PSHE/Citizenship GCSE: The banks and my cash
A teenager finds out the role the cash in his pocket plays in the global economy.
He discovers how the Bank of England sets interest rates, how banks make money by lending, what a recession is and what caused the 2007 financial crisis.
This clip is from the series The World, My Stuff and Me.
The clip could be used to explore the benefits and risks of saving and borrowing, especially the concepts of 'good and bad' debt.
Pupils could investigate the implications of interest, especially compound interest and the consequences of failing to repay debt.
Pupils could debate whether taxpayers' money should be used to support failing banks and investigate the consequences of letting banks collapse.
This clip will be relevant for teaching PSHE and Citizenship. This topic appears in OCR, Edexcel, AQA, WJEC KS4/GCSE in England and Wales, CCEA GCSE in Northern Ireland and SQA National 4/5 in Scotland.