Business Year 12 Miss Allen.

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Presentation transcript:

Business Year 12 Miss Allen

Aims of today Check learning on savings and investments. Analyse the risks and rewards of saving versus investment. Insurance

Savings and Investments Involves placing extra money in a secure place where it will hopefully grow through interest paid. E.g. Grandchild. Investment involves making a commitment to a project in the hope that it is successful. E.g. Shares in a company. http://www.aviva.co.uk/retirement/news-views/video/getting-ready/savings-or-investments/

Can you explain the difference between saving and investment? Draw a concept map about different methods of saving and investment. For each method, weigh up the risk versus the reward and aware the method a mark out of 10, with 10 being the highest risk and 1 being the lowest risk. Which method of saving or investment do you think offers the lowest risk at the highest reward? Justify your answer.

What are the risks and rewards of savings and investments? Risks of saving Rewards of saving Low or zero risk as money saved is guaranteed to be available in the future. Interest payments Inflation can reduce the spending power of money saved. Financial security/peace of mind. Risks of investment Rewards of investment Investments can go wrong and all or some of the value can be lost. If successful, there is potential for a high financial return. No guarantee of a return Can be exciting. Some people will invest in shares, antiques, property in the hope for high returns.

Insurance An agreement with a third party to provide compensation against a financial loss in line with the conditions laid out in the policy. Premiums- regular payments made by an individual or company to an insurance provider in return for protection.

Different types of insurance Jot down a list of the different types of insurance that exists- Car Pet Home and Contents Health Travel Life assurance and insurance

RESEARCH- What are these types of insurance? Write down your definition of each of these types of insurances and what their main purpose is? Can you think of at least advantage and disadvantage of them.

Activity on Sheets Complete the questions on the sheets. Check your knowledge. Feedback to class.

SMHW Describe the likely financial needs and implications of a person in the young adult stage of the life cycle. Bethany and Mark have inherited some money from their grandfather. Bethany wants to save the money for the future, but Mark thinks he will make more money if he invests it. Assess the risks and rewards of savings versus investments.