February, 2018

Ontario and BC Add Financial Literacy to School Curricula

by: CLHIA Staff

Ontario has announced it will build financial skills into the Grade 10 Career Studies Course. In November 2017, Minister of Education Mitzie Hunter announced that financial literacy will be part of the course in September 2018. Students will study budgeting, issues related to credit cards, and using the Ontario Student Assistance Program (OSAP) calculator as they plan for post-secondary studies. The Career Studies course is a mandatory half credit that counts towards an Ontario Secondary School Diploma.

The Minister spoke to how the changes would help students gain needed skills. Refreshing Ontario’s curriculum has been a priority for Premier Wynne as she works to enhance Ontario’s competitiveness. The Premier has worked to update Ontario’s elementary and secondary schools curriculum and has said: “We need to give kids the variety of skills they’ll need in a fast-changing world. This curriculum refresh will build on all the progress we’ve made and ensure we’re giving students the skills, supports and opportunities to make their mark in their careers, their communities and the world.”

British Columbia began a re-design of their full elementary and secondary school curricula in 2015. The new curricula for elementary and secondary students includes mandatory financial literacy instruction built into math classes from K to Grade 12. The province’s goal is to have students “become financially literate and able to make sound financial decisions”. BC has slowly begun to transition students to the new curriculum and the transition should be complete by 2019.

The Ministry of Education notes that: “The curriculum is designed with the goal of students becoming financially literate and able to make sound financial decisions. The draft Grades 10–12 curriculum ensures that regardless of the pathway chosen by a student, there will be a common experience in Mathematics that includes financial literacy.”

The House of Commons Standing Committee on Finance issued its pre-budget 2018 consultations report “Driving Inclusive Growth: Spurring Productivity and Competitiveness in Canada”. The Committee heard testimony that improving skills development helps to make Canadians more productive. Skills training for under-represented groups such as indigenous peoples, women, individuals with disabilities. The Committee recognized that federal actions could help these groups contribute to the Canadian economy.

The federal budget will be tabled in Spring 2018 and any focus on financial literacy within it will continue to drive programs and curriculum changes at the provincial and territorial levels.

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