Take the opportunity to offer your young adults some important financial wisdom on the way taxes and inflation will affect their lives in the future. Through discussion and review of different real-world scenarios provided in this resource, your learners will explore the concept of inflation and review different forms of taxes, including sales/income/property tax, social security and Medicare.

Concepts

inflation, income tax, taxes, social security, medicare, paychecks, gross pay, financial goals, financial literacy, personal finance

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Additional Tags

social studies

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Instructional Ideas

• As an extension activity, research some favorite products together as a class and evaluate how their prices have evolved over time
• Consider incorporating an article on social security and how the lives of younger generations will be affected by it in the future

Classroom Considerations

• This is the nineteenth lesson in a series of 22 designed to help young adults build a solid background of financial literacy and money management skills

Pros

• Well-organized lesson plan
• Activities clearly and comprehensively cover topic
• Includes all worksheets and answer keys

Cons

• None

Common Core

RI.9-10.1 RI.11-12.1