HomePrimary 4Social Studies Primary 4Savings : Meaning , Types and Requirements For Opening a Saving account

Savings : Meaning , Types and Requirements For Opening a Saving account

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Lesson Plan: Savings – Meaning, Types, and Requirements for Opening a Savings Account

Subject: Social Studies
Class: Primary 4
Term: Second Term
Week: Week 10
Age: 8–9 years

Topic: Savings – Meaning, Types, and Requirements for Opening a Savings Account

Sub-topic: Importance, Methods of Savings, and Modern Banking Practices

Duration: 40 minutes

Behavioural Objectives:

At the end of the lesson, pupils should be able to:

  1. Define the term “savings.”
  2. Mention reasons why people save money.
  3. Explain how people saved money in the olden days.
  4. Describe modern methods of saving.
  5. List the requirements for opening a savings account in any Nigerian commercial bank.

Keywords:

  • Savings
  • Bank account
  • Commercial banks
  • Olden days saving
  • Modern saving

Set Induction:

Ask pupils if they have ever kept money in a safe place, such as a piggy bank, wallet, or jar. Discuss why they did so and link their responses to the concept of savings.

Entry Behaviour:

Pupils are familiar with basic concepts of keeping money or valuables safe.

Learning Resources and Materials:

  • Pictures of piggy banks, wallets, and banks
  • Charts showing steps to open a bank account
  • Sample forms for opening a savings account

Building Background/Connection to Prior Knowledge:

Remind pupils of the benefits of division of labour in agriculture, such as increasing productivity and improving savings for future investments. Relate this to the importance of saving money for future needs.

Embedded Core Skills:

  • Critical thinking
  • Financial literacy
  • Communication

Reference Books:

  • Lagos State Scheme of Work for Social Studies
  • Approved Social Studies textbooks

Instructional Materials:

  • Flashcards with key terms
  • Charts showing the evolution of savings methods
  • A sample savings account booklet

Content

1. Meaning of Savings

  • Savings is the act of keeping money aside for future use instead of spending it immediately.

2. Reasons Why People Save Money

  1. To meet future needs and emergencies.
  2. To invest in businesses or education.
  3. To buy important items like food, clothes, or school supplies.
  4. To achieve long-term goals like building a house or buying a car.
  5. To enjoy financial security and avoid borrowing.

3. Methods of Savings in the Olden Days

  1. Keeping money in clay pots or calabashes.
  2. Hiding money in secret places like under mattresses or in cupboards.
  3. Trading valuables like beads, gold, or livestock instead of money.
  4. Participating in local contribution systems (e.g., esusu).

4. Modern Methods of Savings

  1. Bank Accounts: Keeping money in savings, current, or fixed deposit accounts.
  2. Piggy Banks: Small containers used to save money at home.
  3. Mobile Banking: Using phones to save and transfer money.
  4. Digital Wallets: Saving money in apps like PayPal or mobile money platforms.
  5. Investments: Buying shares or government bonds for future profits.

5. Requirements for Opening a Savings Account in Nigeria

  1. Valid Identification Card: Examples include a national ID, voter’s card, or international passport.
  2. Two Passport Photographs: Recent photographs of the account holder.
  3. Proof of Address: Examples include utility bills like electricity or water bills.
  4. Bank Verification Number (BVN): A unique number issued by Nigerian banks.
  5. Minimum Opening Balance: The initial amount of money required to open the account.

Examples of Savings Methods in Use

  1. A farmer saves money in a local bank after selling crops.
  2. A student uses a piggy bank to keep pocket money safe.
  3. A trader joins a local contribution group (ajo or esusu).
  4. Parents open savings accounts for their children’s education.
  5. A young worker saves money in a digital wallet for online purchases.

Evaluation

Part A: Multiple-Choice Questions

Instruction: Choose the correct answer.

  1. Savings means:
    a) Spending all your money
    b) Keeping money for future use
    c) Hiding money forever
    d) Borrowing money from others
  2. One reason people save money is to:
    a) Waste it
    b) Meet future needs
    c) Lose it
    d) Avoid working
  3. A method of saving in the olden days was:
    a) Using mobile banking
    b) Hiding money in clay pots
    c) Opening a bank account
    d) Using credit cards
  4. A modern method of saving is:
    a) Keeping money under the mattress
    b) Using a piggy bank
    c) Hiding money in the bush
    d) Giving money to strangers
  5. One requirement for opening a savings account is:
    a) National ID card
    b) A clay pot
    c) A secret hiding place
    d) Livestock

Part B: Fill-in-the-Blank Questions

Instruction: Fill in the gaps with the correct answers.

  1. __________ is the act of keeping money aside for future use.
  2. A __________ is needed to prove your identity when opening a savings account.
  3. In the olden days, people saved money in __________ pots.
  4. A __________ account is the most common way to save money in a bank.
  5. People save money to meet their __________ needs.

Part C: True or False

Instruction: Write “True” or “False” for the following statements.

  1. Savings means spending money immediately.
  2. One reason for saving money is to buy important items.
  3. In the olden days, people used mobile phones to save money.
  4. Modern savings methods include opening bank accounts.
  5. A voter’s card can be used to open a savings account.

Class Activity Discussion:

FAQs to Guide Discussion

  1. What is savings?
    Answer: Savings is the act of keeping money aside for future use.
  2. Why do people save money?
    Answer: To meet future needs, emergencies, or achieve long-term goals.
  3. How did people save money in the olden days?
    Answer: They used clay pots, traded valuables, or joined contribution systems.
  4. Name a modern method of saving.
    Answer: Opening a savings account in a bank.
  5. What is needed to open a savings account in Nigeria?
    Answer: A valid ID, passport photos, BVN, proof of address, and an opening balance.

Presentation:

  1. Introduction:
    • The teacher revises the previous topic (Why Division of Labour is Necessary in Agriculture).
  2. New Topic:
    • The teacher introduces the topic and explains the meaning, methods, and importance of savings.
  3. Student Contribution:
    • Pupils discuss how they or their families save money.
  4. Teacher’s Activities:
    • Show flashcards and charts.
    • Demonstrate how to fill out a sample bank account form.
  5. Learners’ Activities:
    • Answer questions and participate in role-playing activities about saving money.

Conclusion:

The teacher summarizes the key points and provides feedback to clarify doubts. Pupils are encouraged to practice saving using piggy banks or banks.

This detailed lesson plan ensures pupils understand the importance of savings and the steps to open a savings account.

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