1 Financial Literacy October 2011. Financial Literacy NOVEMBER IS FINANCIAL LITERACY MONTH Activities and events that highlight the need for increased

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Financial LiteracyFinancial Literacy

October 2011


NOVEMBER IS FINANCIAL LITERACY MONTH

•Activities and events that highlight the need for increased financial literacy in Canada

•Programs, services and tools that help Canadians improve their knowledge, skills and confidence in making the best financial choices for themselves.

• Surveys indicate that the level of financial literacy among youth is low

• Students said they would welcome and benefit from more education in this area

A Sound Investment (2010)National Survey - Ontario Association for Credit

Counselling Services (2008)



2009 – Financial Literacy for Canadians

2010 – A Sound Investment – Financial Literacy in Ontario Schools: Report


VISION

Ontario students will have the skills and knowledge to take responsibility for managing

their personal financial well-being with confidence, competence and a

compassionate awareness of the world around them.

A Sound Investment: Financial Literacy Education in Ontario Schools, 2010


Working Definition: What is Financial Literacy?

Financial literacy may be defined as “having the knowledge and skills

needed to make responsible economic and financial decisions with

competence and confidence”

A Sound Investment: Financial Literacy Education in Ontario Schools, 2010

Topics:• understanding needs and wants;• consumer protection and consumer awareness; • personal financial planning such as budgeting, saving

and investing;• social, ethical and environmental implications of

financial decisions;• active citizenship;• understanding the economy;• planning for the future.



Four main areas:

1. Personal Finance

2. Consumer awareness /protection

3. Economic Connections

4. Civic Mindedness

Financial Literacy: Scope and Sequence of Expectations

2 documents:

Elementary: Grades 4 - 8

Secondary:Grades 9 - 12




•2011 – 2012 Awareness year

• Cross curricular approach: Highlighting

• Use as a planning tool

• Identifies where there are explicit expectations and where there are connections

• As each curriculum document is revised, more explicit expectations will be included


Curriculum Support:• Library Learning Resources – reference list for

professional development; junior sessions• Ministry’s Edugains – videos and lessons• Subject Association – writing projects• Ontario Teachers’ Federation – lessons• Investor Education Fund – resources aligned with

Ontario curriculum• Bank of Canada’s Counterfeit Detection Kit

What Have We Been Doing


Professional Development• Pilot groups involved in “flymposia”• Teachers trained in “The City”• Resource sharing • “Scope and Sequence” document –

information sessions (elementary and secondary)

• Demonstration Classrooms



Special Events• Funny Money: Over 10,000 senior students

have participated• Moneyapps: new 2011: over 400 graduating

students



Financial Literacy in the Classrooms• “Get Involved: a fundraising challenge” (6-8)• “Saving and Investment Challenge” (9-10)• “Financial Reality Check” (11-12)• Banking on Knowledge Grant Program – 110

schools have benefitted



Already 110 schools have benefited from BOK grants

The students that have received Financial Literacy lessons are from 110 different TDSB schools from across the city of Toronto.

68 schools were from our intermediate/elementary panel (grades 7-9) and 42 were secondary schools (grades 9-12)

38%

62%

Grade 9-12 Grade 7-9

6842


25% of schools ran numerous financial literacy program

Many of the schools that received a grant delivered more than one different financial literacy program to their students; all within their school’s maximum grant allowance.

One event76%

Two events19%

Three events5%


7,795 STUDENTS IMPACTED

In just 18 months, 7,795 students have completed one or more financial literacy lessons focused on the four core lesson criteria of savings, credit, financial products and financial services.

Number of Students that learned about:

77955559724275347735Phase One

Jan 2010 to June 2011

TotalFinancial Products/ Services

Personal Finances

CreditSavings


Why?

Building financial literacy into all subject areas is key to developing good citizenship, independence and critical consumerism.

Teaching & Learning, October 2011



How?

Purposeful planning to reveal the explicit and implicit connections to financial topics or issues in all subject areas and disciplines.

Teaching and Learning, October 2011


Steps to Awareness

• Financial Literacy Month

• A Sound Investment

• Scope and Sequence

• Banking on Knowledge Grants

• www.edugains.ca

http://www.edugains.ca/

Documents

1 Financial Literacy October 2011. Financial Literacy NOVEMBER IS FINANCIAL LITERACY MONTH Activities and events that highlight the need for increased