Most recent developments with the Ontario Education Ministry:
Financial Literacy in the Ontario Curriculum
https://news.ontario.ca/en/release/9631/financial-literacy-essential-to-student-success-stronger-economy
Financial Literacy Scope and Sequence of Expectations Grades 4-8 (.pdf)Financial Literacy Scope and Sequence of Expectations Grade 9-12 (.pdf)
Seems like the Ministry has taken on Financial Literacy with a vengeance. Interestingly, if you care to read through the pdfs listed above, you may note that this new focus seems to have been a long-standing missing piece of the education picture; financial literacy pulls many of the courses together, particularly the high school ones.
The post that follows is my original post on Financial Literacy
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When the Premier of Ontario welcomed the public to offer ideas and feedback to our economic problems recently, I piped up with this letter:
March 24, 2009
Dear Premier McGuinty:
I'd like to suggest a long-term remedy to both the present-day problem of effective economic stimulation to overcome this recession, as well as the problem of youth intransigence (and delinquency) within the high-school environment. I believe they share a common answer.
What I'd like to propose is that the general aim of the whole high school curriculum be directed toward having students graduate with basic entrepreneurial skills. Please allow me to explain.
Regardless of the interests and passions of youth, at some point they need to fit into the economy; they will need to hold a job and see a regular paycheque. What I'm proposing is that the whole of the high school curriculum possess components within each line of study that adds to the whole entrepreneurial skill set.
For example, while Grade 9 math may be largely algebra and trigonometry (I'm guessing), there would also need to be a component that focuses on important business skills, like being able to do something as simple as quickly calculating the percentage tax on a purchase, or filling out a tax form.
In English classes, books are read and discussed, but there would need to be a component where students need to author a simple formal letter. In a later grade, another component might be writing a proposal, either business or otherwise.
In Civics/social studies, there would be a component that teaches students how to interface with the levels of government, perhaps even filling out forms like ones for the Youth Entrepreneurship programs offered by various governments.
Even in history classes, there can be a segment that looks at the accessibility of government over the decades, and an investigation of conventional living in the past - pioneer villages are a great field trip to this end. There could be a small component in advanced history classes (grade 11 or 12) that did market gap analysis for early Canadian life, as opposed to modern day life. And these would only be small digressions from world and Canadian history.
Finally, there could be specific classes that addresses entrepreneurial skills directly in grade 12, tying the many smaller components learned over the course of the prior 3 years that lets these kids hit the ground running, EVEN IF THEIR PASSIONS HAVE NOTHING TO DO WITH BUSINESS! They will know that whatever they wish to pursue, there is an economic reality tied to it.
The net effect would be that each student would possess the knowledge to fit into the economy at the end of high school, and they'd also understand that gaining still more education (post-secondary) has huge personal economic consequences. Finally, they'll be too engaged to be idle, and those many entrepreneurial eyes will spawn niches and industries that we've never considered.
Interestingly, our provincial government already has a test bed for this kind if schooling, though I don't know the details of their curriculum; it's Scarlett Heights Entrepreneurial Academy. I think their focus needs to become more common among our secondary schools in general.
Is this not what we need?
Thank you.
Now very recently, the provincial government agency overseeing education made this announcement:
Financial Literacy Essential to Student Success, Stronger Economy
November 2, 2009 10:18 AM
McGuinty Government Integrating Financial Literacy Into Curriculum
Starting in September 2011, Grade 4 to 12 students in Ontario will be learning to make informed choices and effective decisions about the use and management of money.
The global economic challenges of the last year have highlighted the need to ensure a financially literate population.
To determine how to introduce financial literacy into Ontario's curriculum, a working group, co-chaired by Parliamentary Assistant Leeanna Pendergast, will provide a report to the Ministry of Education's Curriculum Council in summer 2010.
The working group will seek input from a variety of educational and financial sector experts to:
§ identify the core financial concepts that constitute "financial literacy"
§ develop a list of financial literacy concepts and skills
§ advise how to seamlessly integrate the list into the existing curriculum.
The Ministry of Education will also work in partnership with the Investor Education Fund to develop resources and professional development opportunities for teachers.
Now did I precipitate this with my letter? Don't know, and really, don't care.
There's always a good possibility that this may have been on a to do list, and I simply pushed it up the agenda. Or others were calling for it as well, and I'm the straw that broke the camel's back. Regardless, it now seems to be in the works.
I'm not sure how much credit I can take for this progress, but there is a chance I had some small part to play.
Addendum:
More government announcements. I have no idea if my letter had anything to do with this, though there is a possibility that the provincial announcement imparted momentum to other government programs.
Metronews.ca
Monday, February 22, 2010
Page 14
Learning money skills
National task force will focus on financial literacy
“People just don’t know the basics.”
Laurie Campbell,
Credit Canada
Canada’s Task Force on Financial Literacy is launching a series of cross country conversations with Canadians about savings, debt, and their overall financial know how as it drafts a national strategy to create more financially educated citizens.
The task force will release its Leveraging Excellence consultation document today as a starting point to discuss issues including managing debt, saving and investing, retirement planning and preventing fraud.
Finance Minister Jim Flaherty set up the group in June, citing his belief that improving Canadians’ knowledge of financial matters would contribute to a more stable economy.
Socio-economic change has meant Canadians will become increasingly responsible for their financial futures, while the financial marketplace is becoming more complex, Stewart wrote.
Laurie Campbell, executive director at Credit Canada and a member of the task force, said she hopes the consultation process will resonate with Canadians and the strategy developed will encourage everyone to become more engaged in their finances.
She said she works with people on a daily basis who don’t understand interest rates, or their credit card statements, and who lack money management skills.
“People just don’t know the basics. This is very concerning, because with that basic information they can get out of serious financial difficulties and make sure (a credit crisis) doesn’t happen again.”
THE CANADIAN PRESS
Even the Toronto SUN has weighed in on this matter recently.
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Tuesday, October 21, 2014
metronews.ca - Small Business Week
Number of small businesses increasing
More
than a million in operation in 2012, with nearly 70 per cent of labour force
Small
businesses — those with fewer than 100 employees — continue to make a vital
contribution to Canada’s economy. According the most recent figures compiled by
Statistics Canada and Industry Canada, more than 1.08 million small businesses
operated in 2012, employing more than 7.7 million people, or nearly
70 per cent of this country’s private labour force.
And
while many businesses fail in their first few years of operation, the total
number of startups continues to climb. Between 2008-09, for instance, the
number of startups was significantly larger than the number of discontinued or
closed businesses — a difference of 22,000.
Several
factors are driving the growth of entrepreneurship. One is the fundamental shift
in the relationship between employers and employees — people rarely spend their
whole careers at a single company anymore. Another is that many large companies
recognize that it can be less expensive over the long term to obtain services
and products from contractors rather than from employees. Finally, many people
— especially young people — prefer an independent lifestyle; they place
tremendous value on being able to determine their hours and working conditions.
A
key trend in recent years is the rapid growth of female entrepreneurship. In
2011, almost 14 per cent of small businesses were solely owned by women, while
more than 18 per cent were held in equal partnerships between men and women.
Today, more than 820,000 Canadian women are self-employed and the number
continues to climb, particularly among those younger than the age of 30.
Rosemary
Brazeau joined the trend in 2011, when she opened Three Sisters Bakeshop in a residential
Ottawa neighbourhood. After her longtime employer failed to survive the
financial meltdown, she decided it was time to move in a new direction. Brazeau
spotted an opportunity when a local business closed — the
second or third one to fail in recent years in the same small neighbourhood
strip mall.
“I
remember saying to myself, ‘I hope someone opens something that succeeds,’”
Brazeau says. “That got me to thinking.”
Brazeau
put her heart and soul into the project, renovating the space, securing
suppliers, hiring employees, and negotiating leases and licences. When the bank
wouldn’t loan enough money to finance the startup, Brazeau sold some property
and dipped into her line of credit. Today, Three Sisters Bakeshop is a fixture
in the neighbourhood. Each day brings a steady stream of locals dropping in for
coffee, treats, and sandwiches.
“This
is my second home,” she says. “I love being here with my customers.”
– Peter Doyle
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