Anthony Furey advocates for improved financial literacy education in schools

Commentary

Parents hope their children learn to provide for themselves and be self-sufficient as adults. However, the current public school system may not adequately prepare kids for financial success.

The Ontario government’s recent announcement about testing high school students on financial literacy is crucial. Failure to pass the test will result in not receiving a diploma, making it a graduation requirement.

The new financial literacy lessons will focus on skills such as creating and managing a household budget, saving for assets, and protecting against financial fraud.

These lessons will be incorporated into the compulsory grade 10 math course, with the first test scheduled for that year. A passing grade of 70 percent will be required, and students who fail can retake the test.

Many students may find this challenging due to declining math scores in Canada. Recent data from the Program for International Student Assessment (PISA) revealed a significant drop in math competency among Canadian youth.

The pandemic years contributed to school closures and learning loss, affecting education standards. Despite the challenges, implementing financial literacy testing is a necessary step to address the problem.

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Reintroducing financial literacy testing aligns with the government’s “back-to-basics” approach to education, aiming to equip students with essential life skills.

Improving education standards and introducing financial literacy testing are steps in the right direction to prepare students for success and contribute to a stronger economy.

It’s essential to establish standards in education to address societal challenges and set students on the path to achievement. Implementing a compulsory financial literacy test is a necessary step towards improvement.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.