How do we pay for things?
I know the difference between a debit card and a credit card.
How do we pay for things?
I know the difference between a debit card and a credit card.
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Lesson details
Key learning points
- Debit cards are used to spend the money in an account.
- Credit cards are used to spend now and pay back later, sometimes paying more.
Keywords
Credit card - A credit card can be used use to buy goods and services and pay for them later.
Debit card - A debit card can be used to take money directly from a bank account to pay for goods or services.
Borrow - Borrow means to use someone else's money. It will be paid back later.
Declined - When a debit card is declined it means there isn’t enough money left in the account to pay.
Common misconception
Pupils may think that paying by contactless card is free money because there is no concrete exchange of money that can be seen.
Remind children that bank accounts are charged whenever a card is used. Ask a child to pass plastic coins from one pot to another outside the classroom as you use a pretend contactless card. Pupils won't see the exchange but it has happened.
To help you plan your year 4 financial education lesson on: How do we pay for things?, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your year 4 financial education lesson on: How do we pay for things?, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 2 financial education lessons from the Making money decisions unit, dive into the full secondary financial education curriculum, or learn more about lesson planning.
Equipment
Content guidance
- Depiction or discussion of sensitive content
Supervision
Adult supervision recommended
Licence
Lesson video
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Starter quiz
6 Questions
Exit quiz
6 Questions
Used to buy things and pay for them later.
Takes the money straight out of a bank account.