F1.4 Explain the relationship between spending and saving, and describe how spending and saving behaviours may differ from one person to another.
Activity 1: Saving or Spending?
Divide students in teams of 2.
Propose the following scenario:
You just received $150 for helping your grandparents on their farm for the summer.
Have each student answer the following questions:
- What would you do with the money? Would you spend all your money, and if not, how much money would you save?
- If you bought something with the money, what would you buy?
- Are those things considered needs or wants?
Invite students to share their responses with their partner. Invite them to consider whether their spending and saving behaviours are the same and how their behaviours differ. Invite students to reflect on the factors that influence their behaviours (lifestyle choices, social factors, and so on).
Activity 2: Advertisements and Overconsumption
Facilitate a discussion with the class about external factors (for example, social media, advertisements) that encourage consumption. Remind the class that external factors often encourage over-consumption (for example, doing what our friends do, even if we can't always afford to do it).
Place students in teams of 2 or 3 and invite each team to create an advertisement that encourages responsible consumption behaviours.