When people are asked what they wish they learned in school, Financial Literacy is always near the top of the list. Whether it’s saving, investing, mortgages and loans, making and following a budget, or taxes, finances are a part of adulting for which many people wish they were better prepared. In 2020, updates were made to the Ontario financial literacy curriculum.

 

What do you remember learning about finances in school?

 

I remember learning about the coins in early primary grades, adding and subtracting money amounts on paper using standard algorithms, and how to write a cheque. I also remember doing a budgeting assignment in Grade 7 or 8. That was the first time I remember being interested in personal finances. It is what made me consider taking a couple of accounting courses in high school. By the time I hit Grade 11 Accounting, it had moved further away from personal finances toward balancing ledgers… and other information I clearly haven’t retained.

 

 

 

I would bet most of what our generations have learned about personal finances have come from either our parents or from the necessity of figuring it out through life experience. 

 

As you can imagine, many people, especially populations at risk, were at a disadvantage that could have intergenerational impacts.

 

In 2020, the Ontario Math Curriculum was updated. It now includes a strand called Financial Literacy. The expectations in some grades haven’t changed much, while there have been major additions to others. Grades 1-3 still cover money concepts of identifying coins, their values, and making change. Beginning in Grade 4, there are two additional overall expectations: financial management and consumer and civic awareness. Here’s an overview of the curriculum expectations from Grade 1-8.

The 2020 Ontario Math Financial Literacy Curriculum

Grade 1

 

F1.1 identify the various Canadian coins up to 50¢ and coins and bills up to $50, and compare their values

 

Grade 2

 

F1.1 identify different ways of representing the same amount of money up to Canadian 200¢ using various combinations of coins, and up to $200 using various combinations of $1 and $2 coins and $5, $10, $20, $50, and $100 bills

 

Grade 3

 

F1.1 estimate and calculate the change required for various simple cash transactions involving whole dollar amounts and amounts of less than one dollar

Grade 4

F1.1 identify various methods of payment that can be used to purchase goods and services

 

F1.2 estimate and calculate the cost of transactions involving multiple items priced in whole-dollar amounts, not including sales tax, and the amount of change needed when payment is made in cash, using mental math

 

F1.3 explain the concepts of spending, saving, earning, investing, and donating, and identify key factors to consider when making basic decisions related to each

 

F1.4 explain the relationship between spending and saving, and describe how spending and saving behaviours may differ from one person to another

 

F1.5 describe some ways of determining whether something is reasonably priced and therefore a good purchase

Grade 5

F1.1 describe several ways money can be transferred among individuals, organizations, and businesses

 

F1.2 estimate and calculate the cost of transactions involving multiple items priced in dollars and cents, including sales tax, using various strategies

 

F1.3 design sample basic budgets to manage finances for various earning and spending scenarios

 

F1.4 explain the concepts of credit and debt, and describe how financial decisions may be impacted by each

 

F1.5 calculate unit rates for various goods and services, and identify which rates offer the best value

 

F1.6 describe the types of taxes that are collected by the different levels of government in Canada, and explain how tax revenue is used to provide services in the community

 

Grade 6

 

F1.1 describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services

 

F1.2 identify different types of financial goals, including earning and saving goals, and outline some key steps in achieving them

 

F1.3 identify and describe various factors that may help or interfere with reaching financial goals

 

F1.4 explain the concept of interest rates, and identify types of interest rates and fees associated with different accounts and loans offered by various banks and other financial institutions

 

F1.5 describe trading, lending, borrowing, and donating as different ways to distribute financial and other resources among individuals and organizations

 

Grade 7

 

F1.1 identify and compare exchange rates, and convert foreign currencies to Canadian dollars and vice versa

 

F1.2 identify and describe various reliable sources of information that can help with planning for and reaching a financial goal

 

F1.3 create, track, and adjust sample budgets designed to meet longer-term financial goals for various scenarios

 

F1.4 identify various societal and personal factors that may influence financial decision making, and describe the effects that each might have

 

F1.5 explain how interest rates can impact savings, investments, and the cost of borrowing to pay for goods and services over time

 

F1.6 compare interest rates and fees for different accounts and loans offered by various financial institutions, and determine the best option for different scenarios

 

Grade 8

 

F1.1 describe some advantages and disadvantages of various methods of payment that can be used when dealing with multiple currencies and exchange rates

 

F1.2 create a financial plan to reach a long-term financial goal, accounting for income, expenses, and tax implications

 

F1.3 identify different ways to maintain a balanced budget, and use appropriate tools to track all income and spending, for several different scenarios

 

F1.4 determine the growth of simple and compound interest at various rates using digital tools, and explain the impact interest has on long-term financial planning

 

F1.5 compare various ways for consumers to get more value for their money when spending, including taking advantage of sales and customer loyalty and incentive programs, and determine the best choice for different scenarios

 

F1.6 compare interest rates, annual fees, and rewards and other incentives offered by various credit card companies and consumer contracts to determine the best value and the best choice for different scenarios

Financial Literacy Resources

1. Teaching Financial Literacy Through Play: Read on for a full description of how I’ve taught money concepts in Kindergarten through Grade 3 using a classroom economy and the best teaching cash register with Canadian money.

2. Edugains has videos, lesson plans, and examples of incorporating financial literacy across the curriculum for Grades 4-12.

3. My bestselling Canadian Money Financial Literacy Unit on Google Slides is appropriate for K-3 and directly teaches the names and values of the Canadian coins with games to practice naming coins, choosing the correct coin based on it’s value, and comparing the values of different coins.