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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, decision-
making 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-high-
school-kids-financial-skills.html
Financial Literacy: Lesson Plan Example

Ontario Teachers Federation


https://www.otffeo.on.ca/en/resources/lesson-plans/financial-literacy-secondary-
investment-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-financial-
skills.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-literacy-
secondary-investment-game-project/.