Ontario students from grades 4 to 12 will learn about saving, spending, investing and managing money, starting in September 2011.

Integrating financial literacy into the curriculum was a key recommendation from the advice of the province’s Curriculum Council and the report of the Ontario Working Group on Financial Literacy.

Financial Planning Standards Council (FPSC) applauds the Ontario government’s November 9 announcement to implement financial literacy in Ontario curriculum.

“We are extremely pleased about the Ontario government’s decision to include early age financial education as part of its curriculum. This is a positive step in the right direction and demonstrates a meaningful commitment to financial literacy,” says Stephen Rotstein, VP, policy & enforcement & general counsel at FPSC. “Developing good financial habits at an early age will help students prepare for their future and this bodes well for their long-term financial wellbeing and that of our economy.”

In its submissions earlier this year to the Working Group, FPSC outlined the importance of introducing financial education at a young age and called for the introduction of financial education as early as possible in age-appropriate ways; making financial education a compulsory part of the Ontario curriculum; and promoting learning opportunities for teachers to provide them with the skills to effectively teach this important life skill.

Additionally, the Ontario government’s decision echoes one of the goals identified in FPSC’s Vision 2020, which is to ensure that each high school graduate experiences some introductory financial planning during the course of their education. “We look forward to working with the government in creating a financial literate workforce,” adds Rotstein.

The province is currently reviewing the report’s recommendations concerning several key areas including: core knowledge and competencies for students; support for teachers; community engagement; and leadership and accountability.

IE