These students are facing real-world economic pressures. Mandatory financial literacy classes may help
CBC
November is financial literacy month and there was no hiding from scary economic news, even for high school students.
"I can see the prices going up in terms of the food that I buy, the clothing that I buy and just regular student finances," said Anand Desaigoudar, a Grade 12 student at Old Scona Academic high school in Edmonton.
Inflation, rising interest rates and fears of a recession are worrisome, even for kids who say they feel fortunate. Desaigoudar's classmate, Aurora Shi, is worried about university and beyond.
"There's not really a buffer between the stage where my parents pay for everything and where I pay for everything," said Shi. "So I think that learning about money is important so that I can prepare for my future."
Roughly 30 students attended the optional financial literacy lesson over their lunch break last week. The class, which focuses on frauds and scams, is an example of how financial education is evolving.
Whether it's delivered in math class or other courses, several provinces have recently revised what financial literacy classes are being offered to students from elementary through high school.
Gary Rabbior is the president of the Canadian Foundation for Economic Education (CFEE) in Toronto, a non-profit that develops financial literacy programs and tools for schools.
He says financial matters — from online shopping, to investing, to managing debt — have become much more complex than they used to be and believes there should be a mandatory financial literacy course taught in high schools across Canada.
"We owe it to our kids to be able to educate them, to empower them to make the best decisions they can make."
As economic pressures rise, Rabbior says the need for relevant financial education becomes more apparent.
"I think a lot of people's heads are swirling with the kind of change that's going on, the kinds of economic factors that are affecting their lives."
Frequently taught in math, financial literacy is also part of accounting, economics, entrepreneurship, social studies and physical education and wellness classes in some provinces.
British Columbia overhauled how it teaches financial education, primarily in math, from kindergarten to Grade 12 in 2018, with Yukon and Northwest Territories adopting their new curriculum.
Ontario revised how financial literacy is taught in a career studies course in 2020 and math classes in 2021.
