Financial Literacy Challenge

Challenge outline

In this challenge, students will use Bruce’s scenario to learn how to navigate the financial costs of becoming a car owner. They will consider other factors than purchasing costs, such as ongoing costs and extra costs, and the effects of proper planning and budgeting. Students will apply this to develop a savings goal for Bruce, using the MoneySmart savings goal calculator. The learning is summed up with a persuasive writing task - where students synthesise their ideas and apply their judgement in deciding if Bruce can really afford a car or not. 

This topic is about the costs associated with car ownership. It will help young people:

• understand that cost of ownership is more than just the purchase price, for example the ongoing costs of insurance
• develop skills in planning for purchases and big ticket items such as cars.
• calculate the real cost of ownership for a car, and the importance of setting aside money to meet the costs.

‍At a glance

Year level - Stage 4 and above

Duration - 40 to 60 minutes, depending on optional activities

Learning areas - English, Mathematics

Financial Literacy Themes - savings, spendings and setting goals

Download the complete teacher notes for full activity and assessment descriptions, curriculum links and outcomes, and teacher tips.

For further financial literacy learning opportunities with strong links to maths, try MoneySmart's Rookie: Car Ownership (Educator guide).