GEEM - Learning Situation

F1. Money and Finances

Demonstrate the knowledge and skills needed to make informed financial decisions.

Learning Situation: I Am Opening a Student Account!

Total duration: 110 minutes

Overview

In this learning situation, students critically examine and compare student account interest rates and service fees from different financial institutions, researching the best choices for to address specific needs.

Overall Expectation

Specific Expectations

Financial literacy

F1. Demonstrate the knowledge and skills necessary to make informed financial decisions.

F1.1 Describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services.

F1.4 Explain the concept of interest rates, and identify types of interest rates and fees associated with different accounts and loans offered by various banks and other financial institutions.

Preferred High-Impact Instructional Practices in Mathematics	Description
Learning Goals, Success Criteria and Descriptive Feedback	Before beginning this learning situation, it is essential to make the learning goals, based on the curriculum expectations and content, explicit so that they are known and understood by all students. This will ensure that students are aware of the learning goals of the lesson. The success criteria can then be developed and understood through a variety of instructional strategies, such as using examples of student work, co-constructing the success criteria or self-assessing how the criteria have been met. These strategies allow for student engagement and a shared understanding of the steps needed to achieve the learning goals. It is important to make the learning goals and success criteria visible by posting them in the classroom for students to refer to throughout the lesson. Descriptive feedback related to the criteria provides the specific information students need to achieve the intended learning goals. By providing descriptive feedback on multiple occasions, educators help students develop the skills to assess their own learning and reflect on the criteria. In this learning situation, a good time for descriptive feedback is during the Active Learning phase. Students work and communicate in small groups to critically review and compare interest rates and fees related to student accounts of different financial institutions, as well as to research the best choices according to the their needs. Students work and communicate in small groups, and, with thoughtful questioning, educators check for understanding and direct students to the criteria to adjust or justify their work. During the Review phase, mathematical conversations may require descriptive feedback from educators as they probe for students' reasoning about their choice of a financial institution to open a student account based on the the individual's needs and by comparing interest rates and fees.
Problem-Solving Tasks and Experiences	In this learning situation, students must critically examine and compare student account interest rates and service fees from different financial institutions, and research the best choices needs, it is a problem-solving experience, that gives students the opportunity to reason, communicate, represent, make connections, and justify thinking. This learning situation has many entry points, and all students will be able to participate and propose solutions using their strategies, as well as their critical and creative thinking. This approach promotes accessibility for all students and the exchange of a variety of mathematical strategies and ideas. This learning situation can be differentiated by using different numbers, making the task accessible yet challenging for the students.
Direct Instruction	Direct instruction involves modelling, refining and extending mathematical concepts and can be used throughout the learning process. As a flexible instructional practice that responds to the diverse needs of students, direct instruction is appropriate given the complexity of the task, which addresses several financial literacy concepts (for example, the advantages and disadvantages of various methods of payment, analysis of interest rates and fees associated with various bank accounts, etc.). Educators are encouraged to take advantage of direct instruction to assess for learning and to adapt interventions based on student participation and feedback. Educators can identify times when certain concepts can be taught explicitly to make it easier for students to solve the problem.

Prior Knowledge and Skills

To be able to carry out this learning situation, students must be able to use the properties of operations and the relationships between operations to solve problems involving percents.

Learning Goals

At the end of this learning situation, the student will be able to:

Describe the advantages and disadvantages of various methods of payment.
Explain the concept of interest rates.
Determine and compare fees associated with different accounts offered by various financial institutions.
Use data to make persuasive arguments and make informed decisions.

Possible Success Criteria Based on the Achievement Chart

Skill	Success Criteria
Knowledge and Understanding	The student recognizes the advantages and disadvantages of various methods of payment. The student identifies types of interest rates and the fees associated with various accounts and loans offered by different financial institutions. The student identifies and compares the fees associated with different accounts offered by various financial institutions.
Thinking	The student chooses the option that best meets their needs. The student determines the advantages and disadvantages of various methods of payment. The student determines the types of interest rates and fees associated with different accounts. The student selects data to formulate persuasive arguments and make informed decisions. The student interprets results according to the context presented.
Communication	The student communicates mathematical thinking using financial literacy conventions and vocabulary. The student explains the concept of interest rates, as well as the fees associated with different accounts and loans. The student justifies their choices using mathematical evidence.
Application	The student determines the fees associated with different accounts offered by various financial institutions. The student determines the interest rate on accounts offered by various financial institutions.

Materials

calculator
Internet access for research
chart paper

Mathematical Vocabulary

interest rate, bank fees, chequing account, savings account, debit card, transaction, deposit, withdrawal, cheque, electronic transfer, payment, plan, rebate

Before Learning (Warm-Up)

Duration: 20 minutes

Assessment can be carried out through… Evaluation can be done through conversations or observations.

Facilitate a discussion by asking questions such as:

What is a financial institution? What is its purpose?
Have you ever visited a bank/financial institution with an adult? What can you tell us about it?
What are the benefits of having a bank account?
Which financial institutions are near you?
What are the similarities and differences between the different bank accounts?
What financial needs may differ from person to person?
What types of fees are associated with bank accounts?
What are other ways to withdraw or deposit money, other than going to the bank or financial institution?
What is the relationship between financial institutions and online transactions?

Active Learning (Exploration)

Duration: 60 minutes

Assessment can be carried out through… Evaluation can be done through the conversations, observations and productions.

Present the scenario below to the students:

In the past three months, you have accumulated $320 by walking your neighbour's dog and $90 by doing yard work. You also have $1430 that you have received as gifts over the past few years. Your parents suggest that you open a student account at one of the financial institutions in your neighbourhood to deposit all your money. Which institution will you choose?

Now that you have your own bank account, you go to the mall with your family. You would like to buy yourself a new gym bag in one store, and have a snack while shopping in another store. Back home, you are asked to help buy the gift for a family member by chipping in $25. What methods of payment will you use for your transactions and what are the advantages and disadvantages according to your financial institution?

Make sure that the students understand the task at hand by asking questions such as:

Who can describe the task in their own words?
What data is relevant in this situation?
What is a student account at a financial institution?

Ask students to present and justify their choice of financial institution during the mathematical exchange.

Form teams of two or three students and display the problem.

Provide students with the necessary materials.

Allow enough time for students to complete the task.

Circulate in the classroom and observe the strategies used by the students. Provide guidance as needed to help some teams progress by providing scaffolded questions, such as:

Possible Observations	Possible Interventions
The team has difficulty recognizing useful information.	Can you explain, in your own words, the task at hand? What important information and data will help you solve the problem? Where might you find it? Can you relate to something in your daily life to help solve the problem?

Possible answer

I must, first of all, determine the financial institutions that are in my area. Next, I search the Internet to list the features of student accounts (for example, no monthly fees, no ATM withdrawal fees).

I compare three financial institutions.

Lake Ontario Alliance Fund	Lake Huron Bank	Lake Superior Bank
Account intended for young people aged 18 and under and people aged 19 to 25 who are students.	Account intended for young people aged 18 and under and people aged 19 to 23 who are students.	Account intended for young people aged 18 and under and people aged 19 to 25 who are students.
Chequing account	Chequing account	Chequing account
Free monthly plan	Free monthly plan	Free monthly plan
Unlimited transactions deposits, withdrawals, cheques Limited transactions ATM bill payments and transfers: $1.25 per transaction	Unlimited transactions deposits, withdrawals, payments, transfers Limited transactions debit card purchases: limit of 5 per day for youths 18 and under	Unlimited transactions ATM deposits and withdrawals, online transfers and payments, debit card purchases Limited transactions cheques: $1.25 per transaction ATM bill payments and transfers: $1.25 per transaction
Withdrawal fees at ATM other than those of this institution One free ATM withdrawal from another institution per month. $2 for each additional withdrawal at an ATM of another institution.	Withdrawal fees at ATM other than those of this institution $3 for each ATM withdrawal from another institution.	Withdrawal fees at ATM other than those of this institution $0
Monthly interest rate 0.05%	Monthly interest rate 0.05%	Monthly interest rate 0.04%
Youth rebate An amount of $15 each year when 7 or more deposits are made in this account.	$150 bonus when you open a student account.	$100 bonus when you open a student account.

The three student accounts are chequing accounts, which allow me to make financial transactions. There is also interest that is paid, but the interest rates are very low so the interest earned in a year is often only a few cents. I know the interest rates for a savings account are a bit higher, which is still a small amount over a year. However, a savings account does not allow me to make financial transactions.

With a calculator, I determined the interest for the deposit in my account, which is $1570.

Month	Lake Ontario Alliance Fund 0.05%	Lake Huron Bank 0.05%	Lake Superior Bank 0.04%
1	$1570.79	$1570.79	$1570.63
2	$1571.58	$1571.58	$1571.26
3	$1572.37	$1572.37	$1571.89

In comparing the three institutions, I would choose Lake Superior Bank because:

Even if the interest rates are lower, there is almost no difference.
There are more unlimited transactions allowed than for the other two accounts — deposits, withdrawals, payments, transfers.
The account is good until I reach 25, if I stay in school.
There are free unlimited withdrawals at an ATM of another institution, unlike the other two institutions.
Although the bonus is $50 less than that of the Lake Huron Bank, the difference is minimal considering all the advantages.

Here are my three transactions and the possible methods of payment according to my Lake Superior Bank account:

Transaction	Possible Methods of Payment
Purchase of a new sports bag	According to my bank account: Yes I can use my debit card without service charges since I have enough money in my account. I can withdraw cash from an ATM at the shopping center, even if it is not an ATM of my financial institution, since there are no fees associated with this type of transaction. No I don't have a credit card. I could do an electronic transfer since it's fast and secure, but the stores don't accept electronic transfers. I can write a cheque, but there is a bank charge of $1.25 each time I write a cheque. Also, not all stores accept personal cheques.
Buying a snack	According to my bank account: Yes I can use my debit card without service charges since I have enough money in my account. I can withdraw cash from an ATM at the shopping center, even if it is not an ATM of my financial institution, since there are no fees associated with this type of transaction. No I don't have a credit card and the amount is very small. I could do an electronic transfer since it's fast and secure, but the stores don't accept electronic transfers. I can write a cheque, but there is a bank charge of $1.25 each time I write a cheque. The cost of the cheque is too high compared to the cost of the snack.
Money for my brother	According to my bank account: Yes I can do an electronic transfer online with no service fees and I have the app on my cell phone. I can use cash since the neighbour just paid me cash for walking his dog. I can go to the Lake Superior Bank and withdraw cash from the ATM since there are no service charges. No I can make a transfer from my account at my bank's ATM, but there are service charges.

Ask the teams to compare their results with those of another team.

Invite teams to post their work.

Review

Duration: 30 minutes

Assessment can be carried out through… Evaluation can be done through conversations or observations.

Ask students to share their solution with the class and explain the strategies used to determine which of the three financial institutions best meets their needs.

The other students contribute to the discussion and enrich the mathematical conversation by asking questions to check their understanding.

If necessary, ask questions based on the content of the work displayed:

Do you think you have represented the problem correctly?
Is your solution logical? Does your solution make sense? Why?
Do all teams have the same answer? Why?
Do you feel you have met the learning goals?
How did you feel during the exchange of ideas in your team? Did you always agree with other people's ideas? What strategies did you use to respect each member's opinion?

Following the discussions, ensure that students:

Demonstrate an understanding of the concept of interest rates and fees.
Recognize the difference between interest rates in different types of bank accounts.
Compare accounts and selects the option that best meets particular needs.

Consolidation of Learning

Create an infographic to appropriately represent the advantages and disadvantages of each financial institution.
Ask some teams to explain the difference between a credit union and a bank. Does one institution offer better services than the others for a student account?

Links to Other Curriculum Expectations

Number

B1.3 Compare and order integers, decimal numbers, and fractions, separately and in combination, in various contexts.

B1.4 Read, represent, compare, and order decimal numbers up to thousandths, in various contexts.

B2.1 Use the properties of operations, and the relationships between operations, to solve problems involving whole numbers, decimal numbers, fractions, ratios, rates, and whole number percents, including those requiring multiple steps or multiple operations.

B2.4 Represent and solve problems involving the addition and subtraction of whole numbers and decimal numbers, using estimation and algorithms.

B2.12 Solve problems involving ratios, including percents and rates, using appropriate tools and strategies.

Differentiated Instruction and Universal Design for Learning

Provide a table with data from the three financial institutions.
Ask students to compare two financial institutions.

For an Extra Challenge

Invite students to compare the differences between student and adult accounts.
Ask students to reflect on the benefits of opening a bank account despite low or scarce income (as is possibly the case at their age).