Is Your Young Gen Z-er Ready for a ‘Fin Lit’ Final Exam?
Financial literacy education and final test to be a grad requirement in Ontario Schools
By Monika Ritchie
Starting next year, high school students in Ontario are going to have financial literacy courses and a final exam as part of their graduation requirements. Participants will need to score at least 70 percent on the financial literacy final exam to graduate. If you’re a parent, family member, or caregiver of a young person, supporting their financial learning is crucial, especially in the current financial climate. Faced with rising costs, increasing debt levels, and a turbulent housing market, the more financial literacy and know-how a GenZ is equipped with, the better. So, with that in mind, here are some tips to help support financial learning for the young Gen Z-er in your life.
It’s never too early or too late to starting learning more about money and personal finance, so learn with your kids if you’re feeling like you could improve you own skills, too.
Get Started Early and Learn With Your Kids
While the financial literacy courses that will be offered to Ontario students will be starting in Grade 10 math class, in other provinces, financial literacy topics are introduced as early as elementary school and included in various subjects. It’s never too early or too late to starting learning more about money and personal finance, so learn with your kids if you’re feeling like you could improve you own skills, too. From teaching them about smart money management, to budgeting with their allowance or first pay cheques, and preventing student debt in their post-secondary years, all of it is going to be helpful as they embark on an independent financial future.
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Find ‘Fin Lit’ Resources That Suit Their Learning Style
Sometimes the type of resource is as important as the subject matter itself. Consider the individual you’re trying to help. If you have a technologically fluent young person who’s working, attending school, living a busy life, or maybe all three at once, giving them a 300-page book on managing their personal finances might not be the best way to engage them. Ditto with lecturing them about all of the mistakes you made when you walked up hill to school both ways.
Learning styles can differ, especially between generations. Consider short, easily accessible lessons that your young person can consume on the go. And, on their phone.
Instead, consider short, easily accessible lessons that they can consume on the go. And, on their phone.
- Fin Lit podcasts
- Audio books
- Online courses
- Blog posts
- Articles
Encourage Caution and Critical Thinking With ‘FinTok’ and Other Social Media Trends
Try to dispel the fear and/or mystery of money by making it a regular part of your conversations.
There’s no doubt that if you want to reach your younger GenZ-er, social media is a sure-fire way to go. Financial advice is a hugely popular topic on TikTok, with “FinTok” tagged videos receiving 4.4 billion views according to an analysis by NerdWallet Canada. Rather than simply dismissing these potential sources of financial literacy information, encourage your social-media savvy Gen Z-er to do their research.
- Suggest they follow well-known and trusted sources for their financial info. Social media from the Bank of Canada, CRA, or the Financial Consumer Agency of Canada are all safe, reliable sources of information.
- Let them know that financial information on ‘FinTok’ and or any other social media platforms for that matter, is not regulated nor checked for accuracy.
- Tell them to be aware of potential scams, fraud, multi-level marketing ploys, and high-risk ‘side hustles.’ Remind them of the old adage, if it’s too good to be true, it probably is.
The Pressure of Social Media on Spending & Credit Card Bills
Make ‘Money Talk’ Part of Your Regular Conversations
The shame and secrecy around debt and other financial struggles is something that can start at a young age. Try to dispel the fear and/or mystery of money by making it a regular part of your conversations.
Explain how your credit cards and car loan work, tell them about interest rates, encourage them to ask questions and, where possible let them help you out. Managing a household budget and personal finances offer some great opportunities for hands-on learning and participation from your Gen Z-er. Only share as much as you’re comfortable sharing, but when working on the household budget, ask for their input and suggestions. You might be pleasantly surprised with the great ideas they have.
If you have a system for tracking your finances – whether digital or in a notebook– show them how it works and encourage them to start looking for a system of their own to organize their own financial documents. If you have savings strategies, retirement plans, or other financial lessons you’ve learned along the way, be sure to share your wisdom!
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Try to Offer Advice or Support Instead of Criticism
While younger generations are often criticized for their lack of financial literacy, getting into debt can happen to any one at any age, and for a variety of reasons. The suggestion that younger generations are “terrible with money” is certainly not a new one. I’m sure many of us remember the ‘avocado toast’ commentary, levelled at millennials struggling to keep up with the rising cost of living. If your Gen Z-er is continually met with negativity and criticism, they will be less likely to confide in you, or reach out for help if they are struggling with their finances.
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Looking for Help and Resources to Get on Track Financially? We Can Help!
Needing help, direction, and resources around financial literacy is not limited to young people. Our accredited financial counsellors and amazing education team have the knowledge, resources, and experience to help you, so that you can also support your young person. You don’t need to struggle with your money and debt alone. Reach out to us, we’re happy to help.
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