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- 1. TeachingFinancialLiteracy Jeff Balch Financial Consumer Agency of Canada
- 2. Financial Literacy …having the knowledge to understand personal and broader financial matters, skills to apply that knowledge and understanding to everyday life, and the confidence to use the skills and knowledge to make responsible financial decisions that are appropriate to the individual’s situation. - National Task Force on Financial Literacy, 2009
- 3. "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
- 4. Why Financial Literacy? • research, conducted by Ipsos Reid found that money is one of the least discussed issues between parents and kids.
- 5. Why Financial Literacy in Schools?
- 6. Why Financial Literacy in Schools? • A poll by Harris/Decima suggests that Canadians feel that they are knowledgeable about finances yet: • Current deb to equity ration sits at 161% • Use of debt is being used to not only cover big tickets items but also to cover day-to-day living
- 7. Why Financial Literacy in Schools? • Average debt load for post-secondary is approx. $26,000 • A BMO survey suggests the paying for the school is the number one stress • Stats Canada records that the national student debt load is now over 15 billion
- 8. Why Financial Literacy in Schools? • 2 million Canadians use payday loan stores and they borrow 2 billion annually • Amount and types of fraud continue to grow
- 9. Why Financial Literacy in Schools? • 2 million Canadians use payday loan stores and they borrow 2 billion annually • Amount and types of fraud continue to grow
- 10. Why Financial Literacy in Schools? • Teens think they'll earn $90,000 a year by age 30 • http://bit.ly/13nNI4Z
- 11. Why Financial Literacy in Schools? • Teens think they'll earn $90,000 a year by age 30 • http://bit.ly/13nNI4Z
- 12. Why Financial Literacy in Schools?
- 13. Practical Strategies to Create Fiscally Healthy Students •Giving them the tools to make sensible decisions on a day-to-day basis
- 14. THE CITY Financial Life Skills Resource Financial Consumer Agency of Canada British Columbia Securities Commission
- 15. Using"TheCity” • Benefits • Comprehensive – developed for High Schools • Hard copy or PDF/HMTL • Web or Instructor lead • Stories • Suggested Lesson Plans • Forms for each character in “The City”
- 16. What’s Inside The Binder Lesson Organization • Overview, class time, key words, materials Fictional Characters • Story and discussion Reality Check • Apply discussion to their own financial lives Home Connections Reflection/Summary Evidence for Assessment Extension Activities
- 17. OnlineModules • Parallel in-class modules • Use interactive format • Extend reach to new audiences • Engaging approach to teaching financial life skills
- 18. SuggestedApproachto “The City • Readers Theatre (demonstration) • Using the Website (demonstration)
- 20. UsingFinancialBasics • Benetit • FREE STUDENT WORKBOOK (or pdf) • Instructors Guide and PowerPoint • Shorter • Videos and web tools • Informational websites
- 21. What’sInside • Benefits of financial literacy • Budgeting • Managing your expenses • Credit and debt management • Saving and investing • Financial planning • Protecting yourself
- 23. InteractiveTools and Websites • Latte Factor • Cost of credit
- 24. SuggestedApproach • First time – used workbooks • PDF files to create own booklets • Used videos as discussion or intro to class • Pick and choose only those modules you want
- 27. Trainer’s Toolkit • Primarily developed for adult learners • Modular based • Ice breaker activities • PowerPoint for each module • PDF Guide
- 28. SuggestedApproach • School Council – Parents Workshops • Use videos as introductions or discussion pieces • Online activities to supplement lesson material • Use PowerPoint slide or reuse to customize lesson presentation
- 29. JustDo It
- 30. Questions
Notas do Editor
- According to the Task Force barely a day goes by when we don’t have to make some sort of financial decision. Having the knowledge and skills is a fundamental life skill.Skills also have be practiced
- Just not enough to give them formula – teaching them to make educated choicei.e.
- on behalf of ABC Life Literacy Canada and sponsored by TD Bank Group
- 141 – in 2009 – we are surprising usA disconnect with realityToo comfortable with debt – using it to solve problems
- Problem is finding a job to payStudents increaseing financing education with debt -
- Toronto star – appeal of quick cashLfp – sruvey finds number of payday loan places growingPeople get payday loan because they can’t get loans or don’t think they can
- Toronto star – appeal of quick cashLfp – sruvey finds number of payday loan places growingPeople get payday loan because they can’t get loans or don’t think they can
- have unrealistic expectations of what they will earn
- have unrealistic expectations of what they will earn
- Credit score vs credit reportTwo bureaus in canada – equifax and trancanada unionhttp://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html
- It isn’t about giving kids rules, Morrison points out: Just telling them to save 10 percent of their income is about as useful as telling an overweight child to eat less and exercise more. What helps more is teaching that child to make healthy choices and discover the rewards of physical activity. Similarly, helping a child to become fiscally fit means giving them tools to make sensible decisions on a day-to-day basis, not just putting aside an arbitrary percentage of their income.
- Developed as part of planning 10 – focus High School (10/11) grades
- ConsToo long for most coursesSome forms are confusingNo guidelines on how to use the web effectively unrealistic rate
- Review organization of modules.THIS TYPE OF ORGANIZATION REALLY STARTS AT MODULE 3When discussing home connections, address sensitivity of content and the need for teachers to make a decision about sensitivities regarding parental involvement. Extension activities – some are excellent and shouldn’t be bypassed.Timing: 2 minutes
- suited for BBIHow I use it
- Focus – one day seminar – college – suitable for grades 11, 12 – doable in 10 with tens
- ConsNo web siteNot enough activitySome areas required additional resourcesFew examples of how toToo lecture focusedNo assessment too
- Latte Factor (LAT.ayfak.tur) n. Seemingly insignificant daily purchases that add up to a significant amount of money over time.
- Originally developed for adult learners but suitable for all Used as workshop for parents
- Introductory video
- Budget Game