1. Financial Services and Products for Young People

2. Learning Objectives
To understand that there are financial products/services available for young people and how they can be accessed
To appreciate that they need to make informed choices about financial products and may need to seek help and advice

3. At what age? A True or False Quiz

4. You have to be 17 to get a driving licence for a car
True

5. False – you can get one at 16
Riding
You have to be 17 to get a licence for a scooter or moped (up to 33bhp)
False – you can get one at 16

6. You have to be 17 to get a driving licence for a tractor
Tractor driving
You have to be 17 to get a driving licence for a tractor
False – you can get one at 13 but you are only allowed to drive on private land

7. You have to be 18 to buy alcohol from a shop
True

8. False. This changed to 18 in 2007
Cigarettes
You have to be 16 to buy cigarettes
False. This changed to 18 in 2007

9. You have to be 16 to buy a lottery ticket
The National Lottery
You have to be 16 to buy a lottery ticket
True

10. You can get a credit card from a bank when you’re 16
Credit Cards
You can get a credit card from a bank when you’re 16
FALSE- You have to be 18

11. False. You can have a bank account at any age
Open a bank account
You have to be 16 to open your own bank account.
False. You can have a bank account at any age

12. Is it fair? Why do some things have an age restriction?
Are these age restrictions fair?

13. Financial services and products for young people
What financial products/services can you think of?
Banks
Building societies
Insurance
Can you explain each of the products/services you have listed? What are they for/what do they do?

14. Financial products and services
Look at the financial services cards you’ve been given…
Read the descriptions on each – were your earlier explanations correct?
Are there any cards which aren’t on your list?

15. Under 18? Now sort the cards into two piles:
Those you can use/get before you are 18?
Those you need to be at least 18 to use/get?
Why do you think these age limits exist and are they fair?

16. Financial services for young people
Compare your two piles of cards with those on the Financial services for young people sheet, did you identify those you can have under 18 correctly?
Now think of one advantage and one disadvantage for each product/service on the list

17. How do we know what is right for us?
Just as with any purchase, before we decide to buy or use a financial product we need to be sure it is right for us.

18. Finding out more
In groups discuss what you would need to know before you purchase a financial product.
In particular think about:
Where could you go to find out information about different financial products?
Is all information reliable and trustworthy?
Who might give you good advice?
Are all financial products the same?
Are adverts a reliable source of information?
Should you shop around for financial products?
Why should you always read the small print?

19. Priority Products
In groups return to the financial product cards and rank them in order of importance for your age group.
Share your ideas with the rest of the class.
What are the 5 most popular financial products and why?