Incorporating
the information from the financial literacy, document and EduGains
videos, identify some of the benefits of integrating financial literacy
into the curriculum.

There would seem to be many benefits of
incorporating financial literacy into the Ontario curriculum. To my
mind, there are three benefits in particular that stand out. They are:
developing a practical skill set, developing a deeper understanding of
social complexity, and developing a critical understanding of social
responsibility and social justice. I will address all three educational
benefits respectively.
According to the "Sound Investment"
Ministry document it is important that students are educated in "the
concepts of income, money, earning, saving, spending, investing,
budgeting, credit and borrowing, risks and rewards, compound interest,
pensions, insurance, taxes, and planning ahead" (Sound Investment, 13).
Undoubtedly, all of these concepts will have a real impact on the lives
of students. In particular, learning how to save and borrow
responsibly will have an immediate impact on students that are planning
on attending increasingly expensive post secondary institutions. Along
with that, understanding taxes is also significant at an early age.
Personally, I received almost no education about taxes as a student.
Naturally, this lack of education had negative consequences. The most
practical one being I did not know how to file my taxes, a legal
obligation. Therefore understanding how to file taxes properly provides
student with a very useful and practical skill set they will need once
they join the work force.
In my view, financial literacy is
essential to having a more complete understanding of the world. Issues
such as the global economy, trade agreements, and government taxing and
spending will have an important impact on all students throughout their
lives. "The recent global recession underscored the importance of
financial literacy. To put it simply, people need to broaden their
knowledge of how to make informed financial decisions with the resources
they have. They need to understand basic concepts such as saving,
spending, and investing. It is also important that they have a basic
understanding of economics and the flow of money in the global economy"
(Sound Investment, 7). Understanding how the global economy functions
can assist students with personal decision making for their futures,
such as, electoral voting, career paths and opportunities, investment
strategies, among many other possibilities.
Finally, I believe
that financial literacy offers students the capacity to develop a
critical understanding of social responsibility and social justice.
Financial literacy should teach students about practical financial
skills and the economic functions of a global economy. But it must also
educate students about economic inequality and issues of fairness and
justice. These latter issues require value judgments and I believe they
are a significant component necessary for a well rounded education on
financial literacy. These issues have important ethical questions that
should not be overlooked, such as: Why do many people struggle in
poverty while there are some that are super affluent? What are our taxes
spent on and do we agree with how that money is spent? What
accountability do businesses and corporations have to stakeholders in
their communities? What investments are ethically sound and what
investments are ethically dubious? What responsibility do we have to
the poor, elderly, and disabled financially? To my mind all of these
question are important for developing the moral framework of students
and how they will eventually be forced to address these and similar
questions once they have reached maturity. Some familiarity with these
ethical problems at an early age will provide the foundations for a more
comprehensive and informed approach in the future.