Financial products and public money
From savings accounts to income tax, understanding where money comes from and goes helps you make sense of both your own finances and the country's.
Part of your national curriculum
- Financial capability: Understand a range of financial products and services, and how public money is raised and spent
Lesson overview
What you'll learn in this lesson
Understand a range of financial products and services, and how public money is raised and spent
Key learning points
- • Financial products
- • Raising public money
- • Spending public money
This lesson at a glance
- 25 minutes
- 17 parts to scroll through
- 3 quick checks
- Marked quiz at the end
- Gentle pace: short sittings with pauses
Words to know
Scroll down — the lesson carries on below
Watch & discover
Part 1 of 17
Visual introductionPicture this
Financial products and public money
From savings accounts to income tax, understanding where money comes from and goes helps you make sense of both your own finances and the country's.
In a nutshell
Understand a range of financial products and services, and how public money is raised and spent
Learning cycle
Part 2 of 17
Learning cycle 1 of 2
Part 1 · Financial products
A short piece of teaching, then a check to make sure it has landed.
Explore the idea
Part 3 of 17
Learn
Financial products
Common financial products include current accounts for everyday spending, savings accounts that pay interest, credit cards that let you borrow short-term, and insurance that protects against unexpected costs. Each has different risks and benefits.
Reset break
Part 4 of 17
Pause
That's sitting 1 of 4 done
Stretch, get a drink, look out of the window. There is no timer and nothing is counting down — your place is saved, so you can come back in five minutes or tomorrow.
Explore the idea
Part 5 of 17
Learn
Raising public money
The government raises money mainly through taxation, including income tax on earnings, VAT on most goods and services, and National Insurance contributions, which fund state pensions and benefits.
Quick check
Part 6 of 17
Quick check
Part 7 of 17
Reset break
Part 8 of 17
Pause
That's sitting 2 of 4 done
Stretch, get a drink, look out of the window. There is no timer and nothing is counting down — your place is saved, so you can come back in five minutes or tomorrow.
Learning cycle
Part 9 of 17
Learning cycle 2 of 2
Part 2 · Spending public money
A short piece of teaching, then a check to make sure it has landed.
Explore the idea
Part 10 of 17
Learn
Spending public money
Public money is spent on services such as the NHS, education, defence and welfare payments. Decisions about spending priorities are debated in Parliament and set out in the annual Budget.
Quick check
Part 11 of 17
Quick check
Where are decisions about government spending priorities set out each year?
Reset break
Part 12 of 17
Pause
That's sitting 3 of 4 done
Stretch, get a drink, look out of the window. There is no timer and nothing is counting down — your place is saved, so you can come back in five minutes or tomorrow.
Challenge round
Part 13 of 17
Game · Sort it
Which of these are true?
Drag each card into the right column. Tap a card first if dragging is fiddly.
True
Not true
Challenge round
Part 14 of 17
Game · Fill the gaps
Finish the sentences
Choose the word that belongs in each gap.
Common ____ products include current accounts for everyday spending, savings accounts that pay interest, credit cards that let you borrow short-term, and insurance that protects against unexpected costs.
The government raises money mainly through taxation, including income tax on earnings, VAT on most goods and ____, and National Insurance contributions, which fund state pensions and benefits.
____ money is spent on services such as the NHS, education, defence and welfare payments.
Challenge round
Part 15 of 17
Game · Recall cards
Which financial product pays interest on money you deposit?
Card 1 of 3
Mastery quiz
Part 16 of 17
Marked quiz
End of lesson quiz: Financial products and public money
3 questions, marked with the reasoning shown. No timer.
1. Which financial product pays interest on money you deposit?
2. Which tax is charged on most goods and services in the UK?
3. Where are decisions about government spending priorities set out each year?
Lesson round-up
Part 17 of 17
Lesson round-up
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Understand a range of financial products and services, and how public money is raised and spent