Bank It Lesson 10 Student Activity Sheet 2
Bank It Lesson 10 Student Activity Sheet 2
In this lesson, students will learn about different types of savings and investing strategies, such as certificates of deposit, savings accounts, money market accounts, retirement accounts, 529 savings accounts, mutual funds, stocks, and bonds. They will also compare the risks, pros, and cons of each strategy and decide which one is best for their goals.
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The lesson consists of two student activity sheets:
Where to Stash Your Cash: This handout introduces students to basic savings and investing strategies including the risks, advantages and disadvantages associated with each.
Bank It: Students will research savings strategies offered by different banks or credit unions and write their findings in a chart. They will also choose the best option for saving $100 based on their research.
The lesson aims to help students develop financial literacy skills and understand the importance of saving and investing for their future. By completing the activity sheets, students will be able to:
Identify different types of savings and investing strategies and their characteristics.
Analyze the risks, pros, and cons of each strategy and how they fit their goals.
Compare and contrast different savings options offered by banks or credit unions.
Make informed decisions about where to save their money.
The lesson can be used as a standalone activity or as part of a larger unit on personal finance. It can also be adapted to different grade levels and learning objectives. For example, teachers can modify the amount of money to be saved, the number of banks or credit unions to be researched, or the type of savings strategies to be explored.
The lesson is aligned with the National Standards for Financial Literacy, which state that students should be able to:
Explain how financial institutions channel funds from savers to borrowers and investors (Standard 10).
Analyze how inflation, taxes, and fees affect the rate of return on investments (Standard 11).
Evaluate investment alternatives (Standard 12).
Describe how to use various financial products and services effectively (Standard 13).
The lesson is also relevant to the Common Core State Standards for Mathematics, which require students to:
Use ratio reasoning to convert measurement units (6.RP.A.3d).
Solve problems involving percentages (6.RP.A.3c).
Use proportional relationships to solve multistep ratio and percent problems (7.RP.A.3).
Solve problems involving scale drawings of geometric figures (7.G.A.1).
Use statistics appropriate to the shape of the data distribution to compare center (median, mean) and spread (interquartile range, standard deviation) of two or more different data sets (S-ID.A.2).
Interpret differences in shape, center, and spread in the context of the data sets, accounting for possible effects of extreme data points (outliers) (S-ID.A.3).