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Lifeskills Challenge

Financial choices - needs and wants

Challenge reference: 9064

Notional learning hours  10
Level Entry 3
Subject area
Preparing for Adulthood pathway
Skill
Learning aim

The learner will be introduced to financial concepts differentiating between "needs and wants".
Learning context

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Learning outcomes

What the learner needs to know, understand or be able to do

The learner will:

  1. Identify and understand the difference between needs and wants.

  2. Recognise the impact of financial choices on personal and family well-being.

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Assessment criteria

What the learner need to demonstrate in order to meet the learning outcome

The learner can:

    • Define what "needs" and "wants" are in the context of personal finances
    • Provide at least two examples of needs and two examples of wants
    • Explain how making choices between needs and wants can impact daily life and family finances
    • Discuss the potential effects of spending on wants rather than needs 

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