Financial & economic literacy
Understand costs, income and resource limits, and use them to weigh choices when making decisions or developing an idea.
Why it matters
Understanding costs and resources helps make the implications of a choice visible. Comparing what is available with what is needed can clarify a trade-off before a commitment is made.
What this can look like
- distinguishes income from expenditure
- compares costs with the resources available
- explains a financial trade-off in a decision
Youth relevance
Choosing between event options, using a youth group budget or exploring a small business idea involves costs and limited resources. Young people can compare options and consider what a choice would leave available for other needs.
Ways young people can practise this skill
- compare possible costs for an initiative
- decide how to use a limited budget and explain the trade-offs
- consider whether an idea can be sustained with the income and resources available
Connected themes
Related skills
Explore these connected skills for another perspective.