Good Learning Co.
SavannahYear 8
← Citizenship
CitizenshipPersonal and public finance25 min★★ difficulty

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
  • 14 parts to scroll through
  • 3 quick checks
  • Marked quiz at the end
  • Gentle pace: short sittings with pauses

Words to know

financialproductsservicespublicraised

Scroll down — the lesson carries on below

Part 1 of 14 · Discover7%
1

Watch & discover

Part 1 of 14

Watch first

Financial products and public money

An English teaching video on this topic from Learn Bright. Watch it, then scroll down for the lesson.

In a nutshell

Understand a range of financial products and services, and how public money is raised and spent

2

Learning cycle

Part 2 of 14

Learning cycle 1 of 2

Part 1 · Financial products

A short piece of teaching, then a check to make sure it has landed.

3

Explore the idea

Part 3 of 14

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.

4

Explore the idea

Part 4 of 14

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.

5

Quick check

Part 5 of 14

Quick check

Which financial product pays interest on money you deposit?

6

Reset break

Part 6 of 14

Pause

That's sitting 1 of 2 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.

Stop here for now
7

Quick check

Part 7 of 14

Quick check

Which tax is charged on most goods and services in the UK?

8

Learning cycle

Part 8 of 14

Learning cycle 2 of 2

Part 2 · Spending public money

A short piece of teaching, then a check to make sure it has landed.

9

Explore the idea

Part 9 of 14

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.

10

Quick check

Part 10 of 14

Quick check

Where are decisions about government spending priorities set out each year?

11

Challenge round

Part 11 of 14

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

12

Challenge round

Part 12 of 14

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.

13

Mastery quiz

Part 13 of 14

Marked quiz

End of lesson quiz: Financial products and public money

3 questions, marked with the reasoning shown. No timer.

  1. 1. Which financial product pays interest on money you deposit?

  2. 2. Which tax is charged on most goods and services in the UK?

  3. 3. Where are decisions about government spending priorities set out each year?

14

Lesson round-up

Part 14 of 14

Lesson round-up

Ready when you are

Quiz score

Not sat

Games

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Points this lesson

0

Best run

0 in a row

Luna: 0 out of 3 on the practice checks. Only if you feel up to it — one more?

Ask Luna

Do the work

Your written work for this lesson

This is the part you'd do in your book at school. Pick the pieces below, write here or on paper, and photograph anything you draw or work out.

Case study

Should the town centre have a curfew for under-16s?

After a rise in reported vandalism, Harbrook council proposed that under-16s should not be in the town centre after 9 pm without an adult. Police recorded 62 incidents last year, most between 9 pm and midnight. Shopkeepers signed a petition supporting the plan.

A youth council objected. They pointed out that most young people in town at night were going home from sports clubs or work, that the plan punishes a whole group for the acts of a few, and that the library and the bus interchange are in the town centre. They asked instead for a late bus and a youth space.

The council voted to trial the curfew for six months and to publish the crime figures at the end.

Written for Good Learning Co.

Reading questions

  1. Give the strongest point on each side of the argument, using a fact from the case.
  2. Whose rights and whose responsibilities are involved here? Explain both.
  3. Write your own view on the curfew with reasons and one example.

  • Reading and response

    Reading

    Read the case in the lesson again and write what you think should happen, and why it is fair. Use one fact from the case as evidence.

    2 paragraphs (PEE)

  • Extended writing

    Writing

    Write your answer to the lesson's big question in full: the strongest point on each side, then your own view with reasons and an example.

    250–350 words

  • Reading log

    Reading

    Find one news story this week that links to this lesson. Note the headline, where you read it, and how it connects.

    1 story, 4–5 sentences

  • Two sides of the argument

    Writing

    Write the strongest point for, the strongest point against, and then your own view with a reason.

    3 paragraphs

  • Poster or leaflet plan

    Diagram

    Plan a leaflet that explains this right or responsibility to someone your age, then photograph it.

    1 planned page

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    Understand a range of financial products and services, and how public money is raised and spent

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