Code: 2.6.1 · Children and youth
Borrowing and lending money
Descriptors
Knowledge
What you can do at this level
- Kage:11-15
Aware of the advantages, disadvantages and risks of borrowing and lending
- Kage:11-15
Understands that a commitment to repay a loan must be honored on time and there may be consequences for not doing so
- Kage:11-15
Knows that borrowing costs money (e.g. interest rate, loan fees) and the total level of debt incurred must be sustainable over time
Skill
What you can do at this level
- Sage:6-10
Differentiates between borrowing (from family, friends or banks) and lending money
- Sage:16-18
Considers when it may be more appropriate to take credit rather than waiting and saving up, or vice versa
- Sage:16-18
Considers risks, costs and potential benefits when borrowing money
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.