Hi there, my name is Mr. Tazzyman.

Today I'm gonna be teaching you a lesson about financial education.

That's all about money: how it makes us feel, what we use it for and how we think about it.

Hopefully, it's gonna be good fun.

So get ready to learn and let's do this.

Here's the outcome for the lesson.

By the end, we want you to be able to say, "I can make spending decisions by understanding needs, wants and prioritising." These are the key words that you are gonna hear.

They've got really specific definitions for financial education, so we need to make sure that you can say them and you understand what they mean.

I'd like you to repeat them back to me.

I'll say "My turn," say the word and then "Your turn," and you can repeat it back.

Ready? My turn.

Want.

Your turn.

My turn.

Need.

Your turn.

My turn.

Priority.

Your turn.

Okay, well done.

Let's see what we mean by these words in the contexts that we are gonna be talking about.

A want is to have a desire or a wish for something.

Sometimes the thing you wish to have is called a want.

A need is to require something because they're essential or very important, not just because you would like to have them.

A priority is something that you think is more important than other things and should be dealt with first.

Okay, so that's the key words.

Let's look at the outline of the lesson.

We're gonna start by thinking about needs, wants and priorities.

Then we're gonna look at different priorities.

In this lesson, you're gonna meet Lucas and Jun.

Hi, you two.

They're gonna help us to think about some of the learning in this lesson.

They might have some conversations.

They might give us some prompts.

They might even reveal some answers, so they're ready, I hope you are, let's get started.

Jun is going on a long bike ride with his friends and their parents.

His dad gives him a banana and some water to take with him.

Let's check your understanding so far.

Why do you think Jun's dad gave him water and a banana? Pause the video and have a think.

Welcome back.

Jun says, "These are items I will need on the bicycle ride, a snack and water to drink." Okay, but let's move on to something different then.

Jun finds four items at the shop that he wants.

You can see there he's got five pounds to spend.

He says, "I don't have enough money.

I'll have to prioritise." There's a comic, which costs three pounds, sweets, which cost two pounds, a drink, there's a Juice Blast there that costs two pounds, and a water pistol, which costs five pounds.

Jun orders them from least wanted to most wanted.

Now he's starting to make some decisions.

The thing that he wants the least is the drink.

Then it's the sweets, then it's the comic and the thing that he would like the most is the water pistol.

"Now to make some decisions and prioritise some items," says Jun.

He knows the order from least to most wanted.

He's got to make some decisions and prioritise.

"I don't want a drink or sweets because I've got water and a snack." Do you remember his dad gave him a snack and some water already, so he doesn't feel that he needs those? He crosses them off the list.

If I buy the water pistol, I won't have any money to take with me on the ride, so he crosses off the water pistol, even though that's the one he wanted the most.

Jun buys the comic to read when he takes a break and he says, "I can save two pounds, which I might be able to use to buy an ice cream." That's good thinking, Jun.

Not only is he thinking in the moment, he's also considering what he might spend his money on in the future.

All of this leads to a really good day out, I hope.

Okay, time to check your understanding of all this.

What would you have done? Prioritise by ordering these items from your most wanted to least wanted, and then decide what you might buy for the bike ride.

So in a sense, you are putting yourself in the same position of Jun.

Would you have made the same decision as him or might you have chosen something else? Make sure if you do choose something else that you can justify it, that you can explain why.

Pause the video and have a go.

Welcome back.

What decisions did you make? Were they different to Jun? They might have been.

And have you chatted them through with anybody else? Sometimes it's good to compare different decisions like this to see that people have different priorities.

It's time for the first task then.

Jun has 10 pounds to spend.

Help Jun prioritise by ordering these items from the most to the least important for different situations.

We've got a book for five pounds, a teddy for seven pounds, a water pistol for five pounds and a box of chocolates for four pounds.

The first situation, number one, it is Jun's little sister's birthday next week.

Can you order and prioritise those items according to that situation? For number two, it is Jun's granny's birthday next week.

For number three, answer this question.

In what situation might the book be Jun's priority to buy? For number four, how do the situations change Jun's priorities? Okay, pause the video and go through those questions.

They might be really good prompts for you to get into discussions about prioritising, as well, and that's okay, because part of this is to get you thinking about these different contexts and different situations.

Pause the video and have a go.

Welcome back.

<v ->Let's do some feedback for these questions then.

</v> Remember, these are only the answers that we've suggested.

It's possible that there are different answers and you might have different justifications for them.

However, for number one, we thought the best order might be teddy, pistol, book and chocolates, because a little sister might prefer to have a teddy as a present.

For number two, Granny's birthday, we put chocolates as perhaps the most important, then a book, then a teddy, then the pistol.

For number three, the situation we thought of where the book might be a priority was World Book Day.

For number four, how do the situations change Jun's priority? Well, there are changes in the importance of each of these items. In some situations, one item is a priority in comparison to another situation where it might be least important.

Okay, it's time to move on to the second part of the lesson where we start to consider different priorities.

We've already seen some of that in the first part of the lesson, and in that task that you just completed, you probably talked it through with somebody else and found that they might have had slightly different responses.

Particularly for question three and four.

The school has raised 200 pounds for new PE equipment.

There's basketballs that could be bought, tennis balls, football goalposts, hockey sticks, hurdles, cricket sets and hoops.

Lucas and Jun are on the school council.

The school council needs to decide what to buy with the 200 pounds.

Basketballs cost 80 pounds, tennis balls, 40 pounds, football goalposts, 120 pounds, hockey sticks, 90 pounds, hoops, 20 pounds, cricket sets, 100 pounds and hurdles, 60 pounds.

They're the prices of all those different items that we saw on the previous screen.

Jun says, "I think we should get football goalposts because I love football." Do you agree with Jun? Let's use this as a check for understanding.

You might agree with how Jun feels about football but do you agree this is the correct way of making this decision? If you can, chat this through with somebody else.

Pause the video and have a go.

Welcome back.

Lucas says, "I think that's what you want but is that what is needed?" Jun would definitely like more football goalposts because of the fact that he likes football but has he based that on anything other than what he wants? Here's another check for understanding then.

Let's imagine that they've removed the items they don't need, in other words, items that they already had at school.

They've got tennis balls for 40 pounds, hockey sticks for 90 pounds, cricket sets for 100 pounds and hurdles for 60 pounds.

That's their shopping list.

They're the things that they might need to buy.

Can the school council afford all of these items with 200 pounds to spend? It's time to do some maths to work that out.

Pause the video here and have a go.

Welcome back.

Jun says, "Altogether the items would cost 290 pounds." "We can't afford them all so we'll have to prioritise," says Lucas.

Lucas and Jun each make choices about which items they want to prioritise.

Jun says, "I think we should get tennis balls, hockey sticks and hurdles for 190 pounds." Lucas says, "I think we should get cricket sets and hockey sticks for 190 pounds." What do you notice? Hmm, let's do some comparing.

Well, they both agree that some hockey sticks would be good to buy but they've got differing opinions about the other parts.

The issue here is that these are their priorities, but we don't know if their priorities are based on anything specific, rather than just what they want.

So Lucas and Jun ask their teacher which sports events are coming up.

Aha, that seems like a sensible idea.

"Our teacher says that we have cricket tournaments and sports day coming up this term." Okay, now that we know that information, let's use this as a check for understanding.

What should they prioritise? Which items should they spend the 200 pounds on? Pause the video, maybe chat this through and have a go.

Welcome back.

Jun says, "Let's get the cricket sets and hurdles." I think that's a smart move.

Lucas says, "They will cost 160 pounds combined so we could get some tennis balls, as well, costing 200 pounds altogether." Good thinking, Lucas.

Okay, it's time for you to have a go at task B.

The PE equipment for three schools is too old to use.

Choose the items that you think each of these schools should buy with 200 pounds to spend.

Read their upcoming sports events to help prioritise.

So school A have got cricket and basketball tournaments coming up.

School B have got hockey matches and tennis lessons.

And school C have got football and basketball tournaments.

Pause the video here and have a go at those tasks.

Welcome back.

School A would probably have needed to go for cricket sets, basketballs and hoops for 200 pounds.

Now, although the hoops aren't necessarily involved in any of the sporting events that are upcoming for that school, they do help to spend the rest of that budget so that 200 pounds has been spent.

School B, they need to get hockey sticks, tennis balls and hurdles for 190 pounds.

There's nothing there for 10 pounds so they can save that for the next time that they might need to buy sports equipment and they've got some other money, as well.

For C, the school should prioritise goal posts and basketballs for 200 pounds.

Okay, let's summarise what we've learned today then.

There are needs and wants.

Needs are things that are important to have.

Wants are things we would like to have but are not as important.

It is important to prioritise needs over wants.

Wants can be different and people's priorities can be different.

My name's Mr. Tazzyman.

I enjoyed learning with you today.

I hope you did too.

Maybe I'll see you again next time.

Bye for now.