Whole lesson suitable for BTEC L3 Business/Finance or below. Can be adapted to suit any specification covering personal finance
• Role of money is affected and influenced by a number of factors:
o personal attitudes towards risk and reward, borrowing, spending and saving
o life stages (childhood, adolescence, young adult, middle age, old age), key features
of each stage, financial needs and implications at each stage
o culture, including religious and ethical beliefs
o life events can vary the personal life cycle from individual to individual
o external influences/trends and the financial-related effects
o interest rates, cost of borrowing versus reward of saving.
• Planning expenditure, common principles to be considered in planning
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