market and skills of the students this event could span several week or months.

What is a social entrepreneur?A social entrepreneur is a person who pursues an innovative idea that has the potential to solve a community problem. These individuals take on business opportunities to create positive changes in society.

The main goal of a social entrepreneur is to be an agent of change and not to earn a profit. However, the success of their idea also requires good budgeting and thus a social entrepreneur must also understand money matters.

Establishing an enterpriseThrough guided discussion, students reflect on the learnings from the guest speaker/s excursion and shopping activity and establish a list of considerations that will support an enterprise activity.

The list might include:

What do people need? What would people want to buy? Who would support this event? How would we advertise and get people to purchase our product/service?

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Where would we hold our market? When will the market be held? What do we have to do to develop / make our product and sell it?

Entrepreneurial ideas could include:

The establishment of a school veggie garden and selling the produce to parents and teachers. A pie drive or bake off, that ends with selling the products through the school/community market.

Suggested activities & assessment rubricStudents have the opportunity to use the skills they have learnt in previous units to plan and undertake a small scale market idea that will include the community. They practice money exchanges which may include using real money in a practical setting. They then consider how they can give back to the community.

Activity 12 – Planning and implementing a real market or enterprise

Assessment rubric


ACMNA189 - Solve problems involving profit and loss, with and without digital technologies.

The student correctly determines overall profit from calculations of monies received from a school or community fund raising activity

The student can determine an overall profit from calculations of monies received from a school or community fund raising activity with some assistance

With teacher guidance, the student calculates monies received from a school or community fund raising activity but is unable to identify profit

ACELY1682- Plan, draft and publish imaginative, informative and persuasive text demonstrating increasing control over text structures and language features and selecting print, and multimodal elements appropriate to the audience and purpose.

The student writes an accurate and detailed report that documents the processes of planning a school or community fund raising activity

The student writes a report that documents the processes of planning a school or community fund raising activity, but lacks some accuracy and detail

The student writes a simple report that includes only some of the processes of planning a school or community fund raising activity

ACELY1677- Plan and deliver short presentations, providing some key details in logical sequence.

The student communicates well- developed written content in logical sequence, appropriate for the audience and purpose

The student communicates written content in sequence. It is generally appropriate for the audience and purpose

The student requires teacher guidance to communicate simple written content in sequence to a defined audience

In groups, students begin to formulate their ideas and decide upon a product to sell. They then work out what they need in order to make the product, the cost of supplies and how they will sell the product. They could consider the following:

• How much time have we got to make our product?• What is needed to make the product? Where would we source the materials? Could they be donated,

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recycled, or purchased?• How much will it cost to make?• How much will we need to charge for our product?• How much will people pay for the product?

Teacher/ds and students work together to create a simple budget (associated costs) and simple project plan (who does what) that includes a strategy to promote the activity to the community. This can be undertaken as an Excel spreadsheet or as an ‘expenses and jobs’ list on a whiteboard or chart.

To assist in getting the market /enterprise established the school may allocate a set amount of funds to cover set up costs. This would need to be paid back and factored into working out the break-even point of the business/service – and how much has to be sold to cover costs and make a profit.

Include a timeline; deciding upon a date for the event and working backwards in order to establish the list of jobs that need to be done in the lead-up to the event.

Teachers help students consider ideas for a worthy recipient of the donated money, ensuring it reflects needs within the community.

Promotion and community engagementHelp students decide how to engage the school and broader community in marketing the event. There are a number of ways students could promote their event:

• Design posters for display within the school and/or the community.• Include information in the school bulletin or newsletter.• Secure a guest spot or advertisement on the community radio.

Students should think about how they will communicate to the school and broader community. They need to tell everyone how their event will contribute to the community. Are their opportunities for promotion influenced by the fact that community benefit is an important part of the event? Is the local radio station more likely to support an event that supports social change rather than an event that is purely profit driven?

Managing the exchange of 'money'

Students will need to practice the skills of receiving money and giving change. This could be undertaken through role-play. Skills learned in the Knowing Shop activity (Unit 1 Suggested Activities) can be further developed and practised in preparation for using real currency.

Students devise a method of recording transactions to monitor exchanges and to determine when they have covered establishment costs and are now making money.

To assist students in developing skills associated with exchange of money, teachers may gain ideas from the Moneysmart for teachers unit of work – Sal's Secret Year 3 activity 2 and 3.

Market DayIn the final phase of this task, the students host the market day event with help from their teacher/s.

At the conclusion of the event, any money collected is counted with students and arrangements for donations are progressed.

Students should also consider reporting to the community on their efforts. This includes being accountable for the income, expenditure and donations.

Students consider planning a formal report that they can use to document the processes undertaken to bring the market day to fruition. Students can present this report to the school and the wider community as a record of events.

Reflection and analysisAfter the Market Day the teacher facilitates a conversation about the event's successes, outcomes and opportunities for improvement.

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https://moneysmart.gov.au/teaching-resources/sal-s-secret-unit-of-work?utm_source=teaching-resource&utm_medium=download&utm_campaign=kgs-educator-guide



Curriculum LinksRefer to the Knowing stage for links to the Australian Curriculum content descriptors, general capabilities and the National Consumer and Financial Literacy Framework.

Additional resourcesBelow are some additional resources to support teachers delivering the Knowing stage:

Moneysmart resources: Knowing Growing Showing video playlist (Moneysmart YouTube channel) - Hear teachers talk about this

resource and the positive impact good financial decision-making can have on the lives of children, family and community.

Moneysmart for teachers - A range of resources for teachers including units of work and digital activities.

Indigenous - Information and resources on managing money for Aboriginal and Torres Strait Islander peoples.

Calculators - For a list of all Moneysmart calculators, type ‘calculator’ in the search bar on the website.

Other resources: MoneyMob - Play and Learn - A community based program delivering financial literacy education with

and for people in remote Aboriginal and Torres Strait Islander communities to help them positively manage their money.

Video Bark Painters (YouTube) - Yolngu artist David Malangi designer of the first one dollar note for decimal currency.

Make It Count - A program for educators working with Aboriginal and Torres Strait Islander learners in mathematics education.

First Footprints - Four part documentary series that explores the first 50,000 years of life in Australia.

Money matters - A primary teacher's handbook for developing money concepts - hard copy resource with activities to assist students in money recognition, counting coins, coin equivalence, integration and shopping, classroom economy. Paul Swan and Linda Marshall - RIC Publications Pty Ltd.

Money Money Money - An introduction to banking and money concepts in Australia for ages 10 plus.

How the Australian Dollar has changed the world - The Australian Dollar truly changed the world with the release of the first polymer banknote in 1988, and continues to lead the planet in terms of banknote technology and innovation today.

The Conversation (article) - The 14 Indigenous words for money on our new 50 cent coin

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https://www.readyed.net/product/money-money-money/

https://www.youtube.com/watch?v=B1NcMxDEB9M

http://moneymob.org.au/play-and-learn/

https://theconversation.com/the-14-indigenous-words-for-money-on-our-new-50-cent-coin-113110

https://www.youtube.com/watch?v=WtEOAINTxvM

http://www.ricgroup.com.au/product/money-matters/

http://www.abc.net.au/tv/programs/first-footprints/

http://mic.aamt.edu.au/Resources/

https://moneysmart.gov.au/indigenous?utm_source=teaching-resource&utm_medium=download&utm_campaign=kgs-educator-guide

https://moneysmart.gov.au/teaching-resources?utm_source=teaching-resource&utm_medium=download&utm_campaign=kgs-educator-guide

https://www.youtube.com/playlist?list=PLCCES8Kf1KGInGSFfR_K-U_NRJntiAE77

https://moneysmart.gov.au/teaching-resources/knowing-growing-showing-knowing-stage-what-is-money?utm_source=teaching-resource&utm_medium=download&utm_campaign=kgs-educator-guide



‘Knowing stage’ assessment tasks (template)Use this template to keep track of the activities you work through with your students.

Learning Stage & Activities Assessment Tasks

Unit 1 - Understanding Money

Activity 1 - Money in the past - Trade game and activity, comparing traditional Aboriginal and Torres Strait Islander trading with the modern-day money system

Activity 2 - Money in the present - Exploration of Australian currency. Notes and coins familiarisation activities

Activity 3 - Counting, adding and ordering - money activities

FORMATIVE

Using the assessment rubric as a guide, the teacher observes students during activities relating to familiarisation, counting of money and calculations involving money. They collect samples of any written work. This will allow for identification of students requiring additional guidance, and will inform future learning.

Activity 4 - In your community - discussion about trade and barter, the circumstances where money is not exchanged

Activity 5 - Play the Aboriginal and Torres Strait Islander game Meetcha Kambong

Activity 6 - Australian currency design. Explore the life of David Unaipon ($50 note). Research the history and facts

Activity 7 - Students work in groups to design and make a class-based currency

Unit 2 - Classroom money

Activity 8 - Determining value – Discuss cost, value and worth

Unit 3 - Spending money

Activity 9 - Needs and wants activities

Activity 10 - Excursion to shops/businesses, guest speaker

Activity 11 - Classroom shop/shopping mall

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Unit 4 - Your Market

Activity 12 - Devise, plan and conduct an activity that will make a profit and benefit the school and community i.e. a social enterprise

SUMMATIVE

The teacher will collect students’ research findings about Australian currency and their designs for a class-based currency. Individual responses to needs and wants activities are recorded. These and the fundraising activity and lessons leading up to it give students the opportunity to demonstrate the skills listed in the assessment rubric.

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knowing stage - educator guide · web viewepisode 4 provides a history of trading activities by...

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