Unit 1: Personal Financial Literacy
Embedded Files
Impact Chapters: 7 From IMPACT TODAY
ReadyGen Alignment: Module 1A
Skills Alignment: Compare and contrast different entities, develop critical thinking to make informed opinions, analyze information from a text
Unit Overview: How do economics and finances impact people's decisions?
In this unit, students will develop an understanding of how the financial system works and gain essential knowledge and skills related to personal finance. They will explore different types of financial institutions and the services they offer. Students will learn about the function of banking, including the importance of saving and investing. They will also discover strategies to keep track of their money, both spent and saved. In the final assessment, students will compare and contrast local financial institutions and analyze the services they provide. Throughout the unit, students will engage in critical thinking, problem-solving, and decision-making to develop essential financial literacy skills. They will also explore the importance of responsible financial management and develop practical strategies for making informed financial decisions.
Prepared Graduates:
Apply economic reasoning skills to make informed personal financial decisions (PFL).
Grade Level Expectation(s):
5. PFL
Examine how individuals use financial institutions to manage personal finances-PFL (5.1)
The highlighted evidence outcomes are the priority for all students, serving as the essential concepts and skills. It is recommended that the remaining evidence outcomes listed be addressed as time allows, representing the full breadth of the curriculum.
Students Can (Evidence Outcomes):
Differentiate between saving and investing. (5.1.a)
Establish the function of banking. (5.1.b)
Distinguish between different types of financial institutions such as banks and credit unions, and the services provided. For example: checking accounts, savings accounts, investments, and loans. (5.1.c)
Create a way to keep track of money spent and money saved. (5.1.d)
Colorado Essential and Nature of Skills
Make connections between information gathered and personal experiences to apply and/or test solutions when choosing a financial institution or financial product (Adaptability and Flexibility).
Express one’s own emotions, thoughts, and values and identify how they influence behavior when making decisions regarding choosing a financial institution or financial product (Self-Awareness).
Ask questions to develop further personal understanding when choosing financial institutions and financial products (Self-Advocacy and Initiative).
Financially capable individuals research, analyze, and make choices regarding their needs when using financial institutions.
Financially capable individuals identify positive and negative incentives that influence the decisions people make.
Financially capable individuals use technology to track and graph the interest accrued on “virtual” investments, checking and savings accounts, investments, and loans.
Inquiry Questions
What risks and benefits are associated with spending versus saving and investing?
How can a checking account help to decide how to spend and save?
Why do people use financial institutions rather than self-banking?
How do people choose a financial institution?
Disciplinary, Informational, and Media Literacies
Write informative/explanatory texts to examine a topic and convey ideas and information clearly.
Conduct short research projects that use several sources to build knowledge through investigation of different aspects of a topic.
Understand how rules for respecting others’ belongings apply to digital content and information privacy.
Academic Vocabulary and Language Expectations
financial institution, bank, credit union, income, debt , credit, interest, investment, loan, risk
Possible Assessments:
Chapter 7: IMPACT Today Lesson Assessment
Everfi Vault Assessment (see below on how to access)
Instructional Resources & Notes:
Chapter 7: The IMPACT Today: Economics and Personal Finance: Pages 394-399 in Impact Textbook and 296-297 in Inquiry Journal
Everfi: Vault - interactive & game-based learning, Vault immerses students in real-life financial scenarios that focus on skill building and responsible decision making. Teachers and students access this resource through Classlink.
Supplemental Resources
NextGen Savings Unit with lesson plans and materials
Lesson Plan: There’s No Business Like Bank Business
Lesson Plan: What Happens When a Bank Makes a Loan?
TheMint.org - Fun For Kids - How Banks Work - themint.org
Junior Achievement: Lessons
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