explain how financial transactions can include using more than notes and coins
describe how an individual can influence their income
explore the value of unpaid work to the community
recognise that families use household income to meet regular financial commitments and immediate and future expenses
analyse the value of a range of goods and services in relation to an identified need
identify and discuss some rights and responsibilities of consumers and business
explain how money can be borrowed to meet needs and wants and that there may be a cost involved
recognise that the currencies of different countries have different values relative to the Australian dollar.
Competence
Students can:
use a range of methods and tools to keep financial records in ‘real-life’ contexts
create simple budgets for a range of purposes and explain the benefits of saving for future needs and wants
accurately complete and explain the purpose of financial forms, including for online transactions
evaluate the value of a range of goods and services in a variety of ‘real-life’ situations
order and justify reasons for spending preferences
discuss various payment options for purchasing goods and services such as: cash, debit card, credit card, direct debit and PayPal
interpret information from a variety of invoice accounts including information presented graphically such as in electricity accounts
identify key features used in advertising, marketing and social media to influence consumer decision-making.
Responsibility and enterprise
Students can:
identify and describe the impact that the consumer decisions of individuals may have on themselves and their families, the broader community and/or the environment
examine and discuss the external factors that influence consumer choices
explain there are ethical considerations to some consumer and financial decisions
apply consumer and financial knowledge and skills in relevant class and/or school activities such as student investigations, charity fundraising, product design and development, business ventures and special events
exercise a range of enterprising behaviours through participation in relevant class and/or school activities
practise safe, ethical and responsible behaviour in online and digital consumer and financial contexts
recognise that satisfaction derived from spending money varies according to the nature of the purchase, the context in which it is bought and an individual’s personal circumstances and values
recognise that matching household expenditure against income is important
explain the role played by the voluntary sector in the community to help those in financial need
demonstrate awareness that family, community and socio-cultural values and customs can influence consumer behaviour and financial decision-making.
