Financial literacy is one the most important aspects of life, yet it’s nowhere to be found in the classroom of developing kids. High schoolers are getting their first jobs with no background on how to handle their money.
The idea to implement financial literacy in grade 10 was sparked by the Toronto Youth Cabinet who called on the province to incorporate the courses. The Ontario Ministry of Education has responded and will be rolling out a pilot “learning module” in high schools, according to Metro News. With plans being finalized in the coming weeks, the program will be for select educators and the goal is to target 15 and 16-year-old students in an engaging manner.
The Ministry has agreed to provide education on budgeting, taxes, and mortgages.
Currently, money sense is indirectly sprinkled throughout various classes, with no dedicated time solely to educate the youth on how to manage their money and plan for their future. According to Toronto Youth Cabinet member Prakash Amarasooriy, his research pointed to it only being taught in more affluent schools.
87 per cent of Canadians wish they had made better financial decisions when they were younger and 92% of parents think it’s essential for their children to know how to manage money. Many parents are teaching their children financial literacy at home, but it’s not enough.