One of the most important ideas being addressed in classrooms is the concept of needs versus wants. "There is no age too young to learn what's important for you to put money toward (a need) and what's discretionary (a want)," says John Waldron, author of Wealth Ed: Money Management for Ontario Teachers.
Financial literacy courses vary in breadth and depth for most schools, whether public or private. However, many private schools are already familiar with teaching money management, personal finance and business skills.
Across Canada, schools are raising a financially savvy generation. From the exploration of spending practices and consumer awareness to saving and budgeting, more students are learning about money management and personal finance in class.
Financial literacy has this fall become a mandatory and integrated part of multiple subjects for all Ontario public school students in grades 4 to 12, the first time ever the topic is being taught on a large scale in Canada.
One of the most important ideas being addressed in classrooms is the concept of needs versus wants. "There is no age too young to learn what's important for you to put money toward (a need) and what's discretionary (a want)," says John Waldron, author of Wealth Ed: Money Management for Ontario Teachers.
Financial literacy courses vary in breadth and depth for most schools, whether public or private. However, many private schools are already familiar with teaching money management, personal finance and business skills.
Since 2004, most of British Columbia's independent schools, partially funded by the government, have been teaching financial literacy as a mandatory part of a broader course on career planning, from math, health and career education courses for elementary students, to business, economics and math courses in high school.
Private schools are also offering unique programs that help develop financial literacy skills. At West Island College in Calgary, a business certificate program helps prepare students for university and provides them with the skills they need to start their own business. Many of these skills also translate into being financially responsible and knowledgeable on a personal level.
"What we wanted to focus on is giving kids the ability to be self-sufficient, creative and business minded, to continue to promote the entrepreneurial spirit that's risen out of the global financial crisis," says Carol Grant-Watt, the head of school. The business program also includes a trip to New York to visit the Stock Exchange and financial services firms like Goldman Sachs. Moreover, a Junior Achievement project gives teams of students the chance to organize and operate an actual small business.
Ultimately, integrating financial literacy into more subjects and more schools will help raise a generation of money-savvy consumers who will force marketers, credit card companies and others to modify their approaches. "It will send the message to companies that you need to straighten up, be clear and upfront, because there's a smarter market you now have to cater to," Waldron says.
Q&A: Hayley Rushford
After taking business and economics classes in Grade 12, Hayley Rushford’s dinner table conversations -- and future aspirations – were never the same again. These classes not only helped the recent West Island College graduate gain a much better grasp on money management and personal finance. She found her passion and decided to study commerce at Queen’s University.
Q: What was your financial knowledge like before taking these classes?
A: To be honest, I didn’t really know much about investing or money management. My parents were involved in economics and it was part of our family discussions around the dinner table, but I didn’t understand any of it and I rarely participated in the conversation.
Q: What was one of the lessons you learned which you plan to apply in the future?
A: We read The Wealthy Barber in economics class and that was my first exposure to personal finance. I think the information will be most applicable when I get out of university and start my first job. The idea of saving 10 per cent of everything you earn is such a great idea and it’s a really good way to save yourself from yourself.
Q: Did this knowledge change your dinner table conversations?
A: Everything I learned in my business classes and the experience I gained starting my own business as part of a Junior Achievement project had a huge impact on my interest in and knowledge about business. I’d come home so enthusiastic, excited to talk about what I’d learned in school. And my parents would help me see how this was applicable to everyday life. I realized that it was a good idea to study commerce in university and that I had a profound interest in this subject.
