Word link

The following is a list of 16 words that all fall under the theme of financial literacy. Explore the word list in the table. How many words can you link together in some way? For example, you could link “cost” and “spending” because both words involve having to use money to buy something.

Now you try!

In this learning activity you will learn about income and earnings.

Labour force

Just like in the Minds On activity, the meaning of the following terms are closely related, yet slightly different:

• employment
• job
• work
• volunteer work
• labour force
• occupation
• profession
• career
• vocation

Search and describe the meaning of each term and the differences between them. If you have access to a dictionary or computer, you can find the meanings and put the definitions into your own words.

Share your definitions, if possible or record them in a method of your choice.

Ways to earn an income (make money)

In Ontario, in the summer of 2022, the minimum wage was $15.00 per hour and the average salary was $52,260 per year. There are many ways to earn an income or make money:

• You can be self-employed, which means running your own business
• You can work for a company or corporation that produces and/or sells goods or provides services
• You can work for the public service or work for a level of government
• You can invest money, which means taking some of your own money and buying things that will increase in value. (The goal is to make more money than you invested in the first place.)

Reflect on these four examples of ways to earn an income. Discuss what might be positives and negatives for each option.

Which option do you think you might like to explore? Why?

Record your ideas using a method of your choice.

Volunteering

People are not always paid for the job that they do. Can you think of any jobs that do not come with pay?

Many people choose to volunteer and get great pleasure from volunteering their time. Volunteering is a job but those who volunteer do not get paid.

Volunteering means spending free time helping others. You may volunteer to help other people, or you can volunteer to protect animals, the environment, or any other cause that you care about.

Volunteering helps others, but it can also help the person volunteering too. It allows them to reflect on their own lives in new ways. It lets them spend some time focusing on others for a while. Lots of people — and kids — find that they really enjoy volunteering. Volunteer experiences often put you in a different environment and expose you to people and situations

As a secondary school student, you will have to complete 40-hours of volunteer service. It is a chance for you to explore different opportunities. What might interest you?

Check out this video

Access the following video “Elizabeth – Grandma Club Volunteer.” In this video, Elizabeth shares how she volunteers at a senior’s home. As the video plays, reflect on somewhere you might like to volunteer someday.

Answer these questions

This learning activity explored ways to earn an income and volunteer experiences.

Choose one of the two options (earning an income or volunteering) and complete three of the following reflection questions. Be sure to record your thoughts and ideas.

• What was the most significant piece of information you learned about this experience? Why was it significant?
• What personal connections, world connections, or text connections can you make to this experience?
• What questions do you have about this experience?
• Why did you choose this experience to reflect on?
• What might be a positive and negative factor about this experience that you would like to share and reflect on?
• What is one thing you would like to share with someone else about this experience? Why?

Reflection

As you read through these descriptions, which sentence best describes how you are feeling about your understanding of this learning activity? Press the button that is beside this sentence.

Now, record your ideas using a voice recorder, speech-to-text, or writing tool.