Hello, my name is Mr. Tazzyman, and I'm really looking forward to today's lesson, which is all about financial education.

We're thinking about money, what it is, how it makes us feel, and the kinds of things that we use it for.

How exciting.

Okay, make sure that you're ready to listen, ready to learn, and then we can get started.

Here's the outcome for the lesson then.

By the end, you should be able to say, I understand the difference between saving and spending.

These are the keywords that you might hear during today's lesson.

I'll say them and I want you to repeat them back to me.

I'll say my turn, say the word, and then I'll say your turn and you can repeat it back.

My turn, save, your turn.

My turn, spend, your turn.

My turn, afford, your turn.

Okay, well done.

Here's how we're going to do this lesson.

For the first part, we're gonna look at saving or spending.

Then we're gonna move on to saving money.

So let's start with saving or spending.

Along the way, we're gonna be helped out by Izzy and Sam.

They're two maths friends of ours who are here to help with some thinking around financial education.

Izzy and Sam have five pounds each to spend.

You can see they've got some objects there that they might like to spend their money on.

We've got a football for four pounds.

We've got some crayons for two pounds, and we've got a really cool toy robot for 12 pounds.

What do you notice? Hmm.

Have a look at what they've each got and have a look at the cost of each of those items. They cost different amounts.

"I want to get the robot," says Sam.

Can Sam afford the robot? What do you think? Look at the price of the robot and look at what Sam has got.

12 pounds is greater than five pounds.

So because of that, Sam can't afford the robot on this occasion.

Let's check your understanding then.

You can see that Izzy has five pounds to spend and there's a pizza for six pounds and a cake for four pounds.

Which of these can Izzy afford? Pause the video, have a think, have a go.

Welcome back.

Izzy, with five pounds, can't afford the pizza because six pounds is greater than five pounds, but she can afford the cake.

Yum.

I love cake.

Four pounds is less than five pounds.

We go back to the shop.

Izzy says, "I'm going to buy the football." So she does, and you can see that she had five pounds and now she has one pound remaining.

That's because she spent four pounds of the five pounds that she started with.

There's one pound left over.

That's her change.

"I can't afford the robot," says Sam.

"12 pounds is greater than five pounds." Hmm.

What can Sam do? Izzy makes a good suggestion and says, "You could save the five pounds and wait to buy it." Aha.

Saving it.

That is something that Sam could do.

Well, let's check your understanding of that.

You can see here that we've got the question, what has been saved? And here's the context.

Izzy says, "I'm going to eat two cupcakes now." Whereas Sam says, "I'll eat one now and one after tea." So what has been saved in this situation? Pause the video and have a think about that.

Welcome back.

What did you think had been saved? Well, we've got one cupcake that's been saved.

Izzy's eaten both of hers straight away, whereas Sam has kept one back to have after tea.

She's saved it.

Can you think of any other examples of saving? Pause the video now and have a think.

Welcome back.

Here's a few examples of saving, and some of them might be the same as ones that you came up with.

Saving the last chapter of a book for bedtime.

Saving a shiny pebble to add to a collection.

Saving some sweets for later.

Okay, here's the first task.

Izzy has a 10 pound note to spend.

Number one, which toys can she afford? Can you see the toys at the bottom? We've got some colouring pencils for a pound.

We've got a really cool toy knight for 12 pounds.

We've got some lovely woollen gloves for 11 pounds.

That'll keep your hands warm.

We've got a toy car for six pounds, or we've got a toy snake for five pounds.

So number one is which toys can she afford? For number two, we need to know whether she can afford to buy two toys.

Hmm? Can she afford to buy two toys? Okay, pause the video and have a go at those questions.

Good luck.

Ready for some feedback? Let's see how you got on.

So she can afford to buy the colouring pencils.

They're only a pound.

She'd have to save to be able to buy that toy knight because 12 pounds is greater than 10 pounds.

She'd have to save to be able to afford the gloves as well because 11 pounds is greater than 10 pounds.

She could buy the toy car, so she could spend money on that and she could spend money on the snake.

Can she afford to buy two toys? Well, she could.

She could afford a car and some pencils.

That's because the car and the pencils combined cost seven pounds and that's less than the 10 pounds she has to spend.

She could also afford a toy snake and some pencils.

The toy snake is five pounds.

The pencils are a pound.

Combined, that's six pounds, which is less than the 10 pounds she has to spend.

Is that what you got? Hope so.

Let's move on to the second part of the lesson now, saving money.

What should Sam and Izzy do with the saved money? So you can see that Izzy's managed to save one pound because that was the change she got from when she bought her football, and Sam didn't spend any money.

So she still has the five pounds that she started with.

But what should they do with that saved money? Hmm.

Well, Izzy decides she's gonna put it in her wallet to keep, and Sam decides to put it back into her piggy bank when she gets home so that it's nice and safe.

Good choices.

Okay, but let's check your understanding.

Where do you keep your money? Do you have a safe place at home? Here I want you to share that.

I want you to think about some safe places and if you haven't got any, where could you keep it? Okay, pause the video and have a go.

Welcome back.

Here are some suggestions.

You might have thought of a wallet, maybe a piggy bank, maybe a bag, a special bag of some kind that might well be a drawstring bag so that you can tighten it and keep the coins safe.

Maybe a jar with a screw-on lid.

And Izzy says, "My mum looks after my money." That's a good idea.

Getting a trusted adult to look after it for you is a really good way of keeping it safe.

Sam wants to save to buy the robot.

"The robot costs 12 pounds." "I have five pounds," says Sam.

They work out how much Sam needs to save.

"12 pounds is the whole." "You have five pounds.

That is a part.

Five added to seven is equal to 12." "I need to save seven pounds," says Sam.

They've made use of a part-part-whole model, which is a really good way of thinking about how much money you might need to save to buy a more expensive item if you can't afford it straight away.

12 pounds is the whole, five pounds, that is a part, and seven pounds is what you might need to save to be able to afford to get to 12 pounds.

"I need to save seven pounds," says Sam.

So this is another way of thinking about it.

We've got a bar model here and we've got a number line, and both of these representations can be used to help to work out how much money needs to be saved as well.

Let's check your understanding then.

Imagine you have five pounds.

Great.

You want to buy the panda? Now, you might not like pandas, but let's pretend anyway.

You might love pandas, in which case, they're only 14 pounds.

What a bargain.

How much will you need to save? Pause the video here and work that out.

Welcome back.

You'll need to save nine pounds.

That's because five pounds added to nine pounds is equal to 14 pounds.

Sam and Izzy go back to the shop.

Sam saved enough money to buy the toy robot now, but it's sold out.

How do you think Sam feels? I'd imagine that Sam feels really frustrated or perhaps upset or maybe even a little bit angry.

Izzy suggests, "You could buy something else." "I don't want anything else," says Sam.

And I understand that.

Sometimes you get your heart set on something you want, especially if you've been saving for it for a while.

But what could Sam do now? Hmm.

Aha, "Mummy bought one on the internet." Provided that you've got the money and you explain the situation, there's a good chance that a trusted adult might be able to buy one for you off the internet instead of from a shop.

Good old mummy.

"I can pay mummy 12 pounds," says Sam.

That's important too to make sure that Sam is actually paying mummy the money.

Okay, it's time for task B.

One, how much does Izzy need to save to buy the gloves, the knight, the car? So Izzy's got 10 pounds.

You can see that note there, and there's some different objects below, but we need to know how much Izzy needs to save to buy the gloves, the knight or the car.

And for number two, true or false? Izzy must spend her money at the toy shop.

Okay, pause the video here and give those a go.

Good luck.

Welcome back.

Here are the answers.

To buy the gloves, Izzy would need to save one pound.

To buy the knight, Izzy would need to save two pounds.

For the car, five pounds.

True or false? Izzy must spend her money at the toy shop.

It's false.

Izzy can save her money for another time.

If you have money and you're in a shop, you don't have to spend it.

You can if you want to and if you're sure it's the right decision, but you don't have to.

Okay, it's time to summarise the lesson then.

Money doesn't have to be spent all at once.

Money that isn't spent is saved, it doesn't disappear, and it can be spent later.

By saving money over time, you can afford more expensive things.

I really enjoyed that today and some interesting decisions being made by our characters.

I hope you enjoyed it as well and that you learned plenty.

Maybe I'll see you again another time for some more financial education.

Bye for now.