Unit 7

To learn why a place to store money is needed

Begin a discussion with the group on why we need safe places to store valuable things, such as money –

• we do not want to lose any of it
• we don’t want it to be mislaid
• we don’t want it to be stolen

Learn to know the different places in which they can store money and the features of each

Begin a discussion with the group on safe places to keep valuable things – what does ‘safe’ mean e.g. somewhere things cannot be lost, damaged or stolen – allow the group to suggest some safe places and discuss the benefits of each.

Places to store money that may be suggested and their benefits:

Piggy-box / jar in my bedroom / “under the bed”
Easy to access by almost anyone
Easy for me to get at - good and not so good

My pocket / purse / wallet
Always have it with me
Could lose it
It could be stolen

A friend / relative minds it for me
Where are they going to keep it – is that a safe place?
How do I get it if I need it?
Who is in control of it?

Account in the bank / credit union / post office
Cannot be lost
Cannot be stolen
I have to go there to get it if I need it

Invite the group to go to Activity 7.2 – click on each picture and hear the benefits of the various places suggested as a place to store money.

It is mandatory for any individual handling another person’s money to always issue a receipt for any transactions.

Learn to appreciate the importance of having a bank account

Following on from Activity 7.2, invite the group to say what they have concluded is the safest place to store money. In general, they will have concluded that an account of some sort – bank, post office, credit union – is the safest option.

Talk again a little about the advantages of an account being a safe option to store money – it is a secure and safe place, where no-one else can access my money only myself. I can access it by going in to the branch, or perhaps I can have a card to use in a machine. Also, the money I save earns interest – this means that the bank pays me a small amount of money for leaving my money with them.

Gather information from www.itsyourmoney.ie about opening a bank account and discuss with the group. Provide the group with any relevant information printed off the above website for the group to take with them.

Learn to know where their money is now and why it is there

Very often, access to a learner’s money will be supported by a third party who is trusted by the learner. The facilitator should be familiar with the client financial policy that is in place in their organisation / centre.

It is a good time to discuss ‘trust’ – what does that mean? Invite each learner to identify 3 advocates whom they trust, inside and outside of the service – these are people to whom the learner can go to if they need help with their money e.g. these could be a family member or support worker.

Learn to understand ATM’s, common transactions and bank statements

The learner will meet many new terms in this unit – ask the group to navigate their way to Activity 7.5.1 which will allow the learner click on the word bubbles and listen to the meaning of each. Follow this activity with a group discussion to ensure there is broad understanding.

Ask the group to navigate their way to Activity 7.5.2 - an interactive game to simulate the use of an ATM – click on the various features on the ATM for details. Instruct the group to simulate using the ATM by following the instructions. Repeat this activity a number of times to ensure that the group are comfortable with using the sample ATM.

Ask the group to navigate their way to Activity 7.5.3 which is a sample of what a bank statement looks like. Instruct the group to click on the various components of the statement and an audio will explain what each component is.

It could be very beneficial for the group to visit an ATM in their locality.