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Consumption and its influences (QC)

Subject Area: Financial Education

BRIEF OVERVIEW

Students will be asked to conduct a survey on the factors that influence consumer behaviour.

LEARNING AREAS

Financial education

Competency
– Taking a position on a financial issue

Components 
– Putting one’s position into perspective
– Examining the options

Financial issue
– Consuming goods and services

Concepts
– Consumption

Techniques involved
– Using and creating a graph and/or poster

EXPLANATION OF INSTRUCTIONAL PURPOSE

Many factors affect consumer behaviour such as age, gender, the search for identity, people’s experience as consumers, their values and family environment. A host of other influences also affect consumer decisions, including peers, family and the media. (PFÉQ 2016, Financial Education, p.11)

EXPECTED RESULT(S)

The purpose of this activity is to have students conduct a survey and identify the three main factors that affect consumption in young people and adults. After conducting this Vox Pop-type survey on their own, students can then use the results of their peers in a cooperative team to produce a common outcome. They will compare their results to create a graph to inform the other students in the class on the factors affecting the consumer choices of young people and adults. Based on their results, they will have to work together and propose solutions to avoid making poor choices when purchasing goods.

IMPLEMENTATION STRATEGY (roughly 195 classroom minutes and 30 minutes of homework)

  • Introduce the consumer concept. Share a personal anecdote and/or present the video: What is consumption? (15 minutes) (teacher’s discretion)
  • Have each student answer the initial questions on consumption and influences on financial choices, using the book Money and Youth, pages 3-5 and 11-18, for assistance if they wish (30 minutes).
  • Ask students to make an initial hypothesis about what influences their individual consumer choices. (Document 2) (5 minutes)
  • Have them conduct a Vox Pop-type survey to determine whether people make responsible consumer choices and what influences their decisions. (Document 3) (10-minute explanation) (roughly 30 minutes’ homework)
  • Have the groups examine the results and collect data to create a graph or poster (20 minutes).
  • Present the results as a graph using Excel or create a poster with the Canva freeware. (60 minutes) (book computer lab time)
  • Share results in a display or presentation. (30 minutes)
  • Reinvestment/see link to English lesson plan sample posted on TWOKAM website http://talkwithourkidsaboutmoney.com/resources/using-credit-cards-qc/ (25 minutes)

Scenario
Present a personal experience in which someone made an impulse purchase and wanted to return the item but couldn’t, OR present a situation in which someone was pressured by a friend to purchase something that they never used. (Personal experiences make financial education more credible to students)

Teachers can choose to present both the scenario activity AND the video or just one of the two. The instructional purpose can be achieved either way)

Video
What is consumption?
https://www.youtube.com/watch?v=_OZBS3UsEvk 

Enrichment
To conclude, have students identify the element(s) from the scenarios that affected their choices, as well as places where they can get information before making a purchase.

Review
Help students become more aware of the importance of making smart, informed decisions about the goods and services they want to better meet their needs and avoid being influenced by consumer traps.

CLASS MANAGEMENT

Group work: ___x____ Individual work: ___x____   Teamwork: ___x____ Other: _______

MATERIALS NEEDED: