Mathematics · Grade 7

Active learning ideas

Methods of Payment

From tapping a card to sending an e-Transfer, how we pay for things is always changing. Let's investigate the tools in our digital and physical wallets to become smarter consumers.

• Ontario Curriculum Expectations
• Ontario Curriculum (2020): Grade 7 Mathematics - Strand F: Financial Literacy - F1.1

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

Activity 01

• Case Study Analysis
• 45 min · Small Groups

Payment Method Scenarios

In small groups, students are given cards with different purchasing scenarios (e.g., buying a snack at a corner store, ordering a pizza online, paying for a family vacation). They must decide on the best payment method, justify their choice, and present their reasoning to the class.

Compare the security features of using a credit card versus a debit card for online purchases.

Facilitation Tip

Encourage groups to consider less obvious factors like transaction records, buyer protection, and potential fees.

What to look for

An exit ticket asking students to list one situation where cash is the best payment option and one where a credit card is better, with a brief justification for each.

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

Activity 02

• Case Study Analysis
• 30 min · Pairs

The True Cost Challenge

Students are given a mock credit card statement with a balance and an interest rate. They calculate the total amount paid if they only make the minimum payment versus paying the balance in full, highlighting the real cost of credit.

Explain a situation where using cash might be more advantageous than an electronic payment.

Facilitation Tip

Provide calculators and a simple formula for interest to keep the focus on the concept rather than complex computation.

What to look for

Students create a short presentation or infographic comparing two different payment methods (e.g., PayPal vs. credit card) across several criteria like security, convenience, fees, and user protection.

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

Activity 03

• Case Study Analysis
• 50 min · Individual

Design a Secure Payment App

Individually or in pairs, students brainstorm and sketch a wireframe for a new mobile payment app. They must include and label at least three security features to protect users' financial information.

Evaluate the potential risks and benefits associated with new payment methods like mobile payments.

Facilitation Tip

Prompt students to think about features they already use, like passwords, biometrics (fingerprints), and transaction notifications.

What to look for

Students use a simple rubric to rate their confidence in explaining key terms like 'interest', 'debit', and 'credit' to a family member.

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

A few notes on teaching this unit

Begin by grounding the topic in students' own experiences through a class discussion or poll about their recent purchases. Use relatable, real-world scenarios to compare and contrast payment types. Introduce vocabulary explicitly and use visual aids, like sample receipts or card statements, to demystify abstract financial concepts.

Students will be able to compare common payment methods and choose the most appropriate one for different situations, considering factors like safety, cost, and convenience.

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Watch Out for These Misconceptions

• Credit cards and debit cards are the same thing.

  A debit card uses money directly from your bank account, it is your own money. A credit card is a loan, you are borrowing money from the bank that you must pay back later, often with interest.

• Using 'tap to pay' is not secure and anyone can steal my money.

  Tap-to-pay transactions are encrypted and have low limits, typically $100-$250 in Canada, to minimize risk. Financial institutions also have fraud protection policies that usually cover unauthorized tap payments.

• If you have a credit card, you have that much money to spend.

  A credit limit is not an amount of money you own; it is the maximum amount of money a financial institution is willing to lend you. Any amount you spend must be repaid.

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Methods used in this brief

• Case Study Analysis