A new pilot project that teaches Canadians essential financial skills is currently taking place in Ontario. Approximately two dozen high schools are participating in this project. The goal of the project is to teach students the financial skills necessary to succeed with the new global economy.
The pilot project is a result of the Liberal government keeping its promise to improve financial literacy education. Canadians are currently spending $1.65 for every $1 of their income as mentioned in our previous blog post, “SHOULD I CLAIM BANKRUPTCY?” Therefore, we should take this as a sign to start teaching financial skills as early as possible.
The province has been teaching financial skills to students since 2011. As a result, about $3 million has been invested in financial literacy resources and professional learning opportunities for Ontario teachers.
Which Financial Skills Are Taught?
The pilot project involves educating students on one of four subjects based on financial skills. The subjects include financial literacy, entrepreneurship skills, digital literacy, and career/life planning.
An example of an experience with the pilot project involves planning for post-secondary education. This involves students building post-secondary education financial plans. As a result of building these plans, students have to research the costs associated with school and housing.
Other experiences can be associated with entrepreneurship skills that involve students developing their own business plans for the summer. In addition students can learn digital literacy by creating professional online profiles aimed towards future employment.
What Else Can Be Done?
The Province of Ontario is investing $8 million in programs to educate adults on how to manage their finances. Consequently, the Working Center in Kitchener will be receiving $600,000 to help fund their financial empowerment and problem solving program. In conclusion, if you ever need assistance with you finances, it is always in your best to seek professional advice.
We are Licensed Insolvency Trustees that have extensive experience in addressing financial issues and challenges such as those noted above as well as all the questions you may have, including managing credit.
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Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.