Economics & Business · Year 10

Active learning ideas

Financial Advice and Ethics

Active learning works for this topic because ethical and advisory decisions require practice in real-world contexts. Students need to test their assumptions, ask tough questions, and see how theory plays out in messy, human scenarios. Through role-plays and debates, they move beyond memorization to build judgment and confidence.

• ACARA Content Descriptions
• AC9HE10S04

• 30–50 min
• Pairs → Whole Class
• 4 activities

Activity 01

• Case Study Analysis
• 45 min · Pairs

Role-Play: Advisor Consultation

Pairs act as advisor and client facing scenarios like super fund choice. The advisor presents options with ethical twists, such as hidden fees; the client questions credentials and motives. Debrief as a class on red flags spotted.

Explain the role of a financial advisor and when to seek their services.

Facilitation Tip

During the Role-Play: Advisor Consultation, assign clear roles and require students to use a checklist of probing questions to uncover potential biases.

What to look for

Present students with a scenario: 'A friend is offered an investment product by their uncle, who is a financial advisor. The uncle receives a commission if the friend invests. What ethical considerations should your friend think about before accepting the advice?' Facilitate a class discussion on fiduciary duty and conflicts of interest.

• Analyze
• Evaluate
• Create
• Decision-Making
• Self-Management

Activity 02

• Case Study Analysis
• 50 min · Small Groups

Case Study Carousel: Ethics Breaches

Prepare 4-5 real Australian cases, like mis-selling products. Small groups rotate, annotating ethical issues, impacts, and prevention strategies on posters. Groups present one key takeaway to the class.

Analyze the ethical responsibilities of financial professionals.

Facilitation Tip

In the Case Study Carousel: Ethics Breaches, rotate groups every 10 minutes so students analyze multiple scenarios and compare outcomes.

What to look for

Provide students with a checklist of questions to evaluate a hypothetical financial advisor. Ask them to use the checklist to identify at least three key pieces of information they would need to verify before trusting the advisor's recommendations. Review student responses for understanding of due diligence.

• Analyze
• Evaluate
• Create
• Decision-Making
• Self-Management

Activity 03

• Formal Debate
• 40 min · Whole Class

Formal Debate: When to Seek Advice

Divide class into teams debating statements like 'Teens never need financial advice.' Provide evidence packs on costs of poor decisions. Vote and reflect on due diligence criteria post-debate.

Evaluate the importance of due diligence when choosing financial products or advice.

Facilitation Tip

For the Debate: When to Seek Advice, provide a list of life events and require students to cite specific regulations or ethical principles in their arguments.

What to look for

On an exit ticket, ask students to write one sentence explaining the difference between acting in a client's best interest and acting based on commission. Then, ask them to list one specific action they would take to perform due diligence when researching a financial product.

• Analyze
• Evaluate
• Create
• Self-Management
• Decision-Making

Activity 04

• Case Study Analysis
• 30 min · Individual

Advisor Evaluation Matrix: Individual Research

Students research three advisors online, scoring them on ASIC registration, reviews, and fee transparency using a provided matrix. Share findings in a gallery walk to identify patterns in credible advice.

Explain the role of a financial advisor and when to seek their services.

Facilitation Tip

Use the Advisor Evaluation Matrix: Individual Research to model how to compare advisor credentials, fee structures, and client reviews side by side.

What to look for

Present students with a scenario: 'A friend is offered an investment product by their uncle, who is a financial advisor. The uncle receives a commission if the friend invests. What ethical considerations should your friend think about before accepting the advice?' Facilitate a class discussion on fiduciary duty and conflicts of interest.

• Analyze
• Evaluate
• Create
• Decision-Making
• Self-Management

A few notes on teaching this unit

Teachers approach this topic by balancing legal frameworks with human judgment. Avoid presenting ethics as a checklist; instead, focus on dilemmas that reveal biases. Research shows students retain ethical reasoning better when they practice it in low-stakes, peer-led discussions. Use real cases, but keep details appropriate for age and context.

Successful learning looks like students confidently evaluating advisors, spotting conflicts of interest, and justifying ethical decisions with evidence. They should be able to explain why licensing alone isn’t enough and when to seek paid, fiduciary advice. Peer feedback and written reflections show depth of understanding.

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Watch Out for These Misconceptions

• During Role-Play: Advisor Consultation, watch for students assuming all licensed advisors give unbiased advice.

  Use the role-play scripts to guide students in asking pointed questions about fees, commissions, and incentives. After each round, have peers identify one potential bias they heard and one follow-up question they would ask.

• During Case Study Carousel: Ethics Breaches, watch for students thinking ethics only matter for large investments.

  Provide case studies that include small-scale decisions like insurance or credit card offers. Ask groups to identify how ethical lapses in these cases damage trust, just as in large investments. Use a shared chart to collect recurring themes across all cases.

• During Debate: When to Seek Advice, watch for students assuming free advice is always trustworthy.

  Display a sample 'free' consultation script where the advisor steers the client toward a high-commission product. Ask debaters to dissect the hidden costs and compare them to fiduciary standards during their arguments.

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Methods used in this brief

• Case Study Analysis
• Formal Debate