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Financial Education
Lesson Two – Pocket Money Negotiation

1) Learning Objective:
  • To understand that everything has a value.
  • To understand that there is a cost to everything, whether it is time, effort or money.
  • To use persuasive language, established from the study of persuasive writing in the NLS.
  • To appreciate the need to earn things.

2) Instructions

Warm up Role Play

  1. Role-play these scenarios…limit the children to 1 minute. Allow them to swap roles so they both can be the parent also.
  2. CHILD/FRIEND - You have a job to do for your teacher at playtime feeding the class pets. The sun is shining and everyone is going to get to go onto the field for the first time this year as the weather is improving. Can you persuade your friend (who also wants to go out onto the field) to feed the school pets instead so you can go out onto the field?
  3. CHILD/PARENT - You are keen to get the latest pair of trainers. How do you go about asking mum or dad for them?
  4. CHILD/PARENT - You want to stay over at your friend’s house, but you have homework to do, how do you persuade your parents to let you stay at your friends?
  5. CHILD/PARENT - All your friends have a mobile phone, but your parents feel they are too expensive. Can you persuade them?
  6. Class discussion should follow these activities drawing together the idea that everything they wanted had some kind of cost and that at times you could just not have it. It should also be noted that children would expect parents to give them these things/money.

Pocket Money Negotiation

  1. In pairs the children will play the roles of a parent and child. The parent is to explain that the child’s pocket money will now only be given if the child has ‘earned’ it. Together they must discuss what chores they feel are fair to earn their pocket money and create a Pocket Money Agreement. Tasks could include washing up, keeping their bedroom tidy, feeding pets, doing homework on time, helping brothers or sisters.
  2. After 3 minutes the children can swap so that they can both have a chance to be the child. The class can come together and discuss the solutions and if the teacher sees a particularly good example can ask the children to show everyone.
  3. Another role-play should then explore the things that would cause the pocket money to be reduced, penalties for not doing what has been agreed in the Pocket Money Agreement. Bad behaviour, rudeness, not doing homework etc.
  4. Children may wish to be able to trade during the month – could this be included, e.g. doing extra washing up to be allowed to go to bed later one night etc.
  5. Also there should be a chance to negotiate how the child could save money. Maybe there could be an incentive. There could be a simple money bank that the parent would put a portion of the money into each week if the child wanted to – perhaps when the child had saved £10 the parent would give them a bonus of £5 on top.
  6. 6. These role-plays should be drawn together whenever there is the opportunity for the notion of earning money/reward is apparent.
  7. Things that keep us safe, healthy or teach us something.

Development activity – writing a pocket money agreement

  1. Get each student to draft a formal ‘Pocket Money Agreement’ highlighting:
    • a. the requirements to be given pocket money,
      b. the sanctions if these requirements are not met, and the rewards for saving money.
  2. Invite the children to discuss what should be included
  3. Write the final agreement on the board

3) Resources

  • Note books for main role-play.
4) Key Vocabulary
  • Value
  • Cost
  • Earning

5) Cross Curricular Links

  • NLS – Formal writing: create a contract outlining the commitments of both child and adult.
 

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