ARTICLE:
Ontario mandates financial literacy courses for high school graduation by 2025
From building a budget to paying for post-secondary, the province has released some details of the new financial literacy skills students will have to master to graduate from high school.
While finances are covered in Grade 1-9 in math class, starting this fall students will also have to pass two units in Grade 10 career studies - earning at least a 70 per cent in those lessons.
The lessons and tests, created by TVO, will cover topics such as interest rates, taxes, credit and debt and consumer awareness, and will count for five per cent of the final grade in career studies.
"Students need practical, real-world skills, including how to manage money, make informed decisions, and plan ahead to succeed outside of the classroom," Education Minister Paul Calandra said in a written statement. "In today's world, these decisions are more complex than ever, and students need the knowledge and confidence to navigate them.
"That is why we are strengthening financial literacy in our schools with a new requirement to better prepare students to make smart financial decisions and plan for their future."
It was first announced by former education minister Stephen Lecce in 2024, who at the time said teens would learn how to save for a home and for retirement or how to protect themselves from fraudsters.
The Ontario curriculum has several spots for students to learn about finances, including in Grade 1-8, where budgets or saving money to purchase items they want can be covered, as well as beginning "to develop a greater awareness as consumers and contributors in the local and broader economic system," the ministry says.
In Grade 7, 8 and 9, students can learn how to manage finances, how the stock market works or about foreign currency and exchange rates.
In Grade 10, they will learn the "importance of financial management, including budgeting, paying bills on time, the value of using credit responsibly, and options to pay for postsecondary education," as well as "planning and financial management to help meet career and life goals," the ministry says in its Grade 10 careers class guide for parents.
Students who have already taken the Grade 10 civics class are exempt from the graduation requirement, as are those who move to Ontario for Grade 11 or 12.
"This is another example of the government focusing on the wrong things," said New Democrat MPP Chandra Pasma, her party's education critic, at Queen's Park. "They're not reducing class sizes. They're not making sure that there's a qualified teacher in front of the class. They're making kids do standardized tests and not setting them up to succeed."
While she thinks financial literacy is important, "this government needs to learn financial literacy," she added. "I don't think you learn it by doing a standardized test."
The government recently announced changes to post-secondary student aid, moving away from a system that was heavy on non-repayable grants to one that is more based on loans: from up to 85 per cent in nonrepayable grants and 15 per cent loans, to grants comprising up to 25 per cent, and loans 75 per cent.
The change, which post-secondary ministry said was to address ballooning costs, also brings the ratio more in line with other provinces, as well as what Ontario had offered under previous governments.
Chris Pepper, vice-president of corporate affairs at Fidelity Investments Canada - which is providing some videos to TVO - said he hopes "the work the government has done to add mandatory financial learning in schools, including the test, will give (students) confidence with money and help them achieve their future financial goals."
Read also:
- Executive from significant German automobile corporation advocates for a truthful assessment of transition toward electric vehicles
- Crisis in a neighboring nation: immediate cheese withdrawal at Rewe & Co, resulting in two fatalities.
- United Kingdom Christians Voice Opposition to Assisted Dying Legislation
- Democrats are subtly dismantling the Affordable Care Act. Here's the breakdown
