Why Educating Today’s Youth in Financial Literacy Makes for a Better Tomorrow
This November marks the 10th anniversary of Financial Literacy Month in Canada. The impact of COVID-19 on the Canadian economy is unprecedented. Canadians were already burdened by rising levels of debt and, because of the pandemic, some are facing even greater financial pressures. Now more than ever, it is critical to help Canadians, especially youth, learn how to manage their finances. To highlight this, we spoke with Karen Gallant, Vice President of Programs and Charter Services at Junior Achievement Canada, along with high school math teacher, Katy Howell Escobar, who supports this program in her classroom.
Pictured here on the left is Karen Gallant, Vice President of Programs and Charter Services at Junior Achievement Canada.
Beside Karen is Katy Howell Escobar, a grade 11 mathematics teacher, who supports Junior Achievement Canada in her classroom.
Inspiring Students to Succeed in School, Life and Business
Junior Achievement Canada (JA) is the largest youth business education organization in Canada, with a national office and a network of 15 locations serving students from coast to coast. They work in partnership with educators, volunteers, and businesses to teach students about financial literacy, work readiness, and entrepreneurship.
Turning Today’s Students into Tomorrow’s Leaders
Karen explains that JA programs teach students vital financial management skills – earning, budgeting, saving, investing, and the importance of using credit wisely – giving them the knowledge and confidence to align their financial choices with their goals. Repeated studies and reports show that Canadians have rising levels of debt and live with financial insecurity. Through JA programs, they help students develop the financial skills and knowledge to proactively address these issues.
Small businesses are the backbone of the Canadian economy. JA programs teach students the fundamentals of running a small business and inspire them to launch businesses post education. According to a 2011 Boston Consulting Group report, JA graduates are 50% more likely to open a business, resulting in job creation and economic prosperity.
Students participating in a JA program develop confidence, resilience and a variety of other skills that are so necessary in their lives – both personal and professional. Not only do these skills benefit them as individuals, businesses and the community benefit from them as well. These students are the leaders of tomorrow, and through JA, they become well-equipped to fulfil that mission.
Pivoting Programs for Pandemic Success
For 100 years, JA had used a tried-and-true delivery method – volunteers would go into classrooms and facilitate our programs for students. When the pandemic closed schools in March, JA quickly had to pivot to digital program deliveries. Luckily, Karen and the team had already begun to develop a new learning management system (LMS) and were able to accelerate its launch by three months to meet this new need. Karen and the national team also worked with local JA teams to develop digital versions of the programs that both teachers and students could access remotely. As part of the digital transformation, JA had planned to develop digital programs, but COVID-19 accelerated that plan by two to three years.
Fortunately, JA continues to see strong interest from teachers, even though it may be more challenging for them this school year. Many teachers are now facilitating the programs themselves, including volunteers in a virtual way, or “assigning” the self-directed version of the program as homework to their students.
The Impact of the JA Program in Katy’s Classroom
Katy teaches grade 11 math every day, and explains that although it is very important, she is realistic in understanding that much of what she teaches may not be necessary in day-to-day life. By contrast, financial literacy is a topic her students can begin using in their daily decision making immediately. These students are off to post-secondary next year and, in many cases, will be living on their own for the first time. They will need to make many of the day-to-day decisions with their money that their parents have been making up until now. Having an expert in financial literacy teach them smart money management will set them on the path to financial success.
When Katy first introduces the JA program to her students, it is often not met with much enthusiasm. However, throughout the program, students become interested and involved in the learning. Her classroom JA volunteer is Chris Santos, Retirement Consultant at Oak House Benefits. Katy explains that Chris does a really good job of explaining the content but also brings in life experience and personal stories to add context to the information. Students always leave the program engaged and ready to tackle more financial topics. When she run into students after graduation, this is the one topic they always bring up as memorable and meaningful.
A Message for Parents
It may be tough to have discussions with your child about household finances, especially in these uncertain times. That also means it is more important now than ever to support children in financial learning and smart decision-making. Karen and Katy have shared the following messages to help foster conversations regarding a child’s long-term success in school, life, and business.
Talk to your kids about your own financial learnings, especially when you were their age. Help them develop those important budgeting and saving skills.
Recognize that your child’s career journey is unlikely to be linear, and that is acceptable. They need to learn what they dislike as much as what they like.
Entrepreneurship is an immensely viable career option!
Read on to Learn More!
If you would like to learn more about Junior Achievement Canada and ways to get involved in your local JA chapter, visit JACanada.org.
During Financial Literacy Month and throughout the year, you can find credible resources and tools on managing your financial health at Canada.ca/financial-tools.
Sources
www.canada.ca/en/articles-financial-literacy-month
www.canada.ca/en/financial-literacy-month/social-media-guide