What kids and teens will learn from Ontario’s expanded financial literacy education

Recently, I found Matilda, my 11-year-old, camped out at my laptop, adding books from her new favourite young-adult fantasy novel series to Amazon’s virtual shopping cart. When I asked her if any of the books were on sale or, better yet, available at the library, she gave me a blank stare and, again, clicked “Add to Cart.”

Sigh. Figuring out financial literacy for kids is tough. To be clear, I don’t buy things just because my daughter adds them to the cart, nor is she a big or freewheeling spender. But that moment did make me pause. Does she understand that the books cost $15.99 each? Does she think that’s worth it, considering she will devour each 500-page tome in a weekend?

Like most parents, I look for everyday opportunities to talk about money. Comparing prices in the grocery store, paying a bill in my banking app, stopping at the ATM to withdraw cash—and, yes, shopping online—are all great conversation starters about how we save and spend our hard-earned cash. But sometimes, as parents, we struggle with how much to share, or to find ways to make money talks more relatable or interesting. We wonder if the messages are even getting through. I know I’m not the only parent who often questions whether I’m doing it right. I’m relieved that kids in our province will soon be learning more about financial literacy in the classroom, too.

Getting schooled about financial education

The new math education objectives will roll out in September 2025 as part of a major overhaul of the Ontario Secondary School Diploma. Students will learn how to balance a household budget and protect themselves against financial fraud, for example, as part of their grade 10 math course. And they will be required to pass a financial literacy test, with a grade of at least 70%, in order to graduate.

In the upcoming school year, younger students will have access to more lessons about finance, too. Thanks to a grant from the Ontario Ministry of Education, students will have an opportunity to learn about money starting in elementary school.

In collaboration with Desjardins, four organizations will deliver workshops across the province, available to students in grades 4 and up. These include Impact ON, EBO Financial Education Centre, Ontario Co-operative Association and the YMCA of Greater Toronto. According to Impact ON, the collaboration will allow it to offer more than 415 workshops to at least 12,450 students by the end of March 2025. (Read more about Desjardins’ programs and other free personal finance classes in Canada.)

What students will learn from Ontario’s new financial literacy workshops

Here’s how the programming breaks down:

For grades 1 to 6

There are three interactive modules of 45 minutes to one hour in length, combining quizzes, role-playing and videos to make learning financial concepts fun. For this age group, the modules cover:  

• Understanding different methods of payment
• Talking about money and co-operation
• Estimating the value of goods

For grades 7 to 9

Six one-hour workshops are designed to lay the foundation of financial competence and management. Concepts like financial security, cost of living and the importance of building savings are all covered. The workshops will drill down on these topics:

• Budgeting
• Transactions
• Savings
• Security and fraud
• Credit
• Investment

For grades 10 and up

An interactive program of four courses is broken down into 20- to 30-minute segments, which teachers can customize to build hour-long workshops. The courses will appeal to the realities of teen and young adult finances, like how to use a credit card and make (and stick to) a budget. The core concepts include:

• Finance and peace of mind
• Defining a major project
• Deciphering savings and investment
• Everyday money

Other ways to build financial literacy for kids and teens

Parents can use a number of resources to help tackle money conversations at home. The Canadian Foundation for Economic Education has a free resource called “Talk With Our Kids About Money,” which includes age-appropriate games, crafts and mini-movies for children ages 5 to 16.

For tweens and teens, Visa’s Practical Money Skills website offers budgeting tools, guidelines for responsible spending and tips on earning extra money. It also has advice on how kids can plan for charitable contributions to causes they care about. I like the prompts for thinking about other ways to “give” (like donating time to a neighbourhood tutoring program, for example), since kids don’t often have a lot of free cash. And the tools for creating short-term and long-term savings goals are super helpful, too.

While there is a variety of books, apps and online resources available to help parents and kids discuss money, and I will continue to do all I can to support my daughters’ financial literacy, it is reassuring to know that my kids will soon be learning more at school, too. (I am probably not the best teacher in general, and particularly when it comes to personal finance.)

As for Matilda’s recent book shopping, we decided together that the second installment of The Stolen Heir duology was a worthwhile purchase, and she used her allowance to split the cost with me. We reasoned that she had borrowed book one from a friend and could return the favour by sharing book two. Plus, many of the author’s other books are available at the library, when she’s ready for another novel—which could be any day now.

More about kids and money:

• 6 strategies for teaching kids about money
• The best free personal finance and investing courses in Canada
• How much money does the government contribute to an RESP?
• Student Money: How to pay for school and have a life—a guide for students and parents
• How do I teach my kid to save an allowance?

About Karen Robock

Karen Robock is an award-winning journalist who writes about parenting, wellness and travel—and, occasionally, how you might pay for it all. Her work has appeared in Canadian Living, Reader’s Digest and Prevention magazines.