Kids
across Canada learn that banking is more than just numbers
Hundreds
of Grade 9 students across the country are seeing first-hand what it is like to
work at one of Canada's largest banks during today's "Take Our Kids to
Work" day at CIBC offices, branches and call centres.
At
CIBC's head office in downtown Toronto, more than 300 students are taking part
in a special program and are job-shadowing their parents and parents'
co-workers in a number of areas to give them a broader view of the many career
choices in banking.
Take
Our Kids to Work day is a great opportunity to give our young people ideas as
to what they may choose as a career," said Al Dodington, Senior Vice
President, Human Resources. "The experience serves as an interesting part
of their education on the path to adulthood and it allows companies and other
organizations, to contribute to that education. CIBC is proud to have given
them a glimpse of the working world and what it means to go to work, and to be
part of the workforce".
"A
key part of the day is impressing upon kids the important skills everyone needs
in order to succeed in the working world:
-
The ability to read and write well;
-
Strong oral communication skills;
-
The ability to work with others;
-
Strong computer skills; and
- A
drive to keep learning throughout your career.
"At the end of the day, we hope that
the students walk away with
<<
-
An understanding of the skills required in today's workforce;
-
An understanding of the importance of staying in school;
-
An appreciation of how their parent/host makes a living, which can
lead to discussion around their
expectations and those of a
workplace; and
- A
fun and practical encouragement to begin thinking about potential
career choices."
>>
This
morning in Toronto, the kids' day began at The Suites at 1 King Street West
with a BINGO icebreaker to get to know each other better; an overview of CIBC;
and a talk on "Where your money goes." There was an Equity and
Diversity quiz, as well as a presentation on bank security including the
technology used to keep money safe. Kids are now shadowing their
parent/guardian for the rest of the day. This morning's agenda is being repeated
in the afternoon for kids who chose to shadow their host in the morning.
Students
in CIBC branches across the country are greeting clients and experiencing how
important a bank is to everyday life and how CIBC is involved in the community.
TOKWD
introduces Grade 9 students to jobs and professions by allowing them to shadow
employees in a variety of businesses for a half or full day. More than 1.5
million young Canadians have learned first-hand about careers and the working
world through TOKWD in tens of thousands of workplaces across Canada.
CIBC
has participated in TOKWD since its inception in 1994, as it aligns with our
community investment focus on youth, education and health. In 2008, CIBC
contributed more than $27 million in Canada. Of this, $3 million was allocated
to hundreds of initiatives that support youth through mentoring, skills
development, financial literacy training, nutrition and health, anti-bullying,
youth shelters and programs for young people with disabilities. CIBC's
multi-year commitments to colleges and universities total $17 million. Of this,
close to $6 million is directed to bursaries and scholarships to help young
people reach their full potential. The 2008 CIBC Miracle Day, the first
Wednesday in December raised $3.1 million in support of charities dedicated to
improving the health, well-being and education of kids in our communities. To
date, CIBC Miracle Day has raised over $50 million in Canada.
CIBC
is a leading North American financial institution with nearly 11 million personal
banking and business clients. CIBC offers a full range of products and services
through its comprehensive electronic banking network, branches and offices
across Canada, in the United States and around the world. You can find other
news releases and information about CIBC in our Press Centre on our corporate
website at www.cibc.com.
------------
O Canada
The push is on for financial literacy
Schools want to teach money management at early age; experts say current programs lacking
PAOLA LORIGGIO THE CANADIAN PRESS
TORONTO — Educators across Canada are increasingly seeing the value of teaching kids the basics of money management at a young age, but some experts warn the patchwork of programs being offered in schools can only go so far in helping students avoid major money pitfalls down the line.
School systems in several provinces — including Ontario, Quebec and Saskatchewan — have in recent years added elements of financial literacy to the core classes taught through elementary and high school, while British Columbia more than a decade ago created a mandatory Grade 10 financial life skills class.
But in order to truly make those lessons sink in, schools must have a designated financial capability curriculum that’s applied across the board, some experts say.
“Unless you have a focused, consistent curriculum designed specifically and implemented across the majority of grades, so it knows where it ended last year and it’s going to pick up and add more information . . . it’s never going to work," said Gail Vaz-Oxlade, the financial guru behind the TV show Til Debt Do Us Part and author of Money-Smart Kid$ and other books.
“And the problem we have right now is that by using the word ‘money’ or using money context for traditional lessons, (school) boards are convincing parents that they’re putting financial literacy into schools — but they’re not."
In Ontario, the focus in the classroom is largely on the math aspect of money management, “but those things are not the issue in terms of how to deal well with money," Vaz-Oxlade said. “The issue in terms of how to deal well with money are things like you can’t spend more money than you make."
A 2012 study by the Investor Education Fund found only 40 per cent of participating Ontario high school students felt somewhat or very prepared to manage their finances after graduation, and roughly a quarter said their schools gave them most or all the financial information they needed. Sixty-nine per cent said they thought personal finance should be taught in the classroom, according to the study, which was based on an online poll of 400 high school students.
As part of its curriculum review process, the Ontario Ministry of Education has “further integrated financial literacy concepts and skills" in the curriculum for grades four through 12, a ministry spokesman said.
“While the Ministry of Education is responsible for developing curriculum policy, implementation of policy is the responsibility of school boards. Teachers plan units of study, develop a variety of teaching approaches, and select appropriate resources to address the curriculum expectations, taking into account the needs and abilities of the students in their classes," Derek Luk wrote in an email.
The province has also invested more than $2.5 million in financial literacy resources and professional learning opportunities for educators, he said. There’s been significant momentum in recent years in terms of bringing financial education into the classroom, said Gary Rabbior, president and CEO of the Canadian Foundation for Economic Education. The foundation runs the Building Futures program, which “helps teachers to integrate a basic economic and financial education into the grade 4-10 school curriculum," according to a news release. The program is already in place in Manitoba, with Saskatchewan soon to follow suit and talks underway with several other provinces.
While making financial education compulsory across Canada would be beneficial, schools simply aren’t ready for such a major change at this time, Rabbior said.
“Throwing something compulsory on an education system that isn’t prepared for it often has negative results. You have to invest the time to train the teachers, have effective resources that can prepare the system for broadbased implementation," he said.
“We’re hoping that with all the interest now, and the higher priority and the willingness to do something, there can be efforts invested over the next three to five years to prepare the system, make school board people aware of it, train teachers to be able to do it, equip them with resources they feel comfortable with and fit with what they think is appropriate for their kids," so that it can eventually be mandatory, he said.
In the meantime, initiatives like the annual Talk With Our Kids About Money Day — also run by the CFEE — as well as workshops and other programs fill the gap for students worried about how to balance their pocketbooks.
Students at Father Lacombe High School in Calgary were taught about credit cards and budgeting in a 45-minute workshop held last month as part of Financial Literacy Month.
For Henry Pham, 17, the workshop was “a good reality check for the future."
“I know the majority of us are really not good with money," Pham said of himself and his peers. “We won’t have enough money to save up for university, pay for our school fees, and a lot of people, they take student loans because they’re just not good at saving money and it’s really not good to be in debt."
Having structured, hands-on lessons on dealing with budgets and other practical topics would help students get their spending under control before they do too much damage, said Charlene Madayag, 17.
“At school people just spend their money — for lunch, every lunchtime, they always buy a $5 meal and that can waste so much money and they don’t notice that and for us to know that that is how much we spend in a month or a year in school." she said. “Having a class like that for financial things, it would be really really helpful."
Still, it’s not entirely up to schools to instill good financial habits into children, said Vaz-Oxlade, whose career revolves around rehabilitating adults’ attitude toward money. Parents need to transmit those lessons in day-to-day life, and that means getting their own house in order first, she said.
Students make their way to the first day of school at Sherwood Park Elementary in North Vancouver earlier this year.
JONATHAN HAYWARD • CP
--------------------
O Canada
The push is on for financial literacy
Schools want to teach money management at early age; experts say current programs lacking
PAOLA LORIGGIO THE CANADIAN PRESS
TORONTO — Educators across Canada are increasingly seeing the value of teaching kids the basics of money management at a young age, but some experts warn the patchwork of programs being offered in schools can only go so far in helping students avoid major money pitfalls down the line.
School systems in several provinces — including Ontario, Quebec and Saskatchewan — have in recent years added elements of financial literacy to the core classes taught through elementary and high school, while British Columbia more than a decade ago created a mandatory Grade 10 financial life skills class.
But in order to truly make those lessons sink in, schools must have a designated financial capability curriculum that’s applied across the board, some experts say.
“Unless you have a focused, consistent curriculum designed specifically and implemented across the majority of grades, so it knows where it ended last year and it’s going to pick up and add more information . . . it’s never going to work," said Gail Vaz-Oxlade, the financial guru behind the TV show Til Debt Do Us Part and author of Money-Smart Kid$ and other books.
“And the problem we have right now is that by using the word ‘money’ or using money context for traditional lessons, (school) boards are convincing parents that they’re putting financial literacy into schools — but they’re not."
In Ontario, the focus in the classroom is largely on the math aspect of money management, “but those things are not the issue in terms of how to deal well with money," Vaz-Oxlade said. “The issue in terms of how to deal well with money are things like you can’t spend more money than you make."
A 2012 study by the Investor Education Fund found only 40 per cent of participating Ontario high school students felt somewhat or very prepared to manage their finances after graduation, and roughly a quarter said their schools gave them most or all the financial information they needed. Sixty-nine per cent said they thought personal finance should be taught in the classroom, according to the study, which was based on an online poll of 400 high school students.
As part of its curriculum review process, the Ontario Ministry of Education has “further integrated financial literacy concepts and skills" in the curriculum for grades four through 12, a ministry spokesman said.
“While the Ministry of Education is responsible for developing curriculum policy, implementation of policy is the responsibility of school boards. Teachers plan units of study, develop a variety of teaching approaches, and select appropriate resources to address the curriculum expectations, taking into account the needs and abilities of the students in their classes," Derek Luk wrote in an email.
The province has also invested more than $2.5 million in financial literacy resources and professional learning opportunities for educators, he said. There’s been significant momentum in recent years in terms of bringing financial education into the classroom, said Gary Rabbior, president and CEO of the Canadian Foundation for Economic Education. The foundation runs the Building Futures program, which “helps teachers to integrate a basic economic and financial education into the grade 4-10 school curriculum," according to a news release. The program is already in place in Manitoba, with Saskatchewan soon to follow suit and talks underway with several other provinces.
While making financial education compulsory across Canada would be beneficial, schools simply aren’t ready for such a major change at this time, Rabbior said.
“Throwing something compulsory on an education system that isn’t prepared for it often has negative results. You have to invest the time to train the teachers, have effective resources that can prepare the system for broadbased implementation," he said.
“We’re hoping that with all the interest now, and the higher priority and the willingness to do something, there can be efforts invested over the next three to five years to prepare the system, make school board people aware of it, train teachers to be able to do it, equip them with resources they feel comfortable with and fit with what they think is appropriate for their kids," so that it can eventually be mandatory, he said.
In the meantime, initiatives like the annual Talk With Our Kids About Money Day — also run by the CFEE — as well as workshops and other programs fill the gap for students worried about how to balance their pocketbooks.
Students at Father Lacombe High School in Calgary were taught about credit cards and budgeting in a 45-minute workshop held last month as part of Financial Literacy Month.
For Henry Pham, 17, the workshop was “a good reality check for the future."
“I know the majority of us are really not good with money," Pham said of himself and his peers. “We won’t have enough money to save up for university, pay for our school fees, and a lot of people, they take student loans because they’re just not good at saving money and it’s really not good to be in debt."
Having structured, hands-on lessons on dealing with budgets and other practical topics would help students get their spending under control before they do too much damage, said Charlene Madayag, 17.
“At school people just spend their money — for lunch, every lunchtime, they always buy a $5 meal and that can waste so much money and they don’t notice that and for us to know that that is how much we spend in a month or a year in school." she said. “Having a class like that for financial things, it would be really really helpful."
Still, it’s not entirely up to schools to instill good financial habits into children, said Vaz-Oxlade, whose career revolves around rehabilitating adults’ attitude toward money. Parents need to transmit those lessons in day-to-day life, and that means getting their own house in order first, she said.
Students make their way to the first day of school at Sherwood Park Elementary in North Vancouver earlier this year.
JONATHAN HAYWARD • CP
--------------------
Kids and money:
How young is too young?
By Gail Johnson | Insight – Fri, 2
Nov, 2012 11:52 AM EDT
Save 10 per cent of everything you make: that was a key
message in The Wealthy Barber, a seminal book on money published in 1989. So if
adults should do it, why not kids?
Melissa Cassar is
pictured in a handout photo."Financial literacy is an
important life skill," says , Visa Canada's
head of corporate and public affairs. "If we start teaching kids the value
of budgeting and spending wisely from an early age, we are helping equip them
to make smarter decisions as they grow up.
"In Canada, financial literacy is not a compulsory school subject,"
she adds, "so parents need to make sure that they are helping their
children learn the basics of financial management."
The worst thing is for kids to assume that money comes from one place:
the bank machine. And it's better to start planting the seeds of healthy
financial habits while they're young, because once they're teenagers, they might
not be as receptive to parents' sound advice.
The trick to getting kids interested in learning about money, of course,
is to make it fun. "To catch the attention of a younger audience,
activities that are interactive, educational, and entertaining are the way to
go," Cassar says.
There are lots of resources out there to help. Consider a few:
Money Mama and the Three Little Pigs
The book's author, mompreneur Lori Mackey, who's also the founder of Prosperity4Kids.com,
uses a 10-10-10-70 system for teaching kids to budget.
She suggests parents teach children to save 10 per cent, invest 10 per
cent, donate 10 per cent, and live off 70 per cent. To make this tangible for
kids, when you give them a dollar, give them two quarters and five dimes. Sit
with them and allocate coins. You can use something as simple as Tupperware
containers.
Peter Pig's Money Counter
A new game launched by Visa Canada for Financial Literacy Month
(November), it's geared to kids aged four to seven. It encourages players to
boost their bank balance by counting and sorting coins, teaching them about
saving and banking. Available at Practicalmoneyskills.ca,
it's one of several activities on the site for children of all ages. There are
cost calculators, budget templates, quizzes, and other games.
Avengers: Saving the Day
This comic book, created by Visa and Marvel Comics, features a
fast-moving plot revolving around the popular Avengers characters like
Spider-Man and Hulk. Kids learn about personal finance while battling the evil
Mole Man during an attempted heist. It introduces children to basic financial
concepts such as budgeting, saving, and banking and is available in several
languages at Practialmoneyskills.ca.
The Bill-Paying Game
Neale S. Godfrey and Carolina Edwards, co-authors of Money Doesn't Grow on Trees: A
Parent's Guide to Raising Financially Responsible Children came up with this one.
It works like this: count out a "salary" in play money. Then,
take some old bills and write the amount due on a piece of paper, along with
entries for payment due date, minimum payment due, and "balance
due," then let them decide how much to pay.
Everyone wins if the bills get paid on time. Use leftover money to
introduce the concepts of savings and donating.
Other tips to help kids become
moneywise?
·
Get a piggy bank, as it's a tangible
way for little kids to understand money and saving, as opposed to an offsite,
virtual account.
·
Praise little ones for their progress
when it comes to saving.
·
Speak openly, honestly and regularly to
your kids about budgeting, goals and financial limitations.
"Helping your kids learn about money can be as simple as finding
teachable moments that start conversations," Cassar says. "With the
upcoming holidays, parents can involve older kids in planning and budgeting
holiday gift purchases. Keeping money management in the conversation can help
kids feel comfortable with the topic."
Teaching Children Money SenseHow early should we teach our kids
good money sense
---
The 5
Most Important Money Lessons To Teach Your Kids
Money
Lessons At Every Age
Given how important financial skills are to navigating life, it’s surprising that our schools don’t teach children about money.
As a parent, however, you can teach your child important financial lessons — and you should.
“Look at the mortgage crisis and how many families lost their homes — 3.9 million foreclosures. Look at the amount of money — $1.1 trillion—we owe in student loan debt. The amount — $845 billion — we owe in credit card debt. It’s pretty clear that adults don’t know much about money. To help the next generation avoid the mistakes of their elders, and to live financially fit lives, they need to be taught the essentials about money,” says Beth Kobliner, author of the New York Times bestseller Get a Financial Life, and a member of the President’s Advisory Council on Financial Capability who spearheaded the creation of Money as You Grow, which offers age-appropriate money lessons for children.
The Forbes eBook To Succeed In A Brutal Job Market
Don’t let a rotten economy spoil your goals. Use the career and money advice in The Millennial Game Plan to get and stay ahead for good.
Don’t let a rotten economy spoil your goals. Use the career and money advice in The Millennial Game Plan to get and stay ahead for good.
Kobliner says children as young as three years old can grasp financial concepts like saving and spending. And a report by researchers at the University of Cambridge commissioned by the United Kingdom’s Money Advice Service revealed that kids’ money habits are formed by age 7.
“The sooner parents start taking advantage of everyday teachable money moments (for example, give a six-year-old $2 and let her choose which fruit to buy), the better off our kids will be. Parents are the number one influence on their children’s financial behaviors, so it’s up to us to raise a generation of mindful consumers, investors, savers, and givers,” she says.
Below are the top money lessons to be learned at each age, as well as activities to illustrate each point.
Ages 3-5
The Lesson: You may have to wait to buy something you want.
“This is a hard concept for people to learn of all ages,” says Kobliner. However, the ability to delay gratification can also predict how successful one will be as a grown-up. Kids at this age need to learn that if they really want something, they should wait and save to buy it.
Money lessons at this age set the tone for later on. “You really can’t start too early,” says Kobliner. Speaking of her own family, she says, “When we go into a store, if I say, ‘We don’t have money for this,’ they’re smart — they know we have credit cards,” So, she would say, “We’re here to buy a gift for X, and we’re not going to buy anything for you, because we’re not here for that.” Kids then quickly learn that going into a store doesn’t always mean you’ll buy something.
Activities For Ages 3 To 5
1. When your child is waiting in line, say, to go on the swings, discuss how important it is to learn to wait for what he or she wants.
2. Create three jars – each labeled “Saving,” “Spending” or “Sharing.” Every time your child receives money, whether for doing chores or from a birthday, divide the money equally among the jars. Have him or her use the spending jar for small purchases, like candy or stickers. Money in the sharing jar can go to someone you know who needs it or be used to donate to a friend’s cause. The saving jar should be for more expensive items.
3. Have your child set a goal, such as to buy a toy. Make sure it’s not so pricey that they won’t be able to afford it for months. “Then it just gets frustrating, and it gets hard for them to wrap their head around. It’s really more about her being cognizant that she’s saving for a goal than, ‘Oh, I really need her to scrape together those $10 to buy the tutu.’ You want to set them up for success,” says Kobliner. If your child does have an expensive goal, come up with a matching program to help her reach it in a reasonable timeframe. (Kobliner says that while an allowance is a personal choice for every family, at this age, a small allowance could help a child save for these goals.)
Every time your child adds money to the savings jar, help her count up how much she has, talk with her about how much she needs to reach her goal, and when she will reach it. “All those behaviors are really fun for kids,” says Kobliner. “And it gives them a sense of the importance of waiting and being patient and saving.”
Ages 6-10
The Lesson: You need to make choices about how to spend money.
At this age, it’s important to explain to your child, “Money is finite and it’s important to make wise choices, because once you spend the money you have, you don’t have more to spend,” Kobliner says. While at this age, you should also keep up with activities like the saving, spending and sharing jars, and goal-setting, you should also begin to engage your child in more adult financial decision-making.
Activities For Ages 6 To 10
1. Include your child in some financial decisions. For instance, explain, “The reason I chose the generic grape juice rather than the brand name is that it costs 50 cents less and tastes the same to me,” says Kobliner. Or talk about deals, such as buying everyday staples like paper towels in bulk to get a cheaper per-item price.
2. Give your child some money, like $2, in a supermarket and have her make choices about what fruit to buy, within the parameters of what you need, to give them the experience of making choices with money.
3. When you’re shopping, talk aloud about how you’re making your financial decisions as a grown-up, asking questions like, “Is this something we really, really need? Or can we skip it this week since we’re going out to dinner?” “Can I borrow it?” “Would it cost less somewhere else? Could we go to discount store and get two of these instead of one?”
Ages 11-13
The Lesson: The sooner you save, the faster your money can grow from compound interest.
At this age, you can shift from the idea of saving for short-term goals to long-term goals. Introduce the concept of compound interest, when you earn interest both on your savings as well as on past interest from your savings.
Activities For Ages 11 To 13
1. Describe compound interest using specific numbers, because research shows this is more effective than describing it in the abstract, says Kobliner. Explain, “If you set aside $100 every year starting at age 14, you’d have $23,000 by age 65, but if you start at age 35, you’ll only have $7,000 by age 65.”
2. Have your child do some compound interest calculations on Investor.gov. Here, she can see how much money she’ll earn if she invests a certain amount and it grows by a certain interest rate. And have her read this inspiring example of someone who used compound interest to his advantage incredibly well.
3. Have your child set a longer-term goal for something more expensive than the toys she may have been saving for. “Those sorts of tradeoffs, called opportunity costs — what are the things you’re giving up to save money — is a very useful thing to talk about. At this age, kids are trying to not save because they want to buy stuff, but thinking of what long-term goals are and what they’re having to give up shows that it’s a good decision,” says Kobliner. For example, she says, if your child has a habit of buying a snack after school every day, she may decide she’d rather put that money toward an iPod.
Ages 14-18
The Lesson: When comparing colleges, be sure to consider how much each school would cost.
Search for the “net price calculator” on college websites to see how much each costs when including other expenses besides tuition. But don’t let the price tag discourage your child. Explain how much more college grads earn than people without college degrees, making it a worthwhile investment.
Activities For Ages 14 To 18
1. Discuss how much you can contribute to your child’s college education each year. “Every parent should start the college cost conversation by ninth grade,” says Kobliner. “Tackling the subject early and being honest about what your family can afford will help kids be realistic about where they may apply.”
But remember that there are many ways to finance college other than with your own money. With your child, look into which private schools are generous with financial aid, how much of it is in “free money” such as grants and scholarships, how much in loans that your child will have to pay back, and what government programs can help pay back those loans, says Kobliner. Also, check out these eight tips on taking out student loans.
2. Have your child use this College Scorecard to compare how much each college costs, what the employment prospects of graduates are, and how much student loan debt could affect your child’s lifestyle after graduation if he or she attended that college. As with any investment, analyze together whether the money put in will pay off in the end.
3. Estimate your financial aid using the FAFSA4caster tool at fafsa.ed.gov. Also research additional loans, scholarships, and grants — and use calculators to estimate monthly loan payments — on studentaid.ed.gov. Find out about loan repayment options such as Pay As You Earn, which limits your monthly payments to just 10% of your discretionary income. For more information, check out ibrinfo.org or finaid.org.
“Parents should absolutely make their college kids get a part-time job,” says Kobliner, adding that research by Dr. Gary R. Pike of Indiana University-Purdue University Indianapolis shows that students who work 20 hours a week or less at on-campus jobs get better grades because they’re more engaged in student life. “But limit those hours!” she says. “Working more than 20 hours per week can hurt kids’ academic success.”
Ages 18+
The Lesson: You should use a credit card only if you can pay the balance off in full each month.
It is all too easy to slide into credit card debt, which could give your child the burden of paying off credit card debt at the same time as student loans. Plus, it could affect his or her credit history, which could make it difficult to, say, buy a car or a home, or even to get a job. Sometimes, prospective employers check credit.
“The average household owes $7,084 in credit card debt. To reverse the trend of spending beyond our means and racking up hundreds of dollars a year in interest, it’s critical that parents teach their kids how to use credit cards responsibly (or better yet—not at all!—unless they can pay the total bill every month),” says Kobliner.
Activities For Ages 18+
1. Teach a child that if a parent cosigns on a credit card, any late payment could also affect the parent’s credit history.
2. Together, look for a credit card that offers a low interest rate and no annual fee using sites like Bankrate, Creditcards.com, Credit.com, or Cardratings.com.
3. Explain that it’s important not to charge everyday items so that way if you have a emergency expense that you can’t cover with savings, you can charge that. However, even better is building up at least three months’ worth of living expenses in emergency savings, though six to nine months’ worth is ideal. Learn here how to budget money in order to build up emergency savings.
RELATED:
- Money Lessons for Every Age
- Taking
Out Student Loans? Do It Right With These 8 Tips
- New
Grads, Here’s What To Do With Your First Paycheck
- New
Grads, Here’s How To Spend Your Money Every Month
- New
Grads, Here’s How To Keep Your Costs Low
- New
Grads, Here’s How To Negotiate Your Salary
Laura Shin is the author of
the Forbes eBook, The Millennial Game Plan: Career And Money Secrets For Today’s
World. Available for Apple iBooks, Amazon Kindle, Nook and Vook.
O CANADA- Why isn’t financial literacy taught in school?
By Liam
Lahey | Insight – Mon,
27 Aug, 2012 2:00 PM EDT
If
there's one positive by-product of the 2008 financial crisis, it's the
heightened sense that Canadians need to take personal responsibility for their
financial future.
And
experts agree: Financial literacy is a critical tool -- an essential life skill
-- that Canadian youth need to learn. But it's a skill that is often learned
too late. Canada's student debt level has reached a staggering $15 billion,
according to the Canadian Federation of Students, with the average student
graduating with a debt load of $27,747, according to TD Canada Trust.
"There
seems to be very little financial literacy that's taking place today for our
children," says Raymond Chun, senior vice-president, everyday banking and
payments, TD Canada Trust. "That's the place people really need to start
thinking about: educating our youth around financial literacy so they can start
saving early for their post-secondary education."
And while
Canucks are taking their finances more seriously, consumer
debt in this county has hit an eight-year high. And for those who have been
diligent savers, longevity risk has complicated retirement plans, leading
experts to call for annuity reform in the face of record-high
levels of bankruptcy among seniors.
It's a
dicey situation that prompted University of Calgary professor Norma
Nielson to remark, "Canadians have always been a little better at
saving than some other places in the world but I don't know we've spent enough
time educating
our citizens about how to spend it once they get there."
Personal
finance in the classroom
Genevieve
Tran has a possible solution and its one that begins in the classroom.
Tran is a
certified elementary school teacher in the province of Ontario with a Masters
of Education degree from the University of Toronto's Ontario Institute for
Studies in Education. She has been teaching financial literacy abroad in Japan
for a handful of years, as well as, developing curricula for university courses
in that country. Now, she's back in her hometown Toronto looking to raise
awareness of what she regards as a glaring need in our elementary and secondary
school systems: financial knowledge.
"I've
always been interested in teaching
students about money. It wasn't officially on the curriculum (at the
elementary school she taught at in Tokyo) but I was always thinking about the
things they'd actually need to learn," she explains. "Finance and
economics, no matter how old a student is, has to factor in there."
Tran says
though schools in Ontario -- through the Ontario Government's Ministry of
Education -- mandated a
financial literacy program in 2011 that targets students in grades four and
above, few teachers are aware of it and the program lacks an assessment
component and accountability in terms of whether it is administered properly.
"I
was very happy to learn Ontario is doing this but when you look at the
curriculum document, it's just a cut and paste of previous chunks of other
curricula. It's not directly related to financial literacy," she says.
"A lot of my teacher friends here in Ontario have never even heard of it.
Teachers know this subject is important but from what I'm hearing, they haven't
been consulted at all. "
Mary Jane
McNamara, central co-ordinating principal, teaching and learning, at the
Toronto District School Board (TDSB), says financial literacy encompasses much
more than personal finance and is a topic that teachers already cover.
"Financial
literacy is embedded in the curriculum from grades four through 12. It's
addressed in all subject areas rather than being a specific curriculum
document," she explains. "So for instance, if you're an art teacher,
you would consult the 'Scope and Sequence'
document to determine where financial literacy could be highlighted in
connection with art.
"It's
bigger and broader than just personal finance. It's touching on
problem-solving, critical thinking and analysis, inquiry communication, all
related to financial literacy."
It also
takes time for all teachers and school boards to digest newly issued
guidelines, McNamara says of Ontario's financial literacy program.
"The
Ministry will say last year was a 'building awareness year' and that's what we
as a board were charged with," she says. "In terms of moving forward,
we want to build on that awareness and build-in a more deeper approach to
financial literacy in all areas."
If
educators agree that financial literacy is a key component of a child's
education, why hasn't a separate curriculum been developed? McNamara
tells Yahoo! Canada Finance that prior to the Ontario Government's 2011
mandate, there was a provincial committee charged with gauging what was
happening nationally in terms of all of society's financial literacy.
"This
group came up with a resource called "A Sound
Investment". It's a very good document that focuses on planning
ahead in terms of what we should be doing in Ontario's schools to address
financial literacy," she adds. "That provided direction to the
(Ontario) Ministry (of Education) in terms of how it should happen as opposed
to a specific course because it's so broad a topic."
Fair
enough but one can't help but to wonder why it took until 2011 for Ontario to introduce
its financial education guidelines for teachers. There was a recession in the
early 2000s followed by the Great Recession of 2008.
"The
work on financial literacy education began in November 2009 when the then
Minister of Education asked the Curriculum Council to examine the issue of
financial literacy in the Ontario curriculum," says Gary Wheeler,
spokesperson, Ministry of Education in Toronto. "In Ontario, the financial
literacy education initiative starts in grade 4. This is consistent with many
other jurisdictions' approach to financial literacy education."
Financial
literacy resources available for all ages
Julie
Hauser, spokesperson for the Financial Consumer Agency
of Canada (FCAC) in Ottawa, says everyone, not just Canadian youth, could
stand to benefit from increasing their financial prowess.
"One
of the issues is understanding what financial literacy is; which is having the
ability and understanding to make financial decisions that best meet your own
needs," she says.
Part of
the FCAC's mandate is to promote consumer awareness of the obligations of
financial institutions to consumers and to foster consumer understanding of
financial services and related issues. In 2008, the FCAC launched a freely
available Web-based program called "The
City" to schools, students, and families nationwide that aims to
provide effective ways to manage money.
"It's
a learning program that teaches financial skills. Schools across Canada can use
it in class to help students better understand how to manage their personal
finances," she adds. "It's a teacher-led program that introduces and
explains basic financial concepts. It goes through the concepts of managing a
budget, looking at expenses and savings vehicles, and it gives tips on how to
cut down on personal expenses.
"The
age group (of those accessing the program) varies widely. It's not just
students that are taking it."
Financial
literacy begins at home
Tran adds
teaching financial literacy to youth shouldn't be the sole responsibility of
school boards and individual teachers.
"There's
nothing stopping parents, neighbourhoods or communities, from initiating
some form of financial literacy and don't be ashamed of the lack of your
own knowledge," she says. "You have this opportunity to impart some
level of understanding you've learned onto kids … for them to be (suddenly)
subjected to post-secondary and credit card debt in their early twenties is way
too late. They have no education in entrepreneurism and that will only stifle
our country's economy by having these people go through life only colouring
between the lines."
The FCAC
will also introduce a new program this autumn called "Your Financial
Toolkit". Hauser says it's been designed to help adults better manage
their personal finances. To that end, the FCAC offers a
number of free educational programs for educators to utilize.
https://ca.finance.yahoo.com/blogs/insight/why-isn-t-financial-literacy-taught-school-180027714.html
-----
1.
[PDF]
to teach children
how to handle money. ... to do extra and you need other things
done (they should not be
able to wash ... discussion should include money they can spend, money they
are saving, and donations. ... 2. Tips for Children under 5:
It's never too early to start!
-------------------
HANDS ON BANKING •
INSTRUCTOR GUIDE • KIDS • VERSION
Hands on Banking®
Instructor’s Guide
Kids’ Version (Grades 4 and
5)
.Table of Contents.
Introduction 4.
How to Use This Guide 6.
You and Your Money 9.
Section 1: The Meaning of
Money 10.
Section 2: Earnings 11.
Earning Power Worksheet 12.
Section 3: What Banks Do 15.
Teaching Tips 18.
Earnings Worksheet 20.
Budgeting 21.
Section 1: Needs versus
Wants 22.
Personal Budget Worksheet
23.
Section 2: Budgets 25.
Shopping With a Budget
Worksheet 26.
Build Your Own Budget
Worksheet 30.
Teaching Tips 34.
Savings and Checking Guide
35.
Section 1: Savings Accounts
37.
Depositing Money in a
Savings Account 39.
Savings Deposit Worksheet
40.
Section 2: Savings
Withdrawals 42.
Savings Withdrawal Worksheet
43.
Section 3: Keeping Track of
Your Savings 45.
Savings Register Worksheet
46.
Section 4: Writing a Check
48.
Writing a Check Worksheet
49.
Section 5: Keeping Track of
Your Checking Account 52.
Check Register Worksheet 53.
Section 6: The Concept of
Balancing a Checking Account 55.
Teaching Tips 57.
------------------
---
Teaching kids about money
Piggy bank basics
In a rapidly
changing world, teaching your children about managing money has never been more
important. Here we explain how to raise money smart kids.
If kids develop
good financial skills from an early age they'll be ready for the financial
challenges of adulthood.
Giving your kids a
good foundation and teaching them about money matters is critical for their
personal development. Showing children the basics such as how to budget, spend
and save will establish good money habits for life.
Video: Teaching kids how to budget to become financially savvy
David and
Libby Koch share their tips on teaching kids about budgeting and developing
sound money skills. They also talk about MoneySmart's budget
planner andTrackMySpend app.
This video was developed in
partnership with the Koch family and Father Chris Riley'sYouth Off The Streets.
Invisible money
In a time of credit
cards, internet banking and online shopping, children don't often see people
buying products with physical money like notes and coins.
Not seeing money
exchanged for purchases makes it harder for kids to get their heads around what
things cost. They might see this invisible money as an abstract and unlimited
resource rather than real money coming in and out of their family's bank
accounts.
Talk to your kids
about money often to help them make this invisible money real.
Video: Money Makes the World Go Around
This digital animation made by
MoneySmart Teaching uses social trends and statistics to show the demands of
our modern world on young people, where money has become invisible.
Teaching younger
kids the value of money through real life situations and examples will help
them understand where money comes from and how it is earned. Here are a few
examples of how you could approach this with your kids.
At the ATM
The ATM is a great
place to start teaching kids about money. You could explain to your child that
the ATM holds the money you have made by working hard and saving. It is not
just a hole in the wall where money comes out.
When you take money
out of the ATM it is taken from your bank account and you'll have less in your
account to spend later.
At the supermarket
When buying items
at the supermarket, you can explain to your kids how items are priced and that
you can get cheaper or more expensive versions of the same product. This is
also an opportunity to discuss how you can shop around for the best price.
You could get them
to compare prices for you and pick the cheapest one. If they want a particular
brand then explain the price difference to them.
Paying bills
If you receive
bills in the mail or online, this can be an opportunity to explain that
electricity or your internet connection costs money. You could explain that to
pay a $150 power bill it took you so many days at work to earn the money. This
will help create a connection between time spent at work and money, as well as
the fact that electricity and the internet cost your family money. It might
also make them think twice about leaving lights and appliances on.
Doing a budget
Involving your kids
in discussions about your family budget is another way you can talk to your
children about money. This helps give them the big picture about costs and
spending.
By explaining how
much money your family has to spend every week and how this money is spent your
kids will better understand the costs of family life and how much can be saved
for other things.
Take a look at our
budget planner and help your kids put together their own budget.
Giving pocket money
Pocket money can help children better
understand the value of money. See our giving kids pocket moneywebpage
for more details.
Smart tip
Let
your kids pay for small expenses with their pocket or birthday money. This will
help them work out how far their money will go.
As your children
grow up, they will have different experiences and require a better
understanding of money. Here are some ideas about the sorts of things your
children will need to know at different ages.
Younger children (Preschool age)
§ You
need money to buy things
§ Money
includes notes and coins that have different values
§ You
earn money by going to work
§ There
is a difference between things you need and things you want
School age children (Primary school)
§ Comparing
prices and shopping around before you buy something is a good habit to get into
§ Be
careful when shopping online and never share your personal information online
§ You
need to be patient when saving up and you can make choices about how to spend
your money
Practice
the experience online
MoneySmart Teaching have a great range of digital activities your kids
can use to learn about money.
(Year 2)
(Year 3-4)
(Year 3-4)
(Year 2)
Teenagers (High School)
§ It
is better to use cash than credit
§ Credit
is money that you borrow and have to pay back with interest
§ It
is good to have savings in case of a money emergency
§ If
you work a part-time job, you need to check your pay slip to see that you are
being paid the correct amount and if you are paying tax
§ Keep
track of mobile phone data and expenses to make sure you don't run out of
credit or get stuck with a large bill
§ Bank accounts can help you to track and keep your money. See our under
25s section for videos and tips about managing money for young people
§ Doing
a budget helps you work out how you should spend your money
Video: Teaching kids and teens about money
David and Libby Koch discuss some
approaches you could take when talking to your kids about money.
This video was developed in partnership
with the Koch family and Father Chris Riley's Youth Off The Streets.
When children get
to an age where they are earning pocket money or working a part-time job, they
will start to spend their own money.
Here are some things
you may want to do with your children to help develop their financial savvy and
independence:
§ Shopping lists -
Ask your kids to help you compile a shopping list of needed items for home.
§ Research purchases -
Work with your children to research online or shop around to find the best
price for an item they want.
§ Set goals -
Help your kids to set a goal and track their savings through a chart (for
example, they could colour in coins on a chart to show their progress). For
older children and teenagers set up a bank account and help track saving and
spending.
§ Plan an event -
Involve your children in planning and budgeting for special occasions such as
outings or birthdays. If you are going on an outing work through all the costs
including transport and food as well as any admission prices.
§ Shop safe online -
Make sure your kids are safe when online shopping and know how to spot an
online scam. If it sounds too good to be true, it probably is.
§ Needs vs wants -
Help your kids avoid spontaneous purchases and set goals to think about whether
they want an item before parting with their money. Discuss the difference
between needs and wants and encourage your children to think about this before
spending.
§ Check mobile use -
When your child receives their first mobile phone, show them how to check and
minimise data usage, set boundaries on use and involve them in selecting
pre-paid or a plan.
§ Criticise ads -
Get your children to review advertising on TV and in catalogues with you. Ask
them what the ads are trying to sell, how they try to sell it to you and if
they need the product they are advertising.
Shopping
for a mobile phone
MoneySmart
Teaching have digital activities to help your teens learn more about how to
approachshopping for a mobile.
Teaching kids about
money is an important skill. Money skills should be developed from an early age
and fostered into young adulthood. The more financially savvy your children are
the better spending decisions they will make throughout their lives.
NATIONAL HIGHLIGHTS
St. John
Ambulance Unveils Mobile Version of Website
Now offering the convenience of mobile access to
first aid course information, along with other key resources, users can take
the www.sja.ca site on the go. Regular use of the website was analyzed to determine
what features would be available on the mobile site. From your smartphone, you
will be able to access the following features:
·
Search for and register for a course in
your area
·
Order first aid kits and supplies
·
Access safety tips and resources
·
Learn about local community services
and volunteering
·
Make a donation
·
Access St. John Ambulance social media
pages
·
Search the site, and more!
To access the site, use any mobile browser to visit www.sja.ca. Your
smartphone will know what to do!
----
www.kijiji.ca › Nova Scotia ›
community
o
o
All instructors are active Nova Scotia firefighters and
paramedics; -… .... Would you like to teach for
Canada's leader in First Aid and CPR programs? Join St.
-----------------
www.seattlechildrens.org/classes.../classes.../cpr-and-first-aid-for-babysitters/ - Cached
- Similar
Youths 11 to 15 learn CPR and first aid skills for
infants and children. ... If you are looking for a
babysitting class for your child, please register them for
Better ...
What if every student in your school knew how to save a
life! ... training program for young children in elementary school to teen-aged
high school students. ... (and their teachers, too)
typically take a certified CPR or First Aid course. ... The sessions are taught to regular classroom
groupings in the classroom or the gym.
What if every student in your school knew how to save a
life! ... training program for young children in elementary school to teen-aged
high school students. ... (and their teachers, too)
typically take a certified CPR or First Aid course. ... The sessions are taught to regular classroom
groupings in the classroom or the gym.
St John Ambulance offers an extensive range of First Aid
courses in WA to choose from. ... Basic
Emergency Life Support (Workplace First Aid or Caring For Kids) ... delivery in a classroom and instead gives students
the opportunity to learn in ...
1.
PDF]
In this one-day course, students will learn to recognize
and provide interventions for ... $160 • TWO DAY. This
course is intended for Health Care Providers and includes all ... gency life
saving skills and first aid topics with a focus on children. The course ... is approved by
Alberta Workplace Health & Safety as meeting the.
Emergency Preparedness
-- Why Have an
EP Plan?
Extremes in climate,
ever-changing weather patterns, and social or political unrest are factors that
can place us at risk for a wide range of potential disasters including
earthquakes, tsunamis, wild fires, floods, and severe weather. No community is
without risk. Regardless of the nature of a disaster, the services we most take
for granted (gas, electricity, water and phone) may be disrupted for days.
Roads may be blocked; storm drains and sewers backed up; stores, banks and gas
stations closed; family life, work and school will likely be
disrupted.
In the event of a major
disaster, experience has shown us that it will likely take three or more days
for emergency services such as police, fire, ambulance, and other outside
assistance to reach many neighbourhoods. It may take even longer if you are
located in an area that is isolated or has difficult access.
When a disaster strikes, it will be too late to start making lists of
the supplies you need. It’s unlikely you’ll have time to grab your portable
radio from the basement, find batteries for the flashlight, restock first aid
supplies, or assemble food, water, essential medications, and important
documents. This type of preparation of an emergency preparedness kit needs to
be done before an emergency. If a disaster strikes, being prepared in advance
can make the difference between inconvenience and immense losses. We encourage
you to start preparing NOW.
Government of Nova Scotia,
Canada ... Prepare an Emergency Kit ... A guide to help event and municipal emergency planners prepare for
gathering events in ...
Prepare for an Emergency
Navigation
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Emergency
Preparedness for You and Your Family Are you prepared for an
emergency? Emergency officials work to ensure the readiness of our communities,
municipalities and province in an emergency event. However, we as individuals
also have a responsibility to ensure our own safety and that of our family. If
you are without electricity for a couple of days, or weeks, do you have the
supplies needed to see you through? Do you have a household emergency plan
outlining exit routes from your home and your neighbourhood? Emergencies can be
stressful, but if you take the time now to prepare yourself and your family you
will be better able to cope. Being prepared means:
·
knowing
the risks,
·
developing
a plan, and
·
preparing
a kit.
Know the
Risks
Being aware of the potential risks we face in Nova Scotia can help you to be better prepared should an emergency occur. You may find it helpful to make a list of these risks and think about how they might affect you and your family.
Develop a plan
Everyone needs an emergency plan. It will help you and your family know what to do if an emergency should occur.
Prepare a kit
Being prepared for an emergency also means having the necessary supplies on hand to help you and your family cope.
Being aware of the potential risks we face in Nova Scotia can help you to be better prepared should an emergency occur. You may find it helpful to make a list of these risks and think about how they might affect you and your family.
Develop a plan
Everyone needs an emergency plan. It will help you and your family know what to do if an emergency should occur.
Prepare a kit
Being prepared for an emergency also means having the necessary supplies on hand to help you and your family cope.
Plan for your pets
EMO
HOME
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for an emergency
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Business
and Government
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Resources
·
Links
Just as important as
planning for your family, you should have a plan in place for your pets during
an emergency. Animals can’t be left behind in the event of an evacuation and
many temporary emergency shelters will not accept them.
Preparing
Pets for an Emergency:
·
Make sure
your pet’s vaccinations are up-to-date. Pet shelters may require proof of
vaccines.
·
Keep a collar
with license and identification on your pet.
·
Have a
special kit prepared including a leash, muzzle (if necessary), carrying case,
food, water and food bowls, any necessary medications and specific care
instructions for your pets. Even if you are not forced to evacuate your pet
will have adequate food and supplies on hand.
·
Contact
your veterinarian or local humane society to find out potential shelters ahead
of time.
Taking
Care of Pets During an Emergency:
·
Bring pets
inside well in advance of a storm. Many animals are uneasy during storms – try
to keep them calm and reassured.
·
Pet
shelters will fill fast. Call ahead to determine availability.
Taking
Care of Pets After an Emergency:
·
Walk your
pet on a leash until they are comfortable and re-oriented. Often, in the
aftermath of a storm, familiar landmarks and scents have disappeared and pets
could become confused.
·
Watch for
downed power lines and debris.
·
Watch your
pet’s behaviour – they may become defensive or aggressive after a traumatic
event.
Fact Sheets
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and Government
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Resources
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Media
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English
·
911 Fact Sheet (pdf)
·
States of Emergency Q&A (pdf)
Services en français
·
Fiche d'information sur le 911 (pdf)
-----------------
9 Dec 2013 ... You
should be prepared to take care of yourself and your family for a
minimum of 72 hours. ... the Canadian
Disaster Database at: http://www.publicsafety.gc.ca/cdd. For ... such as
earthquakes, power outages, floods and severe storms. .... Teach children how and when to dial 9-1-1 as well as how to call the ...
----
1.
[PDF]
Helping Parents. Prepare
for Disaster. Tip Sheet. Anyone who is a parent knows how hard it can be to
raise a child. Add a stressful situation, like a natural.
HEY KIDS- YOUTH- Disasters affect everyone. And so it takes
everyone
- youth, parents, and community members -
to help prepare.
- youth, parents, and community members -
to help prepare.
·
Home
·
Kids
·
Parents
Main content
Be Prepared, Build a Kit
Being prepared for
an emergency isn't just about staying safe during a
disaster. It's about how to stay comfortable, clean, fed, and healthy
afterwards – when a storm or disaster may have knocked out electricity.
disaster. It's about how to stay comfortable, clean, fed, and healthy
afterwards – when a storm or disaster may have knocked out electricity.
If you lost power,
how would you eat? The refrigerator can’t keep foods cold. The
microwave can’t warm things up. You might not get clean water out of your faucets.
How would you find out whether it was safe to play outside? Not from the TV or computer!
microwave can’t warm things up. You might not get clean water out of your faucets.
How would you find out whether it was safe to play outside? Not from the TV or computer!
That’s why it’s important
for families to work together to build an emergency kit
before an emergency strikes. There should be enough food, water, clothing, and
supplies to last for at least three days.
before an emergency strikes. There should be enough food, water, clothing, and
supplies to last for at least three days.
Here are some items you and your family will need:
·
Non-perishable food (such as dried fruit or peanut butter)
·
First aid kit
·
Extra batteries
·
Matches in a waterproof container
·
Toothbrush, toothpaste, soap
·
Paper plates, plastic cups and utensils, paper towels
·
Water – at least a gallon per person, per day
·
Battery-powered or hand-cranked radio
·
Sleeping bag or warm blanket for each person
·
Flashlights
·
Whistle to signal for help
·
Can opener (manual)
·
Local maps
·
Pet supplies
·
Baby supplies (formula, diapers)
The U.S. Department of Homeland
Security (DHS) has adopted and is using in commerce the characters (specifically
Ray, Gayle, Misti, Sonny, and Raina) associated with the Federal Emergency
Management Agency’s Youth Preparedness Program. DHS is in the process of
registering the characters with the U.S. Patent & Trademark Office. Use of
the characters, without permission, is unauthorized and in violation of
trademark law.
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