Health
Canadian High School Students Stressing Over Economic Concerns
Canadian high school students, once relatively sheltered from the complexities of personal finance, are now feeling the stress of economic concerns, according to an Intuit survey.
The survey reveals that Canadian high school students are unprepared for the financial realities that await them after graduation. The majority wish they better understood personal finance but are unsure where to begin.
According to the survey, 73% of Canadian high school students recognize that they lack the knowledge to make educated financial decisions, while only 20% completely understand basic financial concepts such as debt.
Since 61% of students feel their generation will be financially worse off than their parents, they’ve received little confidence or preparedness for the future.
Ontario has implemented a mandatory financial literacy test for high school graduates to address this expanding need. Starting in 2025, Ontario high school students must complete the test as part of a new Grade 10 math course.
Teaching students important skills
The course component teaches students important skills, including managing a household budget and protecting themselves from financial fraud. The test, which requires a minimum of 70% to pass, is part of a larger effort to reform Ontario’s education system.
Other provinces, including British Columbia, Alberta, Newfoundland and Labrador, are following suit and prioritizing financial education in their school curricula.
“Seeing a renewed dedication to embedding financial literacy education in a meaningful way is essential to addressing the financial literacy gap,” says CPA Canada’s Financial Literacy Leader Li Zhang.
“The reality is that these difficulties affect not only kids, but the entire Canadian population. This new financial literacy requirement is the first step in achieving lifetime financial wellness.”
According to the survey, 55% of high school students wish they knew more about saving, while 46% want to understand how to avoid debt.
CPA Canada’s Chief Economist, David-Alexandre Brassard, emphasizes the importance of providing young Canadians with these skills early on, stating that “basic financial education is required to prepare tomorrow’s workforce, homebuyers, and entrepreneurs, and set them up for long-term economic and financial success.”
Young Canadians and economic success
CPA Canada’s financial literacy programs address young people’s lack of personal finance awareness. In-person and virtual sessions educate specific groups such as new Canadians, students, retirees, and small and medium-sized businesses.
Community members from the national CPA volunteer network lead these free seminars. The CPA Canada program catalog offers session outlines and overviews.
Educators can also find interactive teaching materials on the CPA Canada virtual school workshop page. These programs seek to bridge the financial literacy gap and lead young Canadians to economic success.
In response to the survey findings, Intuit has launched a suite of free personal financial and entrepreneurial education resources for students and schools across Canada. As part of a bigger effort to help 50 million kids worldwide become financially literate and confident by 2030.
Financial literacy is more than comprehending numbers; it is the ability to make informed financial decisions that affect a student’s life. Teaching life skills like budgeting, saving, and debt management addresses many of the problems raised by students in the poll.
Despite social media’s popularity among Canadian teenagers, only 17 percent use platforms like TikTok to learn about personal finance. Among those who do, an incredible 89% say they believe the information they find.
While social media can provide insights, the surge of “FinTok” advice may be counterproductive, as experts agree that formal financial education in schools is the most effective way for pupils to get correct, reliable information.
While Ontario’s recent curriculum modifications are a great step forward, more must be done nationwide to prepare kids for the financial realities of adulthood. As CPA Brassard puts it, “Financial literacy is not just an individual benefit—it’s critical to the long-term prosperity of the nation.”
