Learning About Money Primary Assessment Ideas by Happy Giraffe

Learning About Money Primary Assessment Ideas

About pfeg

About What Money Means

pfeg (Personal Finance Education Group) is an independent charity helping schools to plan and teach financial education that is relevant to students’ lives and needs. Our mission is to make sure that all young people receive financial education that gives them the skills, knowledge and confidence in money matters to enable them to thrive in society. pfeg provides free support and resources to schools and campaigns for consistent, high quality financial education for children and young people across the UK. We are not affiliated to any one organisation and do not market or sell any financial products or services. For more information visit www.pfeg.org

What Money Means – a groundbreaking five-year project established in 2007 – was designed to develop the financial capability of primary children, from Reception to Year 6, by providing high-quality training and resources for teachers. This has been achieved through:

About HSBC Bank plc HSBC is one of the world’s largest banking and financial services organisations. It serves 16.1 million customers in the UK and employs approximately 52,000 people. HSBC Holdings plc serves customers worldwide from around 7,500 offices in 87 countries. HSBC considers investment in education and conservation of the environment essential to the planet’s long-term health and prosperity, and these key areas form 75% of the group’s charitable donations. In 2010, HSBC donated in excess of £80 million to community projects worldwide, with half of all donations dedicated to educational projects. For more information visit www.hsbc.com/sustainability.

pfeg Fifth Floor 14 Bonhill Street London EC2A 4BX T 020 7330 9470 / 0845 241 0925 F 020 7374 6147 / 0845 241 0926 E info@pfeg.org W www.pfeg.org www.twitter.com/pfeg_org

• working in partnership with 648 teachers and 34 local authority teams across England to integrate personal finance education across the curriculum, benefiting an estimated 23,200 pupils • supporting 695 trainee teachers in two large teacher training institutions – Edge Hill University in Lancashire and Shropshire, and Roehampton University in London • developing around 50 lead teachers who can train other teachers in their own and neighbouring schools, and across local authority boundaries • helping children connect what they learn in the classroom with life outside school by training 1110 HSBC volunteers and facilitating their effective partnerships with teachers • spreading good practice throughout the teaching community with a series of publications and resources requested by 4665 schools across the country.

Contents How to use this resource

Introduction

Assessing personal finance education

Teacher Observation Role play in shops and cafés Table top shop Enterprise challenge

Reception and Year 1 Year 2 Year 6

6 8 10

Reception Year 2 Years 3, 4, 5 and 6

12 14 16

Year 1 Year 1 Years 2 and 3

18 20 22

Years 1 and 2 Year 3 Years 3, 4, 5 and 6

24 26 28

Year 2 Year 3

30 32

Year 2 Year 5

34 36

Year 5

Giving Advice Percy the Penguin’s money box Katie Morag in conscience alley Can you help Alan?

Sorting and Ordering Size versus value Matching money shadows Keeping money safe

Draw and Write Where does money come from? What would you do with £20? Paying without cash

Records and Diaries Simple bank records My money diary

Words and Questions Growing a money tree I wonder why…?

Mind Maps Double your money

How to use this resource This publication is part of a resource that comprises four elements:

Learning About Money Primary Planning Framework

1. Learning About Money Primary Assessment Ideas – this book

This framework is divided by age range – Early Years Foundation Stage, Key Stage 1, Lower Key Stage 2 and Upper Key Stage 2 – and by four core areas of learning:

2. The Learning About Money Primary Planning Framework 3. A DVD, What Money Means in Action 4. Learning About Money in the Primary Classroom

• How to manage money • Becoming a critical consumer • Managing risk and emotions

Learning About Money Primary Assessment Ideas

• How finance plays an important part in people’s lives

This book is intended to help teachers assess personal finance education. It contains a range of teacher-led assessment tasks and examples of pupils’ work generated in primary schools across England. The materials include work with pupils throughout the primary age range, and across a range of curriculum subjects and crosscurricular topics.

Each core area maps out the key personal finance knowledge, skills and attitudes relevant to the specific age range.This is not designed to a be a rigid plan, and teachers may choose to use ideas from other age ranges depending on the needs of the children in their class or school.

Learning About Money in the Primary Classroom The book is divided into five sections: • Getting started – a quick guide to how to implement personal finance education • Classroom activities – practical activities and teaching strategies for pupils of different ages • Curriculum subjects and dimensions – how personal finance can enhance different subjects

What Money Means in Action DVD This short film shows some of the lively and creative classroom practice developed through the What Money Means project, and can be used as an introduction to the topic to inspire teachers. It is split into sections which can be used on their own or together for CPD by schools or other bodies.

Online resources In this book you will find references to resources which are online. To find these, follow the link on the page under the online icon.

• Whole-school and other approaches – personal finance initiatives across the whole school, involving pupils, parents and volunteers • Continuing professional development (CPD) – ideas for staff development

Introduction The recent economic crisis has proved that a solid grasp of money matters is essential to the well-being of individuals, families and communities. Budgeting, bank accounts, credit cards, income tax – we are all faced with complex financial decisions and need to know how to make the right choices. Young people face particular challenges, from spending and saving their pocket money, using the credit on their mobile phone, buying items on the internet to taking out student loans. Schools have to provide a curriculum that prepares all pupils for the opportunities, responsibilities and experiences of life. Developing the financial capability of children as they move towards adulthood is an important part of this. A school’s curriculum needs to include a planned programme of personal finance education. In primary schools it can be delivered through a range of subjects, including personal, social, health and economic education (PSHEe), mathematics and English. The What Money Means publication Learning about Money in the Primary Classroom contains a wealth of classroom activities and whole-school approaches that teachers can draw on as they plan and develop their programmes.

Financial education can be summarised within four related themes: How to manage money Including: • Uses and functions of coins, notes, credit and debit cards, and foreign currency • Budgeting, borrowing and debt • Using and interpreting financial information and records

Becoming a critical consumer Including: • Influences on the choices we make about how we spend our money • Weighing up needs and wants • Using information to get best value for money

Managing risk and emotions Including: • Feelings about having, spending and losing money • Saving and borrowing • Insurance and avoiding financial scams

How finance plays an important part in people’s lives Including: • Where money comes from and how money is earned • The role of charities • Pensions and saving for retirement The Learning About Money Primary Planning Framework which is part of this resource contains more detail to help you plan for personal finance education in the classroom.

For more information go to www.pfeg.org

David Parry/Re dEye

Assessing personal finance education This book is intended to help teachers to assess personal finance education. It contains a range of teacher-led assessment tasks and examples of pupils’ work generated in primary schools across England. The materials include work with pupils throughout the primary age range, and across a range of curriculum subjects and cross-curricular topics.

We hope the materials provide both practical and inspiring assessment ideas for your classroom, illuminate and inform your own practice and stimulate discussion between you and your colleagues. However you use these materials, it is important that the assessment of personal finance education follows the same processes and good practice for assessment generally, which include:

They show that:

• being clear about the focus of the assessment, regardless of where the learning may take place within the curriculum; the Learning About Money Primary Planning Framework can be used to identify specific learning objectives for personal finance education

• learning about money can be very motivating for pupils, and that some know a surprising amount about money, whereas others of the same age have a much less well developed understanding • children understandably have many misconceptions about money and gaps in their knowledge, so it is important to establish a baseline of what children already know, in order to set future learning goals that enable them move on and achieve more • assessment methods that are used elsewhere in the curriculum, such as teacher observation and keeping a diary, can be successfully applied to personal finance education • practical, formative assessment tasks can be integrated into day-to-day teaching and learning in order to check that children have learned what was intended, establish how they have progressed and identify any unexpected learning.

• selecting just one or two learning objectives to assess through one assessment task, creating clear assessment criteria, and making sure the assessment task gives pupils the opportunity to provide appropriate evidence • asking pupils to give reasons ‘why’ or use the word ‘because’ as part of the assessment task in order to collect information about attitudes, as well as knowledge and skills • differentiating the learning activity to suit the abilities of all pupils, and making appropriate changes to the assessment criteria, and the assessment task itself if necessary, so that pupils at all levels have the opportunity to demonstrate their learning.

Role play in shops and cafés The Reception and Year 1 classroom at Willow Lane Community Primary School in Lancaster always has a role play area with a supermarket, café, launderette, and telephone booth for ordering a taxi. All the pupils have the chance to spend money, and to be in charge of the shop or café. They create the menus and give each item a price, take orders from their customers, make shopping lists and write out receipts, and even leave tips in the café.

This gives the teacher plenty of opportunity to assess the pupils’ learning through observation and questioning, recording their achievements on post-it notes. Learning through play allows the pupils to explore different coins, to try totting up how much things cost, and experience receiving and giving change.

Learning objectives to be assessed

Assessment criteria

• I know we can use money in different places and for different things

Children who are shopkeepers will:

Children who are customers will:

• Tell the customer the price of items/services for sale

• Know they have to pay for items they want to buy

• Use the cash register to store customers’ money

• Choose the correct coins (1p and 2p) when paying for an item and give them to the shopkeeper

• I can choose coins to use

• Write out a receipt and explain what it is for • Know the value of 1p and 2p coins

Teacher’s observation ) of Pupil A (Reception

es on the At café read out pric to the till, menu. Typed prices in and total. pressed the add button ed 7p. (Can Told customer they ow me 1p, 1p, 1p, you give me 7p?) Gave a receipt 1p, 2p and 1p. (What is ey have paid. for?) So they know th

For more information go to www.pfeg.org

Teacher’s assessment This pupil has above-average ability and has learnt in the role play area tha t there are lots of different plac es they can use money. She understands prices, receipts and the value of 1p and 2p coins. Her next challenge is to loo k at coins with bigger values and differ ent forms of money and ways to pay , e.g. bank cards.

Teacher Observation

Teacher's observation of Pupil B (Year 1)

Teacher’s assessment This pupil really enjoyed the role play area. He clearly understands he needs to pay for items he wants to buy but has not grasped the value of the coins. He has lower than average ability and English as an Additional Language. The language barrier is making it a slow process. I need to help this child to continue interacting with other pupils, handling 1p and 2p coins and recognising their value.

Reception and Year 1

shop to the Took items from the to pay. Looked till. Got money ready and offered carefully at the coins er but they some to the shopkeep price. How much didn’t match with the ve me all the do you need to pay? Ga coins in his hand.

Classroom

DVD

For activity ideas see Let’s Play Shops on page 20 of Learning About Money in the Primary Classroom. You can see the pupils playing in Willow Lane’s shop and café on the DVD.

Table top shop The Year 2 teacher at Wilbarston C of E Primary School in Market Harborough wanted to assess the ability of the pupils to choose sensible calculation methods to solve whole number problems. She also wanted to create a practical, real-life scenario using money, so she set up a table top shop to set the scene for a short role play.

The pupils paired up. One became the shopkeeper and the other the customer, and each pair was given some coins and a price list. The customer had to choose an item to buy and hand over enough money to the shopkeeper, who would give the customer change if they had overpaid. The teacher observed the role plays and asked open-ended questions to inform her judgement of what the pupils knew and understood.

Learning objectives to be assessed

Assessment criteria

• I can recognise and choose the correct value of coins and notes to use and calculate change

Children will: • Choose the correct coins to buy the item, i.e. exact amount • Choose coins to overpay for the item • Work out change (higher-ability)

Pupil A (customer) Pupil A

Please can I have a box of cornflakes?

Shopkeeper

That’s £2.34 please.

Pupil A Shopkeeper Teacher Pupil A Teacher Pupil A

Teacher

assessme

This pupil met all th e success She is hig Here’s your change. criteria. her than a v e r a g t e h e class. S (hands 16p to pupil A) ability wit hin he identif ie d t o overpay the right Is that right? (to pupil A) coins for her c ornflakes her change Yes, 16p. , and chec correctly ked , a n d s h w e h en promp could mak Why did you pay for the ted e the exac t amount other coin cereal with £2.50? with s. Because it was quicker to Pupil A ca n move on find £2.50 than £2.34 to larger money by sums of c h o o s ing items because that has and giving t hat cost the shopk over £5 more coins. eeper the in notes a e xact amou nd coins, Can you show me how nt and then p note inst a y in g e a w d and work you might pay for the ith a £10 ing out th e change. cereal using the exact Here is £2.50.

number of coins? Pupil A

Teacher’s

£2, 20p, 10p, 2p and 2p

For more information go to www.pfeg.org

Teacher Observation Year 2

Teacher’s assessm ent

Pupil B (customer) Pupil B

Please can I have a box of chocolate biscuits?

Shopkeeper

They are £6.00

Pupil B

Gives the shopkeeper £2, £2 and £2.

Teacher

What other way could you pay?

Pupil B

A £10 note.

Teacher

Anything smaller?

Pupil B

With a £5 note.

Teacher

What else would you need to make £6?

Pupil B

A £1

This pupil has met most of the succes s criteria. She is lowe r than average ability within the class. S he knew two ways of making £6 using co ins, and coins and a note. She also knew how she could over pay with a £10 note. I also observed he r in another role pl ay that involved workin g out change. She co uld only work with roun d amounts like 50p when giving change, and when the amount spent was close to the amount paid. I also heard her conv erting pence to po unds and pounds to penc e, and explaining when to use the £ and p sy mbols. Pupil B needs to co ntinue calculating change, possibly us ing a number line to work with amounts in tens and units, e.g. 62p. She could coun t on to find the difference and ther efore the change. However, whilst this pupil is considered to be lower-ability in maths she has a very good knowledge of money.

Enterprise challenge At Gravel Hill Primary School in Bexleyheath Year 6 pupils raise money throughout the year for their annual day trip, which is too expensive for many families to totally fund themselves. Recently they have also begun fundraising for other special events across the school, including the school choir’s visit to the 02 Stadium in London. One group of girls had conducted some market research with parents and designed a small range of bags to sell at the Christmas Fair. The group was so successful that they decided to keep the business going for the rest of the year.

Their teacher sat down with the group and asked them about what they had done and what they had learnt from the experience. It was a great assessment opportunity, but the only difficulty was keeping them on track – most of them were so keen to talk about the success of the scheme that they chatted for much longer than planned. However, one pupil was reluctant to speak, and on reflection the teacher also decided to set a written assessment to provide a record of evidence for all the pupils.

Learning objectives to be assessed

Assessment criteria

• I am beginning to understand how and why some of the money we earn supports the wider community

Children will:

• I know how to keep and interpret basic financial information

10 For more information go to www.pfeg.org

• Know how the money they have raised benefits other people in the school • Know how the money they raised was collected and recorded

an average ability This pupil has lower th a confident speaker for her age but she is don’t reflect. which her literacy levels very well in the She expressed herself challenge is to look assessment. Her next e detail, work out at the costings in mor the budget for the profit and compare ily budgeting. the business with fam

Teacher Observation

t Teacher’s assessmen

Classroom

For more information about how personal finance education fits in to enterprise see page 48 of Learning About Money in the Primary Classroom.

Understands that her actions have supported the school choir’s visit to the O2.

Year 6

Transcript of conversation with pupil

Aware of helping others through fundraising, making it fair to the school community.

t we "We persuaded customers to buy our items tha me over made. (How?) We had a stall and we said, ‘Co here, come and look.’

We took orders and people paid when they got a bag. Then we started making bags to order that people wanted. Different designs. We were raising money for special occasions across the school. We’re going to raise money for other things. We thought we should raise money for other classes not just Year 6. We wanted £50 but we got loads more. (How much?) Was it £80? (asks others). Yes £87. We all had a go at counting the money. I wrote down the orders and then crossed them off in my book when we got the money." Kept records of orders, amounts taken, counted the cash. 11

Percy the Penguin’s money box The Reception teacher at Gravel Hill Primary School in Bexleyheath introduced an activity about keeping money safe by using Percy the Penguin, a puppet who makes regular appearances in the classroom. Percy told the children it was his birthday. So far he’d been ice-skating with his friends, blown out all the candles on his birthday ‘fish’ cake, and his auntie, Aunt Arctic, had given him some money as a present (the teacher showed the children some coins). Inside his birthday card, Aunt Arctic had written ‘Keep this money safe. Don’t lose it before you spend it’. The teacher then led a class discussion around the following questions: • What does ‘spending money’ mean? • Where do you keep your money when you go shopping? • Where do you keep your money at home? • What does ‘keeping money safe’ mean? • Why should you keep money safe?

• Where can you keep your money safe? e.g. moneybox • What might happen if you don’t keep your money in a safe place? • What will happen if you lose your money? • How will you feel if you lose your money? Afterwards the pupils drew pictures of a money box for Percy the Penguin and the teacher invited individual children to give Percy advice about keeping his money safe. This assessment method allowed the children to talk about money in relation to a fictional character rather than from personal experience. The children responded well to being the ‘experts’ whose advice was being taken seriously by Percy. The teacher operated the puppet. Percy whispered each question into the teacher’s ear, which the teacher then repeated to the pupil. A teaching assistant noted down their comments.

Learning objectives to be assessed

Assessment criteria

• I can choose a safe place to keep my money

Children will:

• I understand money has value and needs to be taken care of

• Know the consequences of losing money, e.g. Percy won’t have any to spend, he will feel upset

• I can describe the way money makes me feel

• Name a money box as a safe place for keeping money and say why

Love fro Aunt Arc 12

Keep this mo ney sa Do. n t lose it b efor you spend it

Pupil A

Pupil B

Why does Percy need to keep his money safe?

If you lose your money and you try and find it and you don’t find it you’ll have nothing to buy.

So it doesn’t fall out.

What will happen if Percy loses his money?

You’ll be sad Percy. Don’t do it.

It will come out and he won’t have it anywhere.

Could Percy keep his money in a cup? (teacher holds up a plastic cup on her desk)

Yes. If you have a cup and it’s opened up and you can put money in and it won’t come out.

It has no lid. If you put lots of money in it might fall over and the money will fall out.

Is there a safer place where Percy can keep his money?

In a money box.

In a box with a lid. If you put it on, it will be safe and no money will fall out. It has to be a metal piggy bank so the mice won’t get holes in it.

Reception

afe. re

Giving Advice

om ctic

The following evidence comes from two pupils with higher than average ability within the class. Both sets of responses are valid even though they have given Percy different advice.

Teacher’s assessmen t

Very secure about how to keep money safe, detailed advice about th e plastic cup and a money box. Advice to Percy about why he should keep his money safe doesn’t extend beyond the money being lost. Hasn’t advised Percy about the conseq uences.

ssme e s s a s ’ r Teache

o buy is used t d n a le b a lu ney is va f the Knows mo s some o w o n ing how k o ls ney, includ o m things. A g in s e about ces of lo Less advic consequen l. e e f y c r offer any e Pe nd didn’t a it will mak e f a s y ce. ep mone a safe pla e b t o n how to ke y a hy a cup m reasons w out urther ab f il p u p this afe, question be kept s n a c y I need to e n o nt of ways m in differe t the range s e f a s g. Set are the e, shoppin m o and which h t a . ances, e.g circumst area. a role play in k n a b a up

I need to question th is pupil further about the consequences if mo ney is not kept safe. What do we use money for? What happens if we lose our money?

Classroom

For activity ideas see Using Puppets on page 62 of Learning About Money in the Primary Classroom.

Katie Morag in conscience alley The Year 2 class at Long Ditton Infant and Nursery School in Surbiton were involved in a cross-curricular unit of work (geography and literacy) that used the Katie Morag series of books as a focal point. Katie lives on the fictional Isle of Struay in the Highlands of Scotland. She lives at the island’s shop and post office, where her parents work, and often helps out her grandmother, Grannie Island, who has a small farm. Kate also has another grandmother, Gramma Mainland, who lives on the Scottish mainland. One day Grannie Island asks Katie to go to the shop for her because she is so busy on the farm. On the way Katie stops to play on the beach, leaving Grannie’s £10 note under a stone. When she returns, the money has gone. • Has Katie been responsible with the money? • How should Katie have looked after the money? • What are the consequences of losing Grannie’s £10? • What could Katie do to solve the problem?

After a series of activities and discussion to explore these questions the teacher asked the children to give Katie some advice which they wrote down on a piece of paper. The children then stood in two lines facing each other, forming an ‘alley’. The teacher pretended to be Katie, walking through the alley, while the pupils read out their advice as she walked past each one.

Learning objectives to be assessed

Assessment criteria

• I can choose different places to keep my money safe and explain why

Children will:

• I am beginning to understand the consequences of losing money or having it stolen and how it might make me feel

• Suggest ways for Katie Morag to keep her money safe in the future, e.g. in a purse or bag • Describe how Katie feels about losing money, e.g. upset, sad

Classroom

For activity ideas using stories and poetry see the section about English on page 44 of Learning About Money in the Primary Classroom.

14 For more information go to www.pfeg.org

Giving Advice

How should Katie keep the money safe next time?

Pupil A - Take a big bucket with you and put a lid on it. Pupil B - Put it in a wallet and put the wallet in her pocket. Pupil C - Put it in a handbag and if you have a purse in there put it in there.

Pupil E - You could get a wallet or a purse and then you could put the money inside there and then make sure you put it in a safe place like your pocket, then you can get it out when you have got to the shops.

All the pupils have met the assessment crit eria. I will follow up with Pupil A to ch eck her reasonin g for suggesting a bucket. This may come from pers onal experience, probably relating to seeing charity collections at sch ool, but it isn’t a very practical sol ution for keepin g personal money safe. Pupil’s D’s response also ne eds investigating . ‘In her hand’ is a saf er place than unde ra stone (where Kat ie left the £10) but does she know an y safer places?

Year 2

Pupil D - Keep it in your hand really tight.

Teacher’s asses sment

How will Katie feel if she loses the money again?

Pupil A - She will feel bad because Grannie Island gave it to her and it’s her thing and she’s lost it. Pupil B - Bad... she won’t be able to buy anything. Pupil C - Grannie Island could get angry. Pupil D - Sad... you can’t spend it. Pupil E - You can’t buy something you really want.

ssmen e s s a s ’ r e Teach

ng. med a feeli a n D d n a B A, nny Only pupils ted how Gra s e g g u s s a t she Pupil C h ould feel bu w , ie t a K t t Island, no Katie in tha t u o b a g in k may be thin of Granny t c je b u s e h t ed she may be as suggest h E il p u P . ger , but Island’s an sing money lo f o e c n e or all a consequ xt steps f e n e h T . g n not a feeli lings e their fee r lo xp e o t ry. pupils er vocabula id w g in s u further

Can you help Alan? Hayes Park Primary School in Hayes has created a fictional school character called Alan who often asks pupils for help when he gets into trouble or faces problems he can’t solve. Alan interacts with the pupils through ‘Fronter’, the school’s Managed Learning Environment. Pupils can log on at school or at home and write as much or as little as they like. They really enjoy using the online learning platform, and are generally very motivated to help Alan because they are the ‘teacher’ rather than the learner. Last year Alan was being bullied and the pupils gave him advice about what to do and who to go to for help. Teachers at the school wanted to find a starting point for personal finance education, focusing on the learning outcome: ‘I know we get money in different ways, e.g. earn, win, borrow, find, pocket money’.

How do I make money?

So Alan came to the children with a new problem – he needed some money but didn’t know where to get any. In a five-day period, 80 children from across Key Stage 2 replied to Alan, giving him a range of advice. This gave the school a good indication of knowledge and understanding within the year groups, in a format that teachers could easily access and sort through. Collectively the responses helped teachers to plan future learning. Any misconceptions or comments that were a cause for concern were followed up with individual pupils. Some of the responses highlighted how important it is to get the wording of the question right. A range of questions could be used in the future, created for specific year groups.

t Teacher’s assessmen Year 3

b like a You can find a jo engineer, postman, binnman, policeman, salesman, piolet, a fireman. docter, nurse or

ak bre or n a k c ld ban cou You a u o o . r y int job t o ood n i g m a get

You could put up a lemonade stand on a very hot day a when people come by they might by it e.g 50p per cup

ing money Some know about earn ild on this by through having a job. Bu earning money making links between onal) and school for themselves (pers activities, e.g. enterprise (business) g produce from Christmas Fair, sellin vegetable garden.?

Teacher’s asses sment Year 4

Pupils know the link between work and money but need to learn about di ff erent ways of making m oney so they can gi ve Alan more ideas. Find out if pupils think breaking into a ba nk is sensible/r ea listic. Wasn’t expecting advice on how mon ey is actually made but to be fair, it did answer the ques tion!

16 For more information go to www.pfeg.org

You can g a job a et nd work ha rd.

Don’t your waste m stuff oney on need! you don’t !!!!!

The spe money c ban ial m is ma k w ach de int h i o c ich c nes i by pap oin alv n t e and r mon shape e them he e can to ea y get s and rn s p th get a j money rinte e ob. d you

Money is given in m jobs where your mu or dad works.

You

Giving Advice

do s uld a y one r m o your ome job lways job a ake hard m m t u e m G r to frie neighb s for ely g for to you ay m k w l e a r t t n or y nds or ours, about ext bes oki et nd dad ney. The o work are lo ould g a a ga ou coul family t le t mo sh ou e b k y a c is u o t p o y if ui Simp rage sa d have t and b then t is s he mos le i l a o t sn’t e. a j one th has d it! the you an s job f for ry. o a es sal typ r e oth The : ale are oot s , b n mum d) -A sma ur e o en y l Pupils understand mone fri ng - Sa tery y comes from lpi ster, t e h o work. Look at the lot me - L res ( r, si o s te ry/gambling o e ud. use - Ch broth an eca a fra d dif b fe re nt ty , pe s of jobs. Explore ful l and dad are the difference betwee e c illega b n regular But are so ur ce s s (jo b, b po ck et money, chores) jo

Teacher’s assessmen t

Year 5

You can get a job, get pocket money and do chours to make money and who knows you could be a billionare in a week or two if you are really lucky alan.

sment Teacher’s asses Year 6

Sel l mor ing so e t me h o pro fit an its f your . Y and no be ou cou rmal p longin do. earn p l ric d o e t gs for tha To try cket m even o g t p h on el and et a com a fin ey for p at h for ys wel d ome t c l com a a h b o a s le r p wit nd you uitabl es yo cou any an h. e ld a d r job u Cre e man joi rep a a t n ge r ing it cus esenti a well you wel tom n r g k l. now ers the New You own n . m s a c Y t o ou n eve can o serv mpany ryt d earn e and e ime v the l en oa you ir be ’re ds of o n S m on ky TV. oney

suggestions given a range of Most pupils have oney is y know earning m to Alan and clearl e ideas are and effort. Som related to work work Explore voluntary . rs he ot an th better e class to ing. Work with th and lottery/gambl ic earnings. and look at realist s ea id e th se ti that are priori Work activities of ld or W e th Link this to eparation for of the year as pr d en e th r fo d planne condary school. transition to se

e money can mak le u o y k I thin boot sa market/ - At a ample: job (for ex w o h s - Get a e a gam - Go on s Got ’ n i a s To Be t Bri ho Want W r o t Talen onaire) ile A Milli ntary work ven mob u l o v ry or e l e w - Do e j gold, - Sell ones!) cell ph ( e n pho ry website ews on - Lotte ur own FREE o d the n y a e e r k p a S M t. le) interne such as Goog ( on the s e engin search site our web y t u o ab

do I w o H ney? o m make

Years 3, 4, 5 and 6

and irregular sources (birthday money, winning something) of money.

Size versus value The Year 1 teacher at Willow Lane Community Primary School in Lancaster wanted to find out if her pupils understood the difference between 'big' and 'value' when it comes to coins. The children were given a set of large paper coins from 1p - £2, a washing line and some pegs. First they were asked to hang the coins on the washing line in order of size. Then they were asked to rearrange the coins in order of value.

Learning objectives to be assessed

Assessment criteria

• I know the value of the coins (and notes) I use

• Sort 1p, 2p, 5p, 10p, 20p and 50p on a washing line in order of increasing physical size • Sort 1p, 2p, 5p, 10p, 20p and 50p on a washing line in order of increasing value (including £1 and £2 coins for higher-ability pupils)

18 For more information go to www.pfeg.org

-ability I gave this pupil (higher e coins from within the class) all th ectly pegged 1p to £2 which she corr cording to onto the washing line ac red them size. She then reorde out any help. according to value with in and said She held up the £2 co . 'this one's the most'

Sorting and Ordering

Pupil A

Teacher's Assessmen t

Year 1

This pupil met all the assessment criteria. To extend th e task even further I asked her how many pence are in £1. She knew it is worth 100p and that £2 is worth 200p. Her next challenge is to explore the concept of 'value' in relation to items rather than coins. Do the things we value the most cost money? e.g. a car, food, family and fr iends.

Pupil B

the assessment This pupil met one of and the other with criteria independently wer-ability within support. I gave him (lo s from 1p to 50p. the class) all the coin them according to He correctly ordered culty. I asked him size without any diffi lue but he hesitated to reorder them by va coin was worth the so I asked him which most. He said 'me'. the coins and he I directed him back to e 50p. To check correctly pointed at th oked at the coins his understanding we lo out how much each together and talked ab put them in the one was worth. He then right order.

Teacher's Asses sment

I need to contin ue to help this pupil to order th e coins independently in terms of their value. I will desig n some more coin recognition activities for him that involve our classroom shop and café or other 'reallife' situations.

Matching money shadows The Year 1 teacher at Milstead and Frinsted C of E Primary School in Sittingbourne used money shadow cards to assess the ability of the pupils to recognise coins up to the value of £1 and add coins together. A range of money shadow cards were spread out on a mat along with lots of coins. The cards contained different combinations of coins. The children were tasked with finding the right coins to match with the ‘shadows’ and adding up the coins on the card to achieve a total. The cards were divided into sets that offered progressively more challenge: 1p – 5p, 1p – 10p, and 1p – 50p. The teacher watched the pupils working and intervened when necessary to accelerate learning for those working well, or to support those who were struggling.

Learning objectives to be assessed

Assessment criteria

•I know the value of the coins (and notes) I use

Children will: • Correctly match coins with their shadows • Explain the differences between coins, i.e. colour, size and value • Add coins to achieve a total

20 For more information go to www.pfeg.org

Sorting and Ordering Year 1

Pupil A

Pupil B

The pupil was given one of the more simple cards (lower-ability within the class). Initially she mismatched the 1p and 2p coins, perhaps because she was rushing to complete the task. I asked her to check again, but she didn’t spot her mistake so I asked her to make a line of every coin from 1p – 20p and describe them to me. What’s the same, what’s different? With help, she talked about the colours, shapes and numbers. We went back to the card and she changed the 1p and 2p coins over. I gave her three cards of 1p – 10p, which she completed correctly.

The pupil was given one of the more challenging money shadow cards (higher-ability within the class) containing a 5p, 10p, 20p, and 50p. She completed it quickly and independently without error. It was clear she needed more challenge. I asked her to find three money shadow cards that all added up to the same amount, but using different coins. She chose three that added up to 70p and then correctly found the coins for each card.

Teacher’s ass essment

I congratulat ed this pupil for trying ha and encourage rd d her to take m o re time in future to loo k closely at t he features of the coins. I used the mis m atched 1p and 2p coins in t he plenary to highlight the differences. I will plan mo re activities for this pupil that reinforc e coins up to the value of £ 1, using diffe rent coins to find differen t totals.

sment s e s s a s ’ r Teache

her is pupil on h t d e t la u t e I congra ntion to th e t t a d n a t achievemen the her work in d e s u d n a task, s. I intend s e c c u s w o sh plenary to ing change iv g d n a s e t e no pupil, to introduc y for this it iv t c a xt e or into the n problems f n e t it r w e m and set so s. e using coin her to solv

Keeping money safe ‘If you were saving to buy someone a present, where would you keep the money safe before you spent it?’ That was the question for a mixed class of Years 2 and 3 pupils at Overton St Helen’s C of E Primary School in Morecombe.

Pupil A

The children were given a large diamond-shaped piece of paper, nine images of places where money can be kept, and a glue stick. Their task was to sort the images into a diamond format, ranging from the safest place at the top to the least safe at the bottom. Some lower-ability children were only given four images: a purse, book bag, bank and a hand. The teacher chose this assessment method because it: • allowed children to think carefully before committing themselves to a particular answer; they could arrange and rearrange the images as many times as they wanted before sticking them on • allowed opportunities for discussion with teachers and peers during and after the assessment • removed barriers, particularly for children who found writing difficult; they explained their choices to the teacher, who wrote them down, giving their ideas and explanations value and importance; higher-ability children wrote simple sentences independently • helped children show they understood a range of possibilities, rather than just right or wrong • demonstrated the children’s understanding and reasoning skills.

Learning objectives to be assessed

Assessment criteria

• I know I can keep money in different places and that some places are safer than others

Children will:

• I can choose different places to keep money safe and explain why

• Place the images in order of most to least safe – safest places are likely to be in the bank or safe; least safe are likely to be in a hand, or under the bed • Explain their reasons, verbally or in writing, about why a particular place is the safest/least safe, using the word ‘because’

22 For more information go to www.pfeg.org

Sorting and Ordering

Teacher’s ass essment of pupil A

Years 2 and 3

This Diamond 9 was comple ted by a higher-ability Year 2 pupil w ithin the class. He has met the succ ess criteria for the assessm ent task. He was able t o explain his r easoning for most of the images. T he next steps for his learning are t o find out what bank s do to look after money and ho w they keep it safe.

Pupil B (Scribed by the teacher) • I did not choose your hands, you might drop it • Under the bed, no-one will look there

Teacher’s assessment of pupil B

a Year 3 This Diamond 9 was completed by and pupil who is higher-ability in maths class. lower-ability in literacy within the t there The pupil has shown he knows tha be are different ways that money can to look looked after but not safe ways onstrated after money. However, he has dem d’ is an his ability to explain why ‘your han ’ is unsafe place and why ‘under the bed rning are safer. The next steps for his lea parents to look under his bed (involving his e place to if possible) to see if it is a saf about keep money, and to find out more how banks keep money safe.

Classroom

For activity ideas see Looking after your Money on page 26 of Learning and Money in the Primary Classroom. 23

Where does money come from? The following responses are from Year 1 and 2 pupils from four different schools. The teachers used Draw and Write for a baseline assessment activity to find out what the pupils knew about the different ways and places people get money. They show a range of ideas, and some misconceptions and responses that need following up.

Teacher’s comments Are scratch cards (gambling) a realistic source of money? Do credit cards provide an income stream or are they a way of paying for things instead of using cash? (Year 1)

Teacher’s comments Doesn’t understand the concept of change? Should we keep money that we find? (Year 1)

Teacher’s comments Children receive money at all sorts of celebrations and festivals. (Year 2)

Teacher’s comments In some families children are paid for household chores. (Year 2)

24 For more information go to www.pfeg.org

Draw and Write

Teacher’s comments Are contests (winning money) a realistic source of money? Should we steal money? (Year 2)

Years 1 and 2

Teacher’s comments Money (cash) machine – does she know where the money comes from or does the bank just give it to you? (Year 2)

Teacher’s comments Cash back can be very confusing. This pupil said, ‘Grandma gets money at the supermarket. She buys things with her card and the checker gives her money.’ (Year 2)

‘Draw and Write’ is a very well-known assessment technique, mainly used with primary aged children to establish a baseline, or for day-to-day or periodic assessment. The teacher asks the pupils a question – an ‘invitation to participate’ – and the pupils Draw and Write their responses. It can provide quick and accessible information about pupils’ general level of understanding when it is used at the start of a lesson, for example. It is also possible to analyse the feedback more formally to determine the most and least popular responses, and to identify specific teaching points that need to be addressed in future learning activities.

Online

A formal Draw and Write for financial capability can be found at www.pfeg.org/learningaboutmoney. It uses two fictional characters – Sam and Jo – to find out from pupils what they know about where money comes from, what money can be spent on, what to do if you haven’t got enough money and how to pay without using cash. The materials include guidance on how to administer the assessment and resources to record and analyse pupils’ responses.

What would you do with £20? The Year 3 teacher at St Mary’s C of E Primary School in Slough used the same Draw and Write activity for both baseline and formative assessment. The aim was to establish the pupils’ attitudes towards spending and saving and to use the results during a themed Money Week to broaden their understanding of the different choices they and others could make.

Before Money Week

Teacher’s assessment Before Money Week this pupil had lots of ideas about how to spend £20 on herself, although she did also want to buy me some flowers.

26 For more information go to www.pfeg.org

The Money Week included learning activities about: • the difference between needs and wants • family budgeting • saving money (in a money box or bank) • charities

Draw and Write

After Money Week

Year 3

sment s e s s a ’s r e h Teac

e Week the sam After Money 20 to spilt her £ d e id c e d il p u p (and g on herself in d n e p s n e e w bet , ’ not ‘wants’) s d e e ‘n e im t this . ing to others saving and giv

After the Money Week the teacher looked at the responses from the whole class and found that although the majority of pupils still wanted to spend some of the £20, they were less inclined to spend it all. They also wanted to save some of it, often for something they would need in the future, like a car or house, and give some away to charity. Finance knowledge

Before

After

+/-

Realistic spending

-5

Unrealistic spending (costing more than £20)

Spend all the £20

-9

Save for future

Save for a specific item

Give to family or friends

Give to charity

Buy a gift for someone else

Split the £20 (save, spend, give, etc)

+13

Classroom

Controlling the Classroom Budget on page 30 of Learning about Money in the Primary Classroom contains ideas about how to give pupils real-life opportunities to make spending decisions at school. 27

Paying without cash Teachers in a number of primary schools in Essex used a Draw and Write activity to illuminate what their pupils knew about paying for things without cash, and the advantages and disadvantages of these methods.

The following responses from Years 3–6 pupils illustrate how children’s understanding develops as they grow older, and that they often use quite sophisticated vocabulary, but understanding may lag behind. Knowing there is a range of ways to pay for your shopping is one thing, but it’s another to understand that some of these methods involve borrowing money (credit) and going into debt.

How do adults pay for their shopping if they don’t have cash or change?

Teacher’s comments Understands money can be borrowed and needs to be paid back, but does that include the credit card? (Year 3)

Teacher’s comments All the different cards can be confusing. (Year 4)

Teacher’s comments Quite sophisticated vocabulary, but does she know the difference between credit and debit cards or just their names? (Year 6)

28 For more information go to www.pfeg.org

Draw and Write

What’s good about paying without cash?

Teacher’s comments Thinks that spending with a credit card is ‘free’ money? (Year 3)

Years 3, 4, 5 and 6

Teacher’s comments Very clear understanding of how a credit card works. (Year 4)

Teacher’s comments Cards take away the need to count out coins and check change. (Year 5)

What’s not so good about paying without cash?

Teacher’s comments This pupil previously suggested a credit card as a way of paying without using cash but doesn’t understand the consequences. (Year 3)

Teacher’s comments Practical problems with cards. (Year 6)

Teacher’s comments Increasingly sophisticated vocabulary – interest – but does she really know how it works? (Year 6)

Simple bank records The Year 2 teacher at Overton St Helen’s C of E Primary School in Morecombe created a Bank of Overton and account books for each pupil to help them learn how banks record money going into and out of bank accounts. The task was part of a series of lessons about saving up money to buy someone a present. The pupils had already considered different places to keep their money safe (see Keeping Money Safe page 22) and were now looking at banks or building societies in more detail.

The teacher paid the pupils small amounts of money for doing jobs in the classroom. The amounts were differentiated according to the value of the coins that each pupil was able to recognise and count. The pupils paid the money into the Bank of Overton, using their account books to keep a daily record. When they had enough money to buy the present they withdrew it from the bank, again recording the transaction in their account book.

Learning objectives to be assessed

Assessment criteria

• I can keep simple financial records

Using their account book children will: • Record money paid in to their account in the ‘deposit’ column • Record money paid out in the ‘withdraw’ column • Keep a running total in the ‘total’ column • Use the £ and p symbols correctly

Pupil A

Teacher’s assessmen t

This pupil met all the assessment criteria without needin g any support, although the teaching as sistant has scribed some of her answers. The pupil is higher than aver age ability in mathematics within th e class. Perhaps she has done somethin g similar at home with coins in her money box. Her next challenge is to de posit and withdraw larger amount s of money.

30 For more information go to www.pfeg.org

Records and Diaries

Pupil B

Year 2

Classroom

DVD

Ideas for how to set up a whole school or class savings scheme can be found on page 56 of Learning About Money in the Primary Classroom. You can see how Cornholme Primary School in Calderdale set up a Year 6 savings scheme on the DVD.

ent

sessm s a s ’ r e h Teac

e ability in g a r e v a n tha eded a lot lso higher e a n t is u b il p , u s clas This p ich I was ithin the h w w s , k ic s t a a t he mathem mplete t o the c o t t r sed about u f n o of suppo c s a ting. He w errors in e d a m e not expec d erstand h d lumns an n o u c t t ’ n n e id r nd d diffe deposited ddition, a a e h d n e a g im t in each record rrectly, ew total o n c a in l e o k b a sym had to m imal sed the p u o ls a and a dec e £ H e . y s e u n mo ays it didn’t alw uld benef o d w n a il , p p u 0 p his n, e.g. 10 (£1.50). T ach colum e 0 f 15 o . e .g e s o rp point, on the pu ontinuing c g in d p n p a a , c s e t oun from r rd the am o c e r o eek. t nother w and how a r o f y activit with the

My money diary Year 3 pupils at Wavendon Gate Primary School in Milton Keynes kept a record of their spending during the Easter holidays as a homework task. In the week leading up to Easter the teacher used a fictional character called Pat Cash to model how the pupils should keep the diary, recording money he spent on bus tickets, food and tennis balls, and a cinema ticket that his dad bought for him.

Their diary recorded how they spent their own money (if they had any) and money that was spent on them by parents, carers or family members. This led to lots of discussion about household bills, and other expenses of which the pupils weren’t necessarily aware. At the end of the holiday the pupils also used the diary to reflect on their spending and saving behaviour with their parents or carers.

Learning objectives to be assessed

Assessment criteria

• I can plan and track my spending and saving by keeping accurate records

Children will:

• I am beginning to understand my attitudes to and feelings about spending and saving money

• Keep a spending log • Reflect on what they have learnt through keeping the diary • Reflect on their attitudes to spending and saving independently and with a parent or carer

Pupil A

32 For more information go to www.pfeg.org

Records and Diaries

Pupil B

Year 3

t Teacherâ&#x20AC;&#x2122;s assessmen

the success Both pupils have met ully completed criteria. They successf own ) and have a spending log (not sh ending and saving thought about their sp y and with their behaviour, independentl pupils have parents/carers. The wards money, different attitudes to ways, probably and use it in different different because they have had at home. The experiences of money th is to think next step for them bo ake different about how they would m stances were choices if their circum through a different, for example y using a simple budgeting activit fictional family. 33

Growing a money tree Year 2 pupils at St John Fisher RC Primary School in London created a money tree to show their teacher what they knew about money. The teacher wanted to build a very general picture of pupils’ awareness of the role that money plays in people’s lives and the different things that can be done with money, e.g. spend, save, give. The teacher introduced them to the idea of a money tree by building on their knowledge of how plants grow. She asked the children what they thought would grow if she planted a £1 coin instead of a

seed. A money tree! She explained that the class was going to feed the tree with their thoughts and ideas about money, and ‘grow’ the branches and leaves. The children worked collaboratively in mixed-ability groups. The teacher spent time with each group to get a more qualitative feel for the pupils’ knowledge and understanding. She was able to identify which children found the task difficult and those with more extensive knowledge. The words the children generated include:

Rupees

Credit card

Euros

Pound

Shopping

Yen

Safe

Pocket money Cost

Spend

Save

Job

Pay

Loyalty card

y n n Pe 34 For more information go to www.pfeg.org

y t i r ha

Dollars Lottery

k n a B

Presents

Words and Questions

ssmen e s s a s ’ r e h Teac

Year 2

e some of th h c u m w o h rised at of I was surp the number ly r la u ic t r a ,p ld that they r o w pupils knew e h t d n from arou line currencies on the base t il u b I . e ree. o nam ss money t were able t la c a g in w o t by gr each group m o r f s assessmen a e he id edit looked at t card and cr y lt a The pupils y lo s a the ords such ranches’ of ‘b g and linked w n lo a s g ouped term d a spendin n a h c card, and gr n a r b and as a savings en underst tree, such r d il h c e h t helped finance, and l branch. This a n o s r e p pects of specific as tivities are c a d n a s t p once given me a how some c o ls a s a h t an ted. I e children c interconnec h t t a h t s a pic are rm. range of to ring the te u d r e h t r u f investigate

‘Our money tree was big and we had to think of lots of money words and I know about Barclays and Santander.’

y has a m m u M y ‘M one for e h t e k li card es it iv g e h s d Tesco an and it r e k c e h c to the oney.’ m l a e r ’t isn

‘When w e did the money t added lo ree I ts of lea ves and about ke I knew ep because ing money in a s af we went to the ba e year and nk last we went in the sa fe.’

I wonder why…? The school uses this technique in its Philosophy for Children sessions. As well as improving the children’s critical thinking and communication skills, the staff use the questions that are generated to assess children’s prior knowledge, attitudes and beliefs. For personal finance education with year 5 pupils the teacher chose an image of a jar of coins. She wanted to find out how much the children knew about the different attitudes and feelings people have about money.

At Highworth Combined School and Nursery in High Wycombe teachers use stimuli such as an image, a story, music or a piece of poetry as a starting point for future learning. The children are encouraged to use their imagination to ask a question based on ‘wonderment’: ‘I wonder why…?’

Why

do p

eople

Why do

are p

Why

want

people s

eopl

are p

eopl

e po

to be

e gre

edy?

pend be

rich?

fore thin

king?

Why do people think m oney is more important than other th ings?

Has the money been saved by a family?

Why is money so important? Why

an others?

richer th le p o e p e m o are s

ney

Does mo

ve?

ust lo j r o , r e t mat

36 For more information go to www.pfeg.org

or?

Can you

Classroom

Millions on page 36 of Learning About Money in the Primary Classroom contains activities based around a book that follows two brothers who find a huge amount of money and have very different ideas about what to do with it.

Year 5

me thought-provoking The pupils generated so le of money in our ro e th s es dr ad at th questions motivations people have lives and the different lp e two avenues I will he ar e er Th . ey on m nd ou ar lessons: them explore in future uch money you need to m w ho of s ie lit ca ti ac • The pr d why some people want an ’), um im in ‘m he (t survive y that needs and wants activit more, or have less. A uld be costs of the items wo ial nc na fi e th at s ok lo a good place to start. ciated with money – so as ns io ot em d an s • Feeling t e feelings we have abou our own feelings and th re money. We need to explo other people and their orth d to feelings of self-w te ec nn co is ey on m w ho and self-esteem.

ne o m t u o h ct wit

sp e r d n a et love

Words and Questions

t Teacher’s assessmen

? y e n o m h t i e easier w

Will love b Is it money

ty?

a chari r fo d e is ra n e e b that has

Can the lottery make you addicted to money and forget about your family?

Do people want to be rich becaus e they are afraid of dying of hunger ?

Do people like pe

ople just becaus

e of their money

Double your money The Year 5 teacher at St Mary’s C of E Primary School in Slough wanted to get some personal finance education under way with her class, particularly around ways of making money through working, saving or investing. She didn’t know what to include in the learning activities, or their level, so she started with a baseline assessment.

Teacher’s assessment

I need to discuss ‘looking for money’ with the pupil that contributed that as an ide a, to find out if the pupil has conside red the moral and ethical issues ar ound finding/taking money.

38 For more information go to www.pfeg.org

She set her class a challenge: If I gave you £5 today, how could you double that money in two weeks? Without any further input she organised the pupils into mixed-ability groups and asked each one to draw a mind map of their ideas.

ent m s s e ’s ass em to e r s e h t ’ c n a Te il did oney his pup

m d, t rrowed stione o b e u t q a h n ate way t m d i Whe e t i r g e e t l s sa t mat riod, a k. It i e c p think i a b k e d i we be pa a twoeep it k r e t has to v ’ o n a ec n wing £5 tes sh a i c e st the of gro e r p r p e a t n e i sh ’s es han she long as r charg t e d e n r e o l m ps the ind ma y back a m p and if e o h t t ed l have while’, collect a I she wil r n e e t h af ed. W or it back e v borrow i stion, g ‘ e u d q e d y d a fm she had sult o e r a s a ils. perhaps by other pup ted promp

Mind Maps

Teacher’s assessment Year 5

When I asked this pupil what she meant by ‘exchange’ she said she would exchange her £5 with someone who had a £10. When I asked her if she would give up a £10 for a £5 she realised her ide a wasn’t very feasible.

sment s e s s a ’s Teacher eant at he m

pupil wh ked s i h t d e e had lin h y h I ask w d n rest’ a ng nd lendi by ‘inte a g n y i v a th s nd mone le u o y it to bo ‘if hen He said ds it, t e money. e n o h h eone w xtra cas e to som e m o d ld get s back, an t i you cou y a p nk en they y the ba e back wh n o m e u sav when yo ’. u more gives yo

See over for the teacher’s analysis of the whole class

Once the class had completed their mind maps the teacher analysed the pupils’ responses and found that: All pupils suggested:

Most pupils suggested:

Some pupils suggested:

• doing ‘chores’ or ‘work’

• selling something, but none of them indicated that there may be a cost associated with buying materials, or used the word ‘profit’

• pocket money

• being sponsored

• lending money

• borrowing money from family or friends • saving money • looking for money in your house • benefits • begging or busking • asking for money

Building on these responses the teacher planned future lessons around: • how interest can grow savings • different ways of investing money, looking at risk and reward • lending and borrowing money.

40 For more information go to www.pfeg.org

She also planned to include a financial dimension to the cake sale that the pupils would be running later that month. As well as making and selling cakes, they would also look at the real cost of the ingredients, shop around for the best prices, work out the profit per cake and compare this to family budgeting.

Acknowledgements pfeg would like to thank all the schools, teachers, teaching assistants and children who contributed materials to this publication including: Arundel C of E Primary School, Arundel, West Sussex Brampton Primary School, Bexleyheath, Kent Broughton Primary School, Kettering, Northamptonshire Eastfield Primary School, Northampton, Northamptonshire Farnham Common Infant School, Farnham Common, Buckinghamshire Fullwood St Peters C of E Primary School, Preston, Lancashire Gravel Hill Primary School, Bexleyheath, Kent Green Park Primary School, Newport Pagnell, Buckinghamshire Hayes Park Primary School, Hayes, Middlesex Highworth Combined School and Nursery, High Wycombe, Buckinghamshire Long Ditton Infant and Nursery School, Surbiton, Surrey Long Meadow Primary School, Milton Keynes, Buckinghamshire Milstead and Frinsted C of E Primary School, Sittingbourne, Kent Overton St Helenâ&#x20AC;&#x2122;s C of E Primary School, Morecombe, Lancashire Primary Schools in Essex St John Fisher RC Primary School, West Wimbledon, London St Maryâ&#x20AC;&#x2122;s C of E Primary School, Slough, Berkshire The Premier Academy, Milton Keynes, Buckinghamshire Wavendon Gate Primary School, Milton Keynes, Buckinghamshire Waverley Abbey Junior School, Farnham, Surrey Wilbarston C of E Primary School, Market Harborough, Leicestershire Willow Lane Community Primary School, Lancaster, Lancashire

We would also like to give special mention to the following people without whose support this project would not have been possible: Celia Allaby, What Money Means Project Director Margaret Atherton, What Money Means Project Facilitator Peter Bull, HSBC Fiona Ellis, Editor Juliet Wells, What Money Means Project Facilitator

Contact us If you would like to know more about how pfeg helps schools plan and teach financial capability, would like to talk to us in more detail about financial education or get involved in our work contact us. pfeg Fifth Floor 14 Bonhill Street London EC2A 4BX T 020 7330 9470 / 0845 241 0925 F 020 7374 6147 / 0845 241 0926 E info@pfeg.org W www.pfeg.org www.twitter.com/pfeg_org pfeg is a registered charity Registered number 1081639 pfeg is a company limited by guarantee Registered number 3943766