1. Money and Banking

2. Forms of Money Barter – exchanging one product for another Gold and silver – minted into coins Paper money – initially used as receipts for silver and gold

3. Characteristics of Money Money has to be: Portable easy to carry Valuable acceptable in exchange for goods and services Scarce be in short supply Divisible capable of being broken down into small denominations Durable last a long time

4. Forms of Money Today Notes and coins Cheques Credit cards Debit cards

5. The Euro The official currency of the Eurozone (17 of the 27 members of the EU) Second most traded currency in the world Used in: –Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain

6. Advantages of the Euro Lower interest rates Easy to make price comparisons across the Eurozone Reduced business costs no bank charges on foreign currency transactions, exchange rates risks will be eliminated Increased tourism no currency conversion will be required for travel within the Eurozone

7. Saving and Investing Saving means not spending your money Investing means putting your money where it will earn interest

8. Reasons for saving/ investing Future purchases Unforeseen events Childrens education Income for the future Holidays

9. Factors to be considered before deciding where to invest Safety Interest Liquidity Tax Future benefits Convenience

10. Where to invest… An Post Credit Unions Building Societies Banks