• Learners will be able to identify different methods of borrowing money, and suggest the pros and cons of those methods, the cost effectiveness, the ease of different borrowing strategies .

2) Instructions

Class discussion – How can you borrow money

1. Ask the group, how can you borrow money?:
a. Bank – mortgage
b. Bank – Personal loan
c. Building Society – mortgage
d. Building Society – personal loan
e. Store cards
f. Loan companies –secured loan
g. Personal loan companies (unsecured)
h. Visa cards /Credit cards
i. Parents
2. Get the class to look through brochures and leaflets from banks, loan companies, building societies etc. for inspiration
3. Write their ideas on the board

Group activity – Pros and cons of borrowing methods

4. Divide the class into 2 groups
5. Give each group cards with each of the different borrowing strategies on them (as above)

Group 1 - Cost effectiveness of different borrowing strategies

6. In-group discussion about the cost effectiveness of each borrowing strategy (interest, pitfalls etc).
7. Group look through brochures and leaflets from banks, loan companies, building societies etc. for inspiration
8. Groups places the cards in order of cost
9. When whole group agrees, they should stick the cards in order onto sugar paper.

Group 2 - Ease of borrowing of different borrowing strategies

10. In-group discussion about the ease of each borrowing strategy
11. Group look through brochures and leaflets from banks, loan companies, building societies etc. for inspiration
12. Groups places the cards in order of ease of borrowing
13. When whole group agrees, they should stick the cards in order onto sugar paper.

Whole group discussion – comparing ease and cost

14. A chosen representative from each group displays their chart and explains the reasons for their choices to the rest of the class
15. The groups then stick their posters side by side at the front of the class
16. There will then be a whole group discussion to compare the difference between an option that looks easy, and the eventual cost.

3) Resources

• Brochures and leaflets from banks, loan companies, building societies etc.
• Cards with each of the different borrowing strategies on them
• Large sheets of sugar paper

4) Key Vocabulary

• Bank
• Mortgage
• Personal loan
• Building Society
• Store cards
• Loan companies
• Unsecured loan
• Secured loan
• Credit cards
• Cost effective

5) Cross Curricular links

Key Skills ICT Level 1

• find, enter, explore and develop relevant information
• present information, including text, images and numbers, using appropriate layouts and save information.

Key Skills ICT Level 2

• make selections based on judgments of relevance and quality
• enter and bring together information using formats that help development
• develop the presentation so it is accurate, clear and presented consistently
• take account of the views of others to guide refinements.

Key Skills ICT Level 3

• plan an activity and obtain information from a relevant source
• use this information to carry out multi-stage calculations
• interpret the results of your calculations, present your findings and justify your methods.

Key Skills AON Level 1

• interpret information from two sources
• carry out and check calculations
• interpret the results of your calculations and present your findings.

Key Skills AON Level 2

• interpret information from two sources
• use your information to carry out calculations
• interpret the results of your calculations and present your findings.

Key Skills AON Level 3

• plan an activity and obtain information from a relevant source
• use this information to carry out multi-stage calculations
• interpret the results of your calculations, present your findings and justify your methods.

Key Skills Communications Level 1

• take part in a discussion
• read and obtain information from at least one document
• write two types of document.

Key Skills Communications Level 2

• take part in a group discussion
• read and summarise at least two documents
• give a short talk
• write two types of document, each giving different information.

Key Skills Communications Level 3

• take part in a group discussion
• make a formal presentation
• read and synthesise information from at least two extended documents
• write two types of document giving different information about complex