HSIE K-6: Use of Technology in Monetary Exchange
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Scoop 1: YouTube clip - The Story of Money

An animation made with young people at the Alan Pullinger Centre. Produced in association with Mybnk.
Hannah Sheeran's insight:

Scoop 1: The Story of Money (its origins and why we use it)

 

This clip provides a starting point for a topic on money. It gives a brief overview of original trade and barter systems and traces the history of the use of money around the world. It also outlines the use of credit cards and the internet in removing physical money from transactions. This clip is of value because it highlights the limitations of physical trade and consequently the reason that a medium for exchange is required.

 

As a teacher, you could begin with a class discussion on defining money and why we use it. You could then show this clip to help explain that money holds no actual value in and of itself, but is a tool to exchange goods and services. This enables a review of prior knowledge from earlier stages where students explain how to use money (SSES1) and the different forms of money (SSS1.7). This review enables you to gauge the level of knowledge of students to create subsequent lessons that are tailored for their needs.

 

The teacher could then create a timeline from 10,000 BC to today and as a whole class, add dates and events of advances in monetary exchange. A second (or even third) viewing may be necessary for students to make notes.

 

The reason I would use this clip over simply providing a blank timeline and providing verbal or information for students to add to the timeline is that this clip builds visual literacy and comprehension skills. The animations are engaging and the information is in appropriate language. This clip provides a framework for further research into this topic – it is not seen as a comprehensive source but rather a broad introduction to get students to start seeing money as a tool for exchange.

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Scoop 3: Twelve Canoes - The Macassans

12 Canoes is a broadband website presenting, in an artistic, cultural and educational context, the stories, art and environment of the Yolngu people who live around the Arafura swamp in north-eastern Arnhem Land.
Hannah Sheeran's insight:

Scoop 3: The Macassans

 

All cultures see and use money very differently. The focus of this lesson is to explore the historical and modern functions of money from an Aboriginal and Torres Strait Islander perspective. This videoclip shows the trade partnership between Indonesia and Indigenous Australians. It outlines the types of goods traded and the use of bartering to purchase these goods. Although this clip informs students about the way Indigenous Australians used trade and exchange in the past, there is still a need for students to learn about the way money and wealth are seen by Indigenous Australians today.

 

The website "12 Canoes" is an example of an authentic and respectful resource that shows Aboriginal and Torres Strait Islander perspectives. It is created with and about the Yolngu people of Arnhem Land. The material presents Indigenous Australians in a positive and truthful light which makes it an appropriate resource for classroom use.

 

Money is a family-oriented resource in Aboriginal culture. Research by Demosthenous, Robertson, Cabraal, & Singh (2006) shows that there is social obligation to kin when managing money. The Aboriginal cultural values inherent in money management affects issues such as sharing, spending and saving. There is also an expectation to pool resources. Financial support is very common among Aboriginal people, especially when purchases are seen to benefit other family or community members (O'Reilly, 2006).

 

The best way for students to learn about the modern perspective of Indigenous Australians is through first hand interaction. This could involve asking a member from the local community to come and teach students about their perspective on money through the lens of Aboriginal culture and values. I live in Ashfield - this land belonged to the Eora nation. Therefore if I was teaching in this area I would ask a member from the Eora nation to come to the school. I would arrange a person to come in via the AECG. The president of the AECG's Inner West department is Deb Daley. It is, however, important to note that this guest speaker may hold different views from other Indigenous people and these facts should not be presented as the only Aboriginal view on the use of money.

 

References:

Demosthenous, C., Robertson, B., Cabraal, A., & Singh, S. (2006). Cultural identity and financial literacy: Australian Aboriginal experiences of money and money management. Retrieved April 11, 2014 from http://mams.rmit.edu.au/57nqr11j9s2fz.pdf

 

O'Reilly, I. (2009). Money in Aboriginal culture: considering community education in financial literacy. Retrieved April 11, 2014 from http://www.fmrsu.com.au/wp-content/uploads/2010/11/T2_FMRSU_Money-in-Aboriginal-Culture-1.pdf

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Scoop 5: Coinland (an online virtual game from the Commonwealth Bank)

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Scoop 5: Coinland

 

So far students have discovered why money as a representational tool for value is much more convenient than the system of trade by bartering goods directly. They have explored the development of money and the use of money around the world and in Australia as well as the use and function of banks as a type of technology to aid monetary exchange. The Commonwealth Bank's online virtual world Coinland is an opportunity for students to put all of this knowledge together in seeing how people, money and technology interact. Coinland builds students' financial literacy skills in earning, saving and spending money in a learning-through-play situation.

 

In a world of credit cards and internet shopping, money has become invisible. This has a large impact on the financial literacy of students. When many young people are making purchases on the internet and using credit cards, there is a high need to educate students on consumer and financial literacy and consequences of using money they can't see.

 

This online game is not to be used in isolation. Like all technology used in education, the focus is to be on how the technology is being used in the classroom (Mishra & Koehler, 2006). Deliberate classroom discussions are also to be used to make monetary concepts explicit. Students also need to identify that the way they track their money is through numeral representation on the screen rather than through physical money.

 

Students can engage in conversations naming technologies used in the game and how those technologies impact on the life of their virtual character. Students can also think through the consequences of not using certain technologies. Links also need to be made between this fictional world and real-life situations.

 

This task can also be used for authentic assessment. Brady & Kennedy (2009) define authentic assessment as one which engages students in 'real world' tasks. Examples of this include having goals for all students to achieve (show a certain amount of money in their bank account, choosing 3 items to purchase with a certain amount of money).

 

References:

Brady, L., & Kennedy, K. (2009). Celebrating student achievement. Frenchs Forest: Pearson Education Australia.

 

Mishra, P. & Koehler, M.J. (2006). Technological Pedagogical Content Knowledge: A Framework for Teacher Knowledge. Teachers College Record, 108(6), 1017-1054.

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Scoop 2: ASIC - MoneySmart maps

Information and updates helping young people be MoneySmart
Hannah Sheeran's insight:

Scoop 2: Money maps from ASIC

 

ASIC has fantastic resources on teaching financial literacy to students in all stages. This particular resource is an interactive map that logs the progress of monetary technology. Although this is similar to the youtube clip, it centres on global contributions to the advancement of money. It also has a separate map for the development of money in Australia.

 

The focus of these learning experiences is trade and the use of money around the world. A great activity to incorporate is the “To market, to market” activity on page 47 of Thinking Globally (2008). This activity looks at different ways of buying and selling goods. Students can also bring in currencies from around the world to compare.

 

A formative assessment task (Brady & Kennedy, 2009) would be for all students to individually create a timeline, similar to that of the first task, adding information from both sources. This assessment is formative rather than summative because the teacher is able to provide feedback to the students during the learning process and allows the teacher to revisit the topic at the end of the unit to ensure concepts have been understood.

 

A follow up activity could include listing all of the ways that we can use and access money today (e.g. ATMs, driver-through ATMs, online banking, telephone banking, shopping online, smart phones and eReaders). Students can then go away and research their chosen technology with the focus on how this impacts on the world (e.g. ATMs provide access to our funds when we travel, online shopping allows us to purchase goods from overseas sellers that do not have stores in Australia). 

 

References:

Brady, L., & Kennedy, K. (2009). Celebrating student achievement. Frenchs Forest: Pearson Education Australia.

 

Browett, J., & Ashman, G. (2009). Thinking Globally: Global perspectives in the early years classroom. Carlton South: Education Services Australia. 

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Scoop 4: YouTube clip - How Banks Work

http://www.moneytoolkits.com/familyclub Teaching money to kids is simple. Here's a quick video explaining to them how a bank works and what interest is.
Hannah Sheeran's insight:

Scoop 4: How Banks Work

 

When I was small I thought that when you deposited money into a bank, those specific coins and notes were kept in a safe until you took them out again. Gringotts banks in the Harry Potter series is a great example of a misconception of how banks work.

 

Most students by Stage 2 would have already had some experience with banks, and some may even already have bank accounts. This lesson builds on prior learning experiences about monetary exchange by exploring the concept of storing, tracking and transferring money electronically.

 

This clip explores what banks are and how they function. It outlines borrowing, lending, interest earned and interest paid. Students are also referred back to the original youtube clip of the history of money where paying for goods and services can occur electronically. This clip does not fully cover the use of technology in banks. Additional information about how banks keep track of money and how they exchange money is required. Topics such as the use of credit and debit cards can also be introduced here. Students need to see a shift in using technology to handle money. With online technology, people have access to their money and can make purchases using their account details. The money is transferred from their account to the store account as payment. Physical money is not used in this transaction to represent the exchange of goods or services; rather money is being represented by numbers online.

 

An excursion to a local bank would complement this lesson. Students would be able to explore the banking system through interviews with bank managers and see how their money is stored and the security features of keeping money safe, as well as how money is transferred between bank accounts and to other financial institutions around the world. Banks can also show students the function of ATMs in dispensing money without needing to enter the bank. A follow up discussion could include positive and negative consequences of the use of ATMs.

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