By Staff
May 30th, 2024
BURLINGTON, ON
The Minister of Education has announced that in order to graduate students will have to pass a financial literacy assessment – and will need a mark of at least 70% or higher on the assessment, which will be tied to the Grade 10 math course.
Education Minister Stephen Lecce
Education Minister Stephen Lecce also includes the return of home economics to a Back to Basic approach to what is taught in classrooms.
Changes of this nature have been long overdue. In his announcement Lecce added that “By elevating life skills in the classroom, along with better career education and higher math standards on educators, we are setting up every student for lifelong success.”
“The new financial literacy requirement, covering practical skills, will include a lesson module as well as an assessment that Lecce said “ensure students have the skills and knowledge to create and manage a household budget, save for a home, learn to invest wisely, and protect themselves from financial fraud.”
Lecce, who rang the opening bell at the Toronto Stock Exchange before unveiling the province’s plans, said the secondary reforms are the first in 25 years and that parents and educators will be consulted.
“Too many parents, employers and students themselves tell me that students are graduating without sufficient financial literacy and basic life skills,” said Lecce in a written statement.
Lecce also said that a math competency test for new teachers — which was challenged in court by a group of students but ultimately upheld — will resume in February 2025 and be mandatory before graduates can be certified to work in classrooms.
I have a good friend who for years has bombarded his MPP with requests to have students taught financial literacy in high schools and even in later grades in primary schools. As a retired financial planner, I was always keen to hear of any progress he had in his endeavours. It was a long journey. He is happy to hear about the new initiatives and so am I.
Finally after decades of talk and no action by people in the teacher education field we are doing a Common Sense plan.
I only hope they bring in some good people from the finance sector to either conduct the course or “Train the trainer”.
I personally took on this roll for my kids and grandkids.One of the last graduating from high school recently has paid for a used car and has $12000:earned and invested to fund university.