Web Conferences to develop awareness of the Ministry of Education’s Financial Literacy

Initiative

A Sound Investment: Financial literacy education

in Ontario Schools

Practical Strategies for Elementary School Principals

Presented By

Mary Linton-Brady, Curtis Tye, Mary Cordeiro

Reflection

Please feel free to comment, using the CHAT FEATURE on the following questions while you are waiting for the

conference to begin

What do you know about financial literacy?

What role should schools play in developing financial literacy?

Please standby - the session will begin shortly

While you are waiting for the conference to begin, please use the CHAT FUNCTION to:

Introduce yourself and your team

Identify your role and the roles of team members

Describe why you registered for this web conference

Planning Team

Mary Linton Brady, OPC

Brigitte Clément, ADFO

Mary Cordeiro, CPCO

Lily Harfouche, ADFO

Curtis Tye, OPC

Our Reality?

Why not mom? You can use your credit card!

Background

A Federal Task Force on Financial Literacy was appointed in June 2009, with a mandate to make recommendations to the Minister of Finance on a national strategy to improve financial literacy in Canada

The report is entitled, Canadians and Their Money (December 2010)

http://publications.gc.ca/collections/collection_2011/fin/F2-198-2011-eng.pdf

Information and Statistics

Source: Canadians and Their Money, page 14

AREA OF FINANCIAL LITERACY

Making ends meet

Keeping track

Choosing products

Planning ahead

Staying informed

Who’s strugglin

g?

•Aboriginal Canadians•Young adults•Very recent immigrants•Low-income and low-net-worth households

•Seniors•Adults who let others make most major and ongoing financial decisions for them

•Aboriginal Canadians•Recent and very recent immigrants•Young adults

•Seniors•Aboriginal Canadians•Very recent immigrants•Young adults•Low-income and low-net-worth households•Singles

•Seniors•Aboriginal Canadians•Recent and very recent immigrants•Low-income households•Renters

Who’s doing

better?

•Seniors•High-income households

•Very recent immigrants

•High-income and high-net-worth households

•Homeowners

•People who have taken a course in financial matters•High-net-worth households

Financial Literacy in Ontario

“Having the knowledge and skills needed to make responsible economic and financial decisions

with competence and confidence.”

A Sound Investment: Financial Literacy in Ontario Schools (p. 7)

http://www.edu.gov.on.ca/eng/Financial_Literacy_Eng.pdf

Vision

“Ontario students will have the skills and knowledge to take responsibility for managing personal financial well-being with confidence, competence, and a compassionate awareness of the world around them”

A Sound Investment: Financial Literacy Education in Ontario Schools (page 4)

Recommendations

Six key areas of recommendation are identified:

1.Core knowledge, skills, and competencies for students

2.Support for teachers and other educators

A Sound Investment: Financial Literacy Education in Ontario Schools

http://www.edu.gov.on.ca/eng/Financial_Literacy_Eng.pdf

Recommendations

3. Engagement of government, school boards, schools, students, parents, families and the broader community

4. Leadership and Accountability

5. The importance of equity

6. Optimizing technology

http://www.edu.gov.on.ca/eng/Financial_Literacy_Eng.pdf

Connections to Ministry Initiatives

Literacy and Numeracy Strategy (K-6)

Student Success Strategy (7-12)

School Effectiveness Framework (SEF); Board Improvement Plan (BIP)

Ontario (Catholic) Leadership Framework (OLF/OCLF); Core Leadership Capacities

Ontario Equity and Inclusive Education

Connections to Ministry InitiativesGrowing Success: Assessment, Evaluation, and Reporting in Ontario Schools

Student Engagement/ Student Voice

Parent/Community Engagement

Character Education

Education for All (Special Needs)

ELL Education

Aboriginal Education, etc……

Questions

How do we highlight Financial Literacy education in curriculum areas?

Which supports/resources are available to assist principals with this work?

Financial Literacy – A part of the Ontario Curriculum

Elementary and Secondary Scope and Sequence documents (www.edu.gov.on.ca)

Principals are co-learners and support teachers as they…

Use Scope and Sequence to open the discussion about expectations related to financial literacy in specific grades

Identify opportunities to promote and integrate the development of financial literacy skills and knowledge in each grade

View Edugains materials with staff as appropriate

Sample Expectation Related to Financial Literacy

Grade 4 Language

use overt and implied messages to draw inferences and construct meaning in media texts (e.g., overt message on packaging for a video game: In this adventure game, characters take big risks and perform amazing deeds; implied message: If you buy this game, you can share in the excitement and be more like the daring characters)

Sample Expectation Related to Financial Literacy

Grade 6 Health and Physical Education (Interim Edition 2010)

C2. Making Healthy Choices

C2.1 apply their knowledge of medical, emotional, practical, and societal factors that influence eating habits and food choices (e.g., … media influences, … cost) to develop personal guidelines for healthier eating [CT]

Teacher prompt: “How do you handle emotional and social factors that could lead to poor eating habits or choices?”

Sample Expectation Related to Financial Literacy

Grade 8 Arts

B3.2 identify and describe a wide variety of ways in which drama and theatre make or have made contributions to social, cultural, and economic life in a variety of times and places (e.g., … by providing jobs; by attracting tourists; by communicating and teaching about a range of topics; … by raising awareness of … social/global issues)

Teacher prompt: “How do theatre performances help the economy?”

Connecting Financial Literacy

Into school activities…….….….

Into real-life experiences…….….….

Supports and Resources

On the Ministry website you will find…http://www.edu.gov.on.ca/eng/surveyLiteracy.html

Elementary and Secondary Scope and Sequence documents

Frequently Asked Questions

A Sound Investment: Financial Literacy Education in Ontario Schools

Link to EDUGains websitehttp://www.edugains.ca/newsite/index.html

Initial sample of Elementary and Secondary videos

Key Points for Staff

Financial Literacy is a school-wide initiative

Introduce concept at staff meetings and professional development sessions

Brainstorm ideas for implementation through existing school structures (e.g., TLCP/Inquiry Model/PLC and Grade Team meetings)

Integrate into questions for visitors to school

Encourage staff to incorporate into class projects and assignments

Messages for Parents and School Council

Ministry documents and applicable links placed on school web site

Financial Literacy information in school newsletters with camera-ready examples of student work

Encourage parent dialogues whenever possible

Invitation to parent community to discuss Financial Literacy (i.e., Financial Literacy, Curriculum and Orientation Nights)

Community Partnerships

Develop a school committee on Financial Literacy

Student Council Finance Committee

Nutrition Program – Healthy Eating develop utilize financial/budget information

Connection with local businesses

Career Day to include individuals from the financial sector

Outside Partnerships

Community partnerships – how do principals get others involved?

Local financial business partnerships (e.g., local banks, financial organizations)

School Board budget department (i.e., central office)

Local businesses and those that do business with school

Family connections to business (i.e., own family business)

Connect to school financial activities (e.g., fundraising events)

Class visits to local grocery stores

Prepare specific questions for guest speakers (e.g., authors)

Next Steps

Survey

Resource List

What is one action you intend to pursue as a result of this session?