Mastering Savings
Lab Description
The Savings Lab is a comprehensive program designed to provide students with a deep understanding of savings and its critical role in personal finance. Through interactive activities, practical examples, and thoughtful discussions, students will explore various aspects of saving, from the basics to more advanced concepts. This lab is divided into three sections, each building on the previous one to create a well-rounded learning experience.
- Basics of Savings
- Interests Rates, Goals, Risks & Inflation
- Your Savings Behavior & Goals
The lab covers the following concepts
- A quick start activity that includes an interactive sub-activity asking students to find a savings plan to save for their dream laptop.
- The idea of short and long-term goals, introduction to savings
- Simple and compound interest
- Interactive activity to show how compound interest multiplies the money over time
- What are financial institutions and the different savings schemes offered by them?
- Compare and contrast the interest rate offered by different banks and credit unions.
- Analyze the historical change in savings interest rate over time using an interactive worksheet
- How are banks paying you interest - interactive worksheet to show that the money you deposit is given as loans to other customers.
- Taking inflation into account
- Risk associated with various schemes and how financial institutions are regulated.
- Personal attitudes toward savings
- Financial decisions & well-being
Finally the lab ends by asking students to write a letter to their friend about one of their big dreams and savings plan to achieve the dream. At the end of the lab, with the help of materials provided, teachers can conduct a comprehensive review of all sections, facilitating a classroom discussion to reinforce learning and encourage students to share their insights and experiences. This session will help students consolidate their knowledge and apply it to their personal financial planning.
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