With the winter break approaching, there are many opportunities to discuss money and financial literacy with your child. Financial literacy involves all aspects of money such as budgeting, saving, investing, debt management, retirement planning, insurance and taxes.
“Children need to be financially literate to make informed choices in a complex and fast-changing financial world. With an understanding of the implications of their decisions and with the necessary problem-solving and critical thinking skills, students will be better equipped to function in today’s financial environment.”
(The Ontario Working Group on Financial Literacy, 2010)
Did you know?
Although 95% of teenagers in 2008 understood what a budget is, only 21% of them used one and were able to stick to it.
54% of teenagers indicated that they would not pay their credit card off in full each month.
39% of teenagers ranked “how to save money” as the most important topic to learn about. The topic that ranked second (for 20% of students) was “how to use a bank account”.
Teenagers said they wanted to learn about money through interactive means.
Source: Credit Canada, National survey of parents and teenagers about financial education, 2008. Released in conjunction with Credit Education Week 2008: Teens Talk About Money. Sponsored in part by the Ontario Association for Credit Counselling Services.
For more information to support financial literacy at home, please check out A Parent’s Guide Financial Literacy in Ontario Schools, Grades 4 to 12.
Other resources you may find interesting:
To find out what your child will learn in math this year or to find other fun activities that you can do together as a family, please visit the math page. Be sure to also try our Problem of the Month.