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New
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Year 5

Save, spend, borrow or lend?

I can choose what to do with my money and understand the consequences of my decisions.

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New
New
Year 5

Save, spend, borrow or lend?

I can choose what to do with my money and understand the consequences of my decisions.

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Lesson details

Key learning points

  1. Saving money means we can buy things we want.
  2. Decisions can be made as to how much money you spend or save.
  3. Lending money to other people needs to be thought through carefully.
  4. Borrowing money from other people needs to be thought through carefully.

Keywords

  • Consequences - Consequences are the results of an action.

  • Borrow - Borrow means to use someone else’s money. It will be paid back later.

  • Debt - A debt is an amount of money that needs to be paid back.

  • Lend - Lend means give someone money temporarily. It will need to be paid back later.

  • Owe - If you owe money, you need to pay someone back.

Common misconception

If you have borrowed money from someone, it's their responsbility to ask for it back.

It's the reponsibility of the borrower to remember and pay it back.


To help you plan your year 5 financial education lesson on: Save, spend, borrow or lend?, download all teaching resources for free and adapt to suit your pupils' needs...

Start by talking about lending and borrowing. Should you borrow money? Who would you borrow money from? It's worth talking to the children about money causing lots of arguments. Never lend more than you can afford and only borrow money if you can pay it back quickly!
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Supervision

Adult supervision recommended

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Licence

This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).

Lesson video

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6 Questions

Q1.
Find the missing word to complete the definition. is something you gain when you complete a course or training.
earn
employment
an income
Correct answer: a qualification
Q2.
Which of these are positive feelings?
anger
Correct answer: pride
Correct answer: excitement
guilt
Q3.
Jacob gives Sofia and Aisha £5. He gives Alex £10. Who might be happiest?
Aisha
Correct answer: Alex
Sofia
Correct answer: None of them
Q4.
What might help you most in getting a good job?
Correct answer: qualifications
your name
Correct answer: good team working skills
shiny shoes
Q5.
Alex needs to borrow £1. Who might he ask to borrow money from first?
Correct answer: His parents
A friend
His younger sister
His teacher
Q6.
Alex saves £2.50 every week so he can buy a game costing £15. How many weeks does he need to save for?
Correct Answer: 6, six

6 Questions

Q1.
Find the missing words. __________ an amount of money that needs to be paid back.
Consequences are
Earn means
Income means
Correct answer: A debt is
Q2.
What does borrow mean?
Correct answer: Use someone else’s money. It will be paid back later.
Take someone's money. It does not need to be given back.
Take money from a friend.
Get money from doing a job.
Q3.
Complete the good advice. You should only lend money __________.
Correct answer: if you can afford it.
at the weekend.
Correct answer: to people you trust.
to people the same age as you.
Q4.
Sofia has lent Alex £2. Weeks pass and Sofia does not mention the money. What should Alex do?
Correct answer: Give Sofia £2 as soon as he can.
Wait until Sofia mentions the money and then pay it back.
See if Sofia mentions it and say he has already paid her back.
Try to forget all about it.
Q5.
Sofia has saved up £10 over several weeks. She sees the toy she is saving up for on special offer at just £12! What should she do?
Wait until she has saved £12
Correct answer: Ask to borrow £2 from her mum
Ask the shop if they will reduce the price even further to £10
Buy something else instead
Q6.
Jacob wants a computer game. It costs £12.50. Jacob has already saved £5.50. How much money would he need to borrow to buy the game? £
Correct Answer: 7, seven, seven pounds, 7.00

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