Ontario Math Curriculum │ Financial Literacy │ Credit Cards │ PPT │ Grades 7-9

This comprehensive Ontario financial literacy lesson covers various topics related to credit cards and loan sharks, annual percentage rates, creditworthiness, debt and interest rates, principal and interest payments, credit limits, and hidden fees. The lesson provides opportunities for students to research, write, reflect, and express their opinions on these important financial matters.

Understanding Credit Cards: Pros and Cons

• Overview of Credit Card Benefits and Drawbacks: Students will gain insight into credit card concepts such as the annual percentage rate (APR), creditworthiness, and credit limits.

Credit Card Research and Writing Activity

• Investigating Further Pros and Cons: Students will research additional credit card advantages and disadvantages, followed by a paragraph writing assignment. A rubric will be provided to assess their work.

Shady Sam Financial Literacy Game

• Introduction to Shady Sam: Students learn about loan sharks and their tactics through this engaging game that covers interest rates, payment plans, and term lengths.

Loan Shark Practices: A Deeper Look

• Financial Literacy Reading on Loan Sharks: Students will explore loan shark practices, including profiting from high interest rates and hidden fees, and learn to perform related mathematical calculations.

Reflection on Shady Sam Experience

• "Lessons Learned" Worksheet: This activity allows students to reflect on their Shady Sam experience and apply their newfound knowledge to real-world financial situations.

Discussing the Ethics of Loan Sharks

• Ethical Consideration Activity: Students will engage in a thought-provoking discussion about the ethics of loan sharks and their practices, with guidance from prompts or questions.

WHAT'S IN THIS FINANCIAL LITERACY RESOURCE?

• A financial literacy reading on the pros and cons of credit cards
• Research section on additional pros and cons, followed by a paragraph writing assignment 
• A rubric for the paragraph writing assignment 
• Introduction and walk-through of Shady Sam, the game. 
• A financial literacy reading on loan sharks. More specifically, interest rates, payment plans, and term lengths. 
• A worksheet on "things they've learned" playing the game
• Another opinion-based activity on the ethics of loan sharks
• EASEL format added 03/21/2023
• PPT lesson added 03-23-2023

TOPICS COVERED IN THIS RESOURCE:

• The annual percentage rate, or APR
• Pros and cons of credit cards
• Creditworthiness 
• Debt and interest rates 
• Principal and Interest payments 
• Credit Limits 
• Hidden Fees 
• Loan shark tips and tricks for profiting 
• Math calculations on the monthly percentage rate

If you're interested in purchasing more financial literacy resources:

Financial Literacy - Budgeting 101 - Reading + Assignment Grades 7-9

Financial Literacy - Living On Your Own + Assignments - Grades 7-9

Financial Literacy - Credit Cards and Loans 101 + Assignments - Grades 7-9

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