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.
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.
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