Financial Literacy Savings Options

Financial Literacy

I can... compare the advantages and disadvantages of various savings options.

Advantage

• ​Money is kept in a safe place.

Keeping Your Money

in a Safe (At Home)

Keeping Your Money

in a Safe (At Home)

Disadvantage

• ​It doesn’t earn interest.

Savings Account

(At a Bank)

Advantage

• Money is in a bank

  and is safe

• It earns a small

  amount of interest

• You can access the

  money whenever you

  want

Savings Account

(At a Bank)

Disadvantage

• Earns very little

  interest

Money Market

Account (Investment)

Advantage

• The money is in a

  bank and is safe

• It earns a small

  amount of interest

• You can access the

  money whenever you

  want

Money Market

Account (Investment)

Disadvantage

• Earns very little

  interest

• There might need

  to be a minimum

  amount kept in the

  account.

Retirement Account

(Investment)

Advantage

• The money is in a bank and is safe

• Over several years, the beginning amount continues to grow.

• Companies sometimes also pay into the account

• Tax breaks may apply

Retirement Account

(Investment)

Disadvantage

• Money is NOT

  available until a

  certain time

• Penalties can

  occur if money is

  taken out early

Poll

Which saving option best fits this statement?

Money is kept in a bank and is safe.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)

Poll

Which saving option best fits this statement?

You earn a small amount of interest.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)

Poll

Which saving option best fits this statement?

You can access the money whenever you want.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)

Poll

Which saving option best fits this statement?

Over the years, the beginning amount continues to grow.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)

Poll

Which saving option best fits this statement?

Companies sometimes also pay into the account.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)

Poll

Which saving option best fits this statement?

Tax breaks may apply to this account.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)

Poll

Which saving option best fits this statement?

Money is kept in a safe place.

• Keeping Your Money

  in a Safe

  (At Home)

• Savings Account

  (At a Bank)

• Money Market

  Account

  (Investment)

• Retirement Account

  (Investment)