2070 LAUNCH YOUR LIFE

1.3 Risk

(a)   Understanding risk in both positive and negative terms and understanding that individuals need to manage risk to themselves and others in a range of situations.

(c)   Developing the confidence to try new ideas and face challenges safely, individually and in groups.

Diamond 9 challenges give many opportunities for students to consider and understand the trade off between risk and reward, and consumption versus saving.

The Life simulator offers scope for students to explore the impact of decisions on future outcomes, e.g. the opportunity costs of education and training.

2.1 Critical reflection

Students should be able to:

(a)   reflect critically on their own and others' values

(b)  reflect on personal strengths, achievements and areas for development

(c)   recognise how others see them and give and receive feedback

(e)   develop self-awareness by reflecting critically on their behaviour and its impact on others.

Students are required to critically reflect as part of the negotiation and discussion required in Diamond 9 challenges. The ordering of statements captures the subjectivity and opinion sharing implicit in critical reflection.

There are many instances where students can exchange and reflect, including Activity 1 Challenge 1, Activity 2 Challenge 2, Activity 3 Challenge 3 and Activity 6 Challenge 2.

2.2 Decision making and managing risk

Students should be able to:

(b)  find information and support from a variety of sources

(c)   assess and manage the element of risk in personal choices and situations.

The resource is rich with concepts and practical activities directly related to decision making and managing risk, including:

• Life simulator
• Activity 2 Challenge 1
• Activity 5

The Life simulator explicitly requires students to make decisions involving risk and reward and short versus long-term benefits.

1.1 Career

(a)     Understanding that everyone has a ' career'.

(b)    Developing a sense of personal identity for career progression.

Opportunities exist for students to consider careers and pathways, e.g. Activity 1 Challenges 1, 2 and 3, and Activity 5.

1.2 Capability

(b)    Learning how to manage money and personal finances.

(c)     Understanding how to make creative and realistic plans for transition.

(d)    Becoming critical consumers of goods and services.

The resource is particularly suited to strands (b) and (c) relating to personal finances and transition plans. The Life simulator covers both aspects comprehensively, in addition to Activity 2, Activity 4 and Activity 6.

1.3 Risk

(a)     Understanding risk in both positive and negative terms.

(b)    Understanding the need to manage risk in the context of financial and career choices.

Risk and reward and short versus long-term benefits are implicit in the Life simulator and also Activity 4, Activity 5 and Activity 6.

1.4 Economic understanding

(a)     Understanding the economic and business environment.

(b)    Understanding the functions and uses of money.

Economic understanding is a latent theme but is nonetheless touched, on e.g. through consideration of the business cycle in Activity 5 and the macro economy in Activity 2.

2.1 Self-development

Students should be able to:

(a)     develop and maintain their self-esteem and envisage a positive future for themselves in work

(b)    identify major life roles and ways of managing the relationships between them

(c)     assess their needs, interests, values, skills, abilities and attitudes in relation to options in learning, work and enterprise

(d)    review their experiences and achievements.

The resource gives students the chance to consider in detail what their strengths and weaknesses are, what they might need to do to be successful and what 'success' might mean to them. Activities 1, 2, 3 and 6 are particularly focused on these areas.

2.2 Exploration

Students should be able to:

(a)     use a variety of information sources to explore options and choices in career and financial contexts

(b)    recognise bias and inaccuracies in information about learning pathways, work and enterprise

(c)     investigate the main trends in employment and relate these to their career plans.

Activity 4 is a comprehensive research-based task that helps students to develop skills in research, searching and selection of relevant information. This is also explored in Activity 3.

2.3 Enterprise

Students should be able to:

(a)     identify the main qualities and skills needed to enter and thrive in the working world

(b)    assess, undertake and manage risk

(c)     take action to improve their chances in their career

(d)    manage change and transition

(e)     use approaches to working with others, problem solving and action planning

(f)       understand and apply skills and qualities for enterprise

(g)    demonstrate and apply understanding of economic ideas.

Many of the skills and qualities that underpin enterprise are developed throughout this resource, including managing risk (Activity 1), managing change (Activity 1, Activity 2) and working with others (Diamond 9 challenges).

2.4 Financial capability

Students should be able to:

(a)     manage their money

(b)    understand financial risk and reward

(c)     explain financial terms and products

(d)    identify how finance will play an important part in their lives and in achieving their aspirations.

Risk and reward (Activity 1).

Financial terms and products are looked at through the Life simulator (e.g. life assurance, pensions, savings, shares) and also Activity 1, 3 and 5.

Level

Unit

Edexcel Level 2 Diploma in Business and Administration

Unit 3: Personal Finance and Financial Services

AQA Level 2 Diploma in Business and Administration

Unit 7: Success at Work

OCR Level 2 Diploma in Business Administration

Unit F271: Managing your Finances

OCR GCSE Citizenship

Unit A343: Rights and responsibilities

Edexcel GCSE Citizenship

Unit 2: Participating in Society

AQA GCSE Citizenship Studies

Theme 2: Being  a citizen in the UK