Grade 4: "Need or Want?"

(From: OAME)

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Content

Big Idea:

Making Financial Decisions

Expectations:

Financial Literacy

F.1 demonstrate the knowledge and skills needed to make informed financial decision
- F1.4 explain the relationship between spending and saving, and describe how spending and saving behaviours may differ from one person to another

Social Emotional Learning Skills in Mathematics and the Mathematical Processes

A1. Throughout this grade, in order to promote a positive identity as a math learner, to foster well-being and the ability to learn, build resilience, and thrive, students will apply, to the best of their ability, a variety of social-emotional learning skills to support their use of the mathematical processes and their learning in connection with the expectations in the other five strands of the mathematics curriculum.

In this lesson, to the best of their ability, students will learn to think critically and creatively as they apply the mathematical processes problem solving (develop, select, and apply problem-solving strategies) and make connections (make connections among mathematical concepts, procedures, and representations, and relate mathematical ideas to other contexts (e.g., other curriculum areas, daily life, sports)) so they can make connections between math and everyday contexts to help them make informed judgements and decisions.

Learning Goals

We want students to learn...

that the relationship between spending and saving can vary depending on the good or service (wish or need)

how spending and saving behaviours can vary from person to person

Success Criteria

I can...

explain my spending and saving behaviour based on whether it is a want or a need.

make a decision and justify my choice using factors that can influence spending and saving behaviour.
accept and respect differences in the perspectives and opinions of my peers.

Materials

Activity Needs or Wants?

Reflection journal, exit card or access to technology Math Journal (Exit Card)

Electronic versions of these documents can be used in person or online. Adaptations could be made to these documents to allow them to be used by individuals, small groups or whole class discussions. Slides, documents, jamboards, whiteboards etc. could be used for groups to collaborate in real time.

prior learning

Understand the concepts of spending, saving, income, investing and donating.
Ability to identify key information when making simple decisions.

Pedagogy

Minds On

10-15 minutes

As a class, discuss and sort the statements in the Needs or Wants? activity. Add statements of your choice or ideas from students.

Establish a class understanding of the relationship between a “need” and a “want”.

Action!

Part 1 - Scenario A

1- Provide students with the following scenario: "What extracurricular activities do you participate in or would like to participate in?”

2- Let the students choose an activity of their choice. With a partner, ask students to make a list of factors that may influence their decision to spend and save in relation to the chosen activity.

3- Allow time for groups to share their lists of ideas with each other.

4- Discuss as a whole group and generate a list of the factors students have identified.

5- Following the class discussion, allow time for students to think and reflect on their choice of extracurricular activity and ask them to take into account the factors discussed in the whole group. .

For online/hybrid learning, small groups could be set up ahead of time. This could be facilitated via breakout rooms, depending on the different district conferencing tools used. In the breakout rooms, students could work together to generate questions and make assumptions. They could use a virtual whiteboard to support their discussions, such as shared slides, Google Jamboard, Microsoft Whiteboard, Padlet depending on district tools (recording tool). This will also create a record of their work in order to communicate clearly with each other and the teacher.

Opportunities for Differentiation

Allow students to choose another want of their choice.

Ensure students understand the different options offered by their classmates by encouraging them to listen carefully during the discussion and to ask questions for clarification when needed.

Opportunity for Differentiation

Guide students by asking questions and highlighting factors they should be considering when making and justifying a choice.

Assessment FOR Learning

Compile evidence of learning in relation to the questioning by recording conversations and your observations as you circulate.

Assessment OF Learning

Consider using a math journal or exit card for students to record evidence of learning.

Teacher Moves

Allow time for students to offer their ideas and create a class list of the information shared.

Factors that can influence spending and saving behaviours: income, spending, family values, culture, needs and/or priorities, stage of life, lifestyle choices, health, personal and family circumstances, social factors (e.g., social inequality), environmental considerations, economic context raising the unemployment rate in a community or region.

Possible questions to ask students:

"How much does registration cost?”
"What do you need to do this activity?”
"Should you save?"
"What are the sources of income?”
"What equipment will be needed to do this activity?”
"Do we have to buy this new equipment or are there other options? »
"Does this activity take place in your area?”

It is important to note each person, family, or community may be facing a different financial situation, and some of these financial situations may be challenging or difficult. Having a safe, respectful, and inclusive environment will ensure that all perspectives and opinions are valued and included when examining the relationship between saving and spending.

Part 2 - Scenario B

6- Share the following prompt with students: “You need to get a new winter coat because the one you have right now is too small and worn out. “What are the factors that will influence your behaviour for this need?”

7- With a partner, ask students to make a list of factors that may influence their decision to spend and save.

8- Allow time for groups to share their lists of ideas with one or two other groups of students.

Opportunity for Differentiation

Guide students by asking questions and highlighting the factors to consider in order to make a choice and justify their decision.

Assessment FOR Learning

Compile evidence of learning in relation to the questioning by recording conversations and your observations as you circulate.

Assessment OF Learning

Consider using a math journal or exit card for students to record evidence of learning Math Journal (Exit Card)

Consolidation Of Learning

Discussion 10 - 15 minutes

Begin the discussion by sharing the following prompt: “How does your spending and saving behavior differ for Scenario A and Scenario B?”

Facilitate the exchange by asking questions. For example, ask questions:

"Is your behaviour different if it is a want versus a need?”
"What factors most influenced your decision?"
“What do you think the relationship is between spending and saving when you are making financial decisions?”
"Do you have to compromise?”
“How might spending and saving behaviours be different from person to person?”
"How can we create a safe, respectful and inclusive environment that will ensure that all perspectives and opinions are valued and taken into account when examining the relationship between savings and spending?”

With a partner, allow students to present their solution for the 2 scenarios. Invite students to share their thinking in relation to the following questions:

“How were your spending and saving behaviours different for scenarios A and scenarios B?”
“How were your spending and saving behaviours different from some of the other thinking shared today?”

Highlight the following key mathematical ideas during the discussion:

Money can be used for expenses, savings or donations. It can be used to buy things you need or want. Saving and spending choices and behaviors are influenced by many factors, perspectives, and circumstances.
Understanding the relationship between spending and saving and considering possible compromises can influence financial decision making.
Savings can take many forms, including limiting use, sharing, reusing, recycling, or upcycle things, and taking care of things so that they do not need to be replaced.

Assessment

Assessment as, for and of learning are embedded throughout the lesson.

Extension

When taking part in Scenario B, encourage students to find the pricing of three different winter coats to compare (e.g., online, store flyers, catalogues, etc.). Have them discuss why the pricing may vary across the different items. Invite students to share the item they would buy and the rationale behind their decision.
Explore other scenarios where students need to consider factors that influence spending or saving behaviours.

Technology

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