Embedded Files
Session Overview and Objectives
Session Overview and Objectives
Students learn that there are many different financial institutions which offer services to help them manage their money.
STUDENTS WILL:
Compare financial institutions and the types of accounts and services they provide.
Investigate the use of different payment methods.
The Session Teacher Guide will be provided as a PDF and as a Microsoft Word document.
The Session Student Activity will be provided as a fillable PDF and as a Microsoft Word document.
The Session Exit Ticket will be provided as a PDF and as a Google Doc.
The Session Journal Page will be provided as a PDF and as a Google Doc.
Onscreen Presentation
Onscreen Presentation
An interactive onscreen presentation for each session will be view-able from the page or can be shared via direct link.
These videos addresses the following Financial Literacy standards:
Content Statement 13a: Compare the terms and conditions of the consumer lending statements from two or more financial institutions to determine which one is better for a given consumer.
Content Statement 17a: The time value of money is the idea that a dollar today is worth more than a dollar in the future. This is because the dollar received today can earn interest up until the time the future dollar is received.
Content Statement 19b: Describe the difference between a loan from a bank and one from a payday lender.
Content Statement 19c: Compare the final repayment amount of a loan from a bank and a loan from a payday lender on large purchases such as a car.
Content Statement 19d: Investigate barriers to individuals that may lead to them being unbanked.
Content Statement 22c: Describe how the Truth in Lending Act (TILA) and Credit Card Accountability, Responsibility and Disclosure (Credit Card) Acts protect consumers.
Classroom Discussion Prompt
Classroom Discussion Prompt
The average payday loan requires a payment of $430 from the next paycheck, equating to 36% of a borrower's gross pay. Nearly 80% of payday loans are taken out within two weeks of paying off a previous payday loan. 75% of payday loans are taken out by those who have previously used a payday loan in the past year (May 2023).
Think about the difference between a payday lender and a bank lender. Make a list of pros and cons. If you are needing a loan, which one will you choose based on your list?
Do you have a checking or savings account? How did you pick which bank or credit union you use? If you don't have one, what perks would help you choose a bank or credit union?
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