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Financial Planning will be taught in elementary schools

Financial Planning will be taught in elementary schools

July 15, 2020

Ontario’s overhaul of math teaching will include financial literacy, writes Peter Watson.

Young children will start learning financial planning at school. This is an excellent life skill and, in my opinion, an educational upgrade.

One of the foundations an individual carries through life is a strong education. Reports over the years show a correlation to higher education and higher earnings.

Maintaining a desired standard of living requires earning an income but it also requires the skill of managing your money. That is the role of financial planning.

The Ontario government announced a new curriculum that starts in September. All elementary grades will have financial literacy.

CBC reported that students from Grades 1 to 8 will learn about the value of coins and cash, calculations of interest rates, how to use customer loyalty programs, and general issues of long-term financial planning.

Other aspects of math education will also change and is based on the increasing frustration with the existing Ontario curriculum that has not been up upgraded in 15 years.

Standardized math scores in recent years of Ontario students in Grades 3 and 6 are disappointing. Premier Doug Ford campaigned on upgrading the math education.

The inclusion of financial literacy will help the students as financially self-sufficient adults, and it will also help the government.

The pressure on governments to provide financial assistance to the population in the form of direct payments or services is a tremendous strain on its finances.

The more our educational system can assist individuals being stronger financially the less support they might need from the government.

Education is critical. Math is recognized as an important subject that will benefit those with math ability and our country.

Ontario has made a good decision that will have positive impacts for decades ahead.

Peter Watson is registered with Aligned Capital Partners Inc. (ACPI) to provide investment advice. Investment products are provided by ACPI. ACPI is a member of the Investment Industry Regulatory Organization of Canada. The opinions expressed are those of the author and not necessarily those of ACPI. Peter Watson provides wealth management services through Watson Investments.