EDITOR’S JOURNAL

Back to Personal Finance School

We made it to our second September in the pandemic. My kids look forward to returning to in-person school, and I hope for a safe return.

Since they moved to virtual learning for four months last winter and spring, it allowed me a sneak peek at some of the new Ontario financial literacy curriculum. Last year, I read about the planned curriculum for all grades, and on the surface, it’ s impressive. Students will have lessons about earning, spending, saving, donating, credit, and debt. They ’ll also learn about paying off a mortgage, calculating interest rates, exchange rates, setting financial goals, and so on.

I witnessed a lesson where my third grader learned how to estimate costs of various items and make change (say $5 minus $4.63). I was especially pleased to see the teacher show the class how to count back change the old-fashioned way. Still comes in handy when you don ’t have a calculator and the cash register isn ’t working.

My middle-school grader learned about budgeting and had an assignment where she had to research the prices of various types of food, and “buy ” up to $100 worth of groceries. She came to me looking for flyers but I haven ’t used them in years (the curriculum is a bit behind the times in that regard). Instead of flyers, I use Flipp, a helpful app for comparing prices as you shop.

But what did she and the other students take away from this lesson? Making purchases from the discount grocery store is the best move as it allows you to buy more for less.

Perhaps she will learn this in later grades, but there are situations where getting more for less does not make sense. My daughter noted no discussion on when it’ s a better idea to buy a quality item versus something cheaper, or whether to stock up on a sale item or pass. These are conversations we have in our house. There was no discussion about overall family values and priorities — for instance, some families may spend more on organic food but spend less in other areas to stay on budget.

In the next couple of years, my older daughter is slated to learn about exchange rates, international currencies, and credit cards. The curriculum even covers credit cards attached to rewards programs. But will there also be lessons on how these cards make money and how they actually encourage you to spend way more than you normally would? I’ m not sure; it will be interesting to find out.

If you have clients with school-aged children, ask them what the kids have learned about finances from their schools.You have a part to play in keeping that conversation going and ensuring the next generation of clients have a more complete picture of how to make their money work.

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