Activity 01
Bank vs. Credit Union Showdown
In pairs, students research and compare a standard savings account from a major Irish bank and their local credit union. They create a comparison table highlighting interest rates, fees, membership requirements, and online services, then present their findings on which is better for a typical teenager.
Compare the features of saving accounts offered by a commercial bank and a credit union.
Facilitation TipProvide students with a template or checklist to guide their research and ensure they compare like-for-like features.
What to look forAn exit ticket task where students must list one pro and one con for saving with a bank, and one pro and one con for saving with a credit union.
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Activity 02
The Financial Goal Challenge
Students individually choose a realistic short-term financial goal, like buying a new phone or concert tickets. They must then research and write a one-page savings plan, justifying their choice of savings product (e.g., An Post account, credit union regular saver) to achieve their goal.
Explain the principle of 'risk and return' in the context of investing.
Facilitation TipEncourage students to use real figures for the cost of their goal and the interest rates of savings products they find.
What to look forA case study project where students are given a profile of a person with a specific financial goal and must research and recommend a suitable savings or low-risk investment strategy, justifying their choices.
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Activity 03
Risk and Return Ladder
As a whole class, create a 'ladder' on the whiteboard from low risk/low return to high risk/high return. Students are given cards with different investment types (e.g., savings account, government bonds, property, company shares) and must place them on the correct rung of the ladder, justifying their decision.
Evaluate the suitability of different savings options for achieving a specific financial goal, such as buying a new phone.
Facilitation TipUse this as a dynamic way to introduce the concept and address misconceptions in real time.
What to look forStudents use a 'traffic light' system (red, amber, green) to rate their own confidence in defining key vocabulary terms before a topic test.
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Generate Complete Lesson→A few notes on teaching this unit
Begin by tapping into students' own experiences and goals, asking what they are currently saving for. Use up-to-date examples from the websites of Irish banks, credit unions, and An Post to keep the content relevant and practical. A visual comparison chart can be a powerful tool to highlight the differences between various savings options.
Upon completing these activities, your students will be able to confidently compare savings products from Irish institutions and explain the core principle that connects financial risk and reward.
Watch Out for These Misconceptions
Saving and investing are the exact same thing.
Saving is putting money aside in a very safe place, like a bank or credit union, for short-term goals. It has very low risk and offers low returns. Investing is using money to buy something that could grow in value over the long term, like shares, but it comes with a higher risk of losing money.
You need to have loads of money to start investing.
While some investments require a lot of money, many modern options allow people to start investing with small, regular amounts. The principle of starting early is often more important than the amount you start with.
My money is 100% safe in the bank, no matter what happens.
Money in Irish banks and credit unions is very safe, but it's protected by the Deposit Guarantee Scheme (DGS) up to a limit of €100,000 per person, per institution. This means if the institution fails, your savings up to that amount are protected.
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