Section 2: Resources & Income

Learning Outcome

2.10 apply consumer decision-making skills in the management of personal, family and household resources for everyday living


2.13 apply financial literacy skills in the preparation and evaluation of a budget for independent living

Linking Learning Outcomes


In this section students consider the various types of personal resources available to them and recognise that choices have to be made when they use resources to meet their needs and wants. Building on decision making skills, they will understand that these choices involve a cost. They will also identify sources of income and be able to classify the different types of income building towards the development of financial literacy skills required for budgeting.

Prior Learning

Students should have an understanding of the difference between needs and wants and how decision-making skills are important to make the best use of resources that they have available to them (see Section 1).

Key Learning

  • Recognise what a resource is
  • Identify types of personal resources: time, money, skills etc.
  • Appreciate that many resources are scarce or limited
  • Understand what a goal is and that choices have to be made in order to achieve a goal
  • Develop decision-making skills and understand the decision-making process
  • Identify sources of income
  • Distinguish between regular and irregular income
  • Classify income as regular or irregular


Introduce the term ‘resource’. Facilitate a whole class discussion to develop an understanding of what is meant by the term ‘resource’ and explain the definition if necessary, i.e. a resource is something you use to reach a goal.

Examples of personal resources include money, time, energy, skills etc.

When resources become scarce, decisions have to be made on how best to manage resources. Discuss why and how resources may become scarce.

Remind students that the resources available to them aren’t just financial but can include things like time and skills. For example, if they needed to get a job would they have the experience and skills to get one?

Activity 1: Time as a resource

Student Worksheet: Time as a resource


Individually: Students are to consider all of the activities they do each day and how long they spend on these activities.

They can represent this information by colouring in the time chart.

When this activity is completed facilitate a classroom discussion to consider what students spend most time doing each day.

Reflection: Ask students to consider what they are prioritising their time on and if there are any changes that they would make.

Activity 2: Exploring goals

Watch this clip from episode 5 of the CCPC sponsored TV show How to be Good with Money and get the students to work in groups and offer responses to the questions below.

(Students may be familiar with this clip from Section 1: Decision-making where they identified Rachel’s needs and wants)

Having watched the video clip answer the following questions:

  1. What is a goal?
  2. What are Rachels goals?
  3. How will she achieve her short-term goal?

Activity 3: Decision making

Case Study: Michelle

This activity will help students identify the types of resources that are available and how people have to use their decision-making skills when using resources to meet their needs, wants and goals.


  1. Ask students to read Michelle’s case study and distinguish between the different types of resources that she has at her disposal such as use of her time and income.
  2. Ask the students to identify and discuss some of the decisions Michelle is going to have to make and how she could go about achieving her goals.
  3. Students can complete the below decision-making tree worksheet as part of this exercise and discuss the different pros and cons associated with her decisions.
  4. When this activity is completed provide feedback by facilitating a classroom discussion to identify the student’s answers and asses the factors that influenced their decisions.

Reflection: Allocate time for students to consider their own short-term and long-term goals and evaluate how they might apply the resources they have available to them to meet these goals.  Link back to the worksheet ‘Time as resource’ and ask students to consider how they are spending time in relation to fulfilling their goals.


Income is money that a person receives. Income can be regular or irregular.

Regular Income is income that is received on a regular basis each week or month and is guaranteed e.g. salaries and wages, pension, social welfare.

Irregular Income is the income that is received on occasion and is not guaranteed e.g. gifts, bonuses, and interest on savings.

Activity 4: Exploring sources of income for students

This activity will help students identify the different sources of income for students.


  1. Explain to the class that they are going to think about how young people get access to money.
  2. Divide the class into small groups.
  3. Invite each group to discuss where the money in young people’s pockets might come from. (The focus in this activity should be the source of money for young people rather than the amount of money they are given or earn).
  4. Distribute a flipchart sheet and markers to each group.
  5. Invite the students to graphically represent the sources of money for young people, for example pie chart or bar chart etc.
  6. Ask each group to present their completed flipchart sheet to the class.

Depending on your class, possible sources of income may include some of the following: parents, extended family/relations, part-time job, gifts, pocket money, babysitting, cutting grass, other household chores etc.

It may also be beneficial to discuss other modern sources of income such as competitive online gaming, blogging/social media sponsorship, YouTube accounts etc. and some of the drawbacks and pitfalls associated with these.

Sources of Income

Facilitate a class discussion to identify the different types of income e.g. wages and salaries, retirement pensions, unemployment benefits, family allowances, child benefit, basic income support etc.

Consider other different types of income that some people may receive, e.g. property income (rent), profits of self-employed business owners etc.

Activity 5: Exploring different sources of income

This activity uses the role cards from the Giant steps game.

In this activity, we will look identify the various types of income that each of the characters may be in receipt of.


  1. Divide the class into pairs.
  2. Distribute a Giant Steps role card to each group.
  3. Ask students to identify the various types of income that each of the characters may be in receipt of. Students may be able to carry out this research using digital technology.

Class discussion: Facilitate a discussion on the types of income that are available from the student’s research findings.

Income Deductions

Introduce the following terms with students and check for understanding.

Gross income is income received before taxes or other deductions.

Net income is income received after taxes or other deductions.

Introduce voluntary and statutory deductions i.e. PAYE, PRSI, USC etc.

Student Worksheet: Payslip

Distribute payslip worksheet and ask students to compare gross income and net income and complete the worksheet.

Possible assessment: Managing income

Watch this clip from episode 6 of the CCPC sponsored TV show How to be Good with Money and get the students to work in groups and offer responses to the below.

From watching the video clip answer the following questions:

  1. Identify the types of household income mentioned in the video clip
  2. In your opinion, do you think that it’s a good idea for one person to be in control of a household’s finances?
  3. Give one piece of financial advice to the Consumers in the video clip on how they could be better with money

Discussion & Reflections

In the above we identified some sources of income that might be available to young people and households. We looked at different scenarios and examined the different types of income that are available. We also further developed our financial literacy skills by exploring key terms related to income.

Is there anything that surprised you about the types of income that are available?

How do you feel about the choices you have to make when using your resources to meet your needs and wants?

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