Maths KS3 / GCSE: Saving your cash
Radio 1 Newsbeat journalist Adina Campbell meets Nick, a 16 year old with a clear goal encouraging him to save.
Nick’s example shows how even a relatively small amount of money can add up over a year, and they investigate how banks can add to this through interest and compound interest.
Financial experts Iona Bain and Martin Lewis explain what these terms mean, and how they all add up to help you make your money work harder for you.
This clip is from the series Made of Money.
Students could be given a variety of fictional savings goals, and have to calculate how much they could save over time, based on the calculations in the film.
They should consider how much they would need to deposit each month, and which interest rate could let them reach their goal on time.
Use spreadsheets and online calculators to illustrate the effects of saving and the impact of compound interest.
Suitable for teaching Maths at KS3 and GCSE in England, Wales and Northern Ireland and National 4 and 5 in Scotland.