FINANCIAL LITERACY AMBER CRITCHLOW, ASHLEY DUTKA, JERROD MARKET & TARA VERBRIDGE Overview 1. What is Financial Literacy 2. Why is it Important 3. Video 4. Key Components 5. What Grade do Students start Learning it 6. How is Financial Literacy Taught in schools 7. Ontario’s Plan to Teach High School Students Financial Skills 8. Financial Literacy: Lesson Plan Example 9. Books beneficial to Learning 10.Online Activities 11.Home Activities 12.Activity What is Financial Literacy ? Financial Literacy- Financial Literacy is key for a child’s success not only in the classroom but in everyday life. Financial Literacy allows students to learn key concepts for life such as the value of currency, getting a credit card, budgeting, saving money or buying a car. Financial Literacy is learning and understanding the skills that it takes to make responsible and effective financial decisions. Students begin to learn financial literacy skills in grade four and continue to gradually gain more challenging skills up and through their high school years. (Edu.gov.on.ca, 2018) Why is Financial Literacy Important? Financial literacy is important because it can help students manage their everyday expenses like buying groceries, paying their bills or even buying a car. Not to mention, be a responsible member of society who makes the right decisions about where to keep their money safe. Another lesson in financial literacy students are taught is understanding how their economic choices affect the world they live in. Ontario, G. O. (n.d.). Financial Literacy Education in Ontario Schools. Retrieved April 10, 2018, from http://www.edu.gov.on.ca/eng/surveyLiteracy.html Financial Literacy: Supporting your Child’s Learning https://www.youtube.com/watch?time_continue=2&v =6UtKRbEfX4Y Key Components Budgeting Basics- Creating and maintaining a set budget is a basic aspect in trying to stay ahead with your finances. With this day in age making a budget can be super easy thanks to apps and the internet. If you do not use a budget it can be hard to keep track of where all your money is going so by teaching this in school, it can help students to develop good habits early. (Fastweb.com,2018) Impact of Interest- The concept of Interest can make a difference in a student’s life later. Understanding all the different things about interest can impact your finances more than people truly understand. It can save a student from borrowing a small loan and having to pay double back. (Fastweb.com,2018) Key Components Continued Saving Money- Learning to save money early can help a student to be better off in the future. The student will gain the knowledge, practice and set goals with these skills so that saving money will not be a task for very long. Students can start by saving money for a larger priced item they want and that will help them to get the practice they will need further into life. (Fastweb.com,2018) Credit-Debt- Teaching students about how terrible credit-debt is can maybe help them to sear clear of it in the future. Showing them how easy it is to lose credit and how hard it is to gain it back may help them to understand and create good habits early, so they will have minimum or no credit-debt later in life. (Fastweb.com,2018) Key Components Continued Identity Theft Issues & Safety- Students need to realize how easy it is now with the internet for someone to steal their identity. The internet may say that websites are safe, but students must be careful when making online purchases and giving out personal information. Teaching students the concept of safeguarding themselves online will help them to stay protected in the long run. (Fastweb.com,2018) What Grade do students start to learn Financial Literacy? Students who in grades 4-12 learn about financial literacy so they can figure out what financial decisions are right for them. This includes four key components: citizenship, economic understanding, personal finances and consumer awareness. Ontario, G. O. (n.d.). Financial Literacy Education in Ontario Schools. Retrieved April 10, 2018, from http://www.edu.gov.on.ca/eng/surveyLiteracy.html How is Financial Literacy taught in schools • • • Financial Literacy is taught in the elementary and secondary curriculum. Financial Literacy is taught in many different subjects, these include Mathematics, Social Studies, Business studies and more. While learning financial literacy students are gaining skills in critical thinking, decisionmaking and problem solving. In other subject financial literacy may help the student to find their place in the world and study the different economic systems (Edu.gov.on.ca, 2018) Ontario’s Plan to Teach High School Students Financial Skills? • • • • in March of 2017, the Ontario minister rolled out a pilot or "trial run" for a new grade 10 careers curriculum. they felt the students lacked the essential knowledge of finance, budgeting, filing taxes and etc. over 700 students in 28 different schools across the province to part in this pilot the main goal of updating this part of the curriculum was to establish financially literacy in early teens in the hope that they would be well prepared for adulthood. https://www.thestar.com/news/gta/2017/03/23/ontario-launches-plan-to-teach-highschool-kids-financial-skills.html Financial Literacy: Lesson Plan Example Ontario Teachers Federation https://www.otffeo.on.ca/en/resources/lesson-plans/financial-literacy-secondaryinvestment-game-project/ Books beneficial to Learning Financial Literacy Arthur’s Pet Business by Marc Brown Just Saving my Money by Mercer Mayer 3 Little Piggy Banks by Pamela George Online Activities/Apps https://www.bforball.com/kids-canada.php http://www.mathsisfun.com/money/money-master.html Peter Pigs Money Counter Change Maker (U.S, Can, EU, Peso) Home Activities Imaginitive Play (Grocery Store, Shopping Mall) Role Playing Coin Sorting Coin Bingo Coin Matching Game Activity: Budget Busters For this activity we will be playing a game called Budget Busters Each of you will be receiving some fake money We are going to ask you questions and for every question you respond NO to you will have to “ throw away” one bill of money into the Waste bag Are you a person who knows how to Budget or do you throw a lot of money away? References The 5 Key Components of Financial Literacy. (2017, March 20). Retrieved from https://www.fastweb.com/student-life/articles/the-5-key-components-of-financial-literacy Ontario, G. O. (n.d.). Financial Literacy Education in Ontario Schools. Retrieved January 31, 2018, from http://www.edu.gov.on.ca/eng/parents/financial.html?gclid=CjwKCAiA78XTBRBiEiwAGv7EKuhSSTienBth1OA VyQqmZX6xKBpL3zzNjOKDpPzxwRP8-maHkcP8HBoCA68QAvD_BwE Satov, T. (2016, November 21). FinLit fun for kids. Retrieved March 29, 2018, from https://www.cpacanada.ca/en/the-cpa-profession/financial-literacy/blog/2016/november/finlit-fun-for-kids/ Ontario, G. O. (n.d.). Financial Literacy Education in Ontario Schools. Retrieved April 10, 2018, from http://www.edu.gov.on.ca/eng/surveyLiteracy.html Gordon, A. (2017, March 23). Ontario launches plan to teach high school kids financial skills. Retrieved from https://www.thestar.com/news/gta/2017/03/23/ontario-launches-plan-to-teach-high-school-kids-financialskills.html Lesson Plans. (2018). Retrieved from https://www.practicalmoneyskills.com/teach/lesson_plans “Learning.” Ontario Teachers Federation, www.otffeo.on.ca/en/resources/lesson-plans/financial-literacysecondary-investment-game-project/.
