Ontario’s Financial Literacy Test Faces Criticism Ahead of Launch

Education experts in Ontario are raising concerns about the province’s plan to introduce a financial literacy requirement for high school students as part of the Grade 10 math curriculum. Originally set to take effect in September 2024, the initiative has been postponed until 2026, alongside various other curriculum updates. Advocates worry that the high-stakes nature of the testing could discourage students from engaging with personal finance topics.

Under the current plan, students will need to score at least 70 percent on a standardized financial literacy test to graduate. While many educators acknowledge the necessity of financial literacy in the curriculum, the method of assessment is drawing criticism. According to Gail Henderson, director of the business law program at Queen’s University, a mandatory test might create a “negative association with personal finances” among students.

Henderson argues that the focus should be on nurturing students’ confidence in making financial decisions rather than imposing a high-stakes testing environment. She suggests that a portfolio approach, where students compile and showcase their financial knowledge and skills, would be more beneficial. This method would allow for personalized feedback and adapt lesson plans based on student progress.

Another concern raised by Henderson is that standardized tests often reflect the financial experiences of upper- and middle-class families. This could alienate students from lower-income backgrounds, who may not relate to the scenarios presented in the curriculum. “Standardized tests don’t capture the everyday skills people use to manage on a very tight budget,” she stated.

The Ontario Business Educators’ Association also questions the suitability of incorporating financial literacy into the Grade 10 math curriculum. Bill Velos, former president of the association, expressed worry that the focus on financial literacy could be overshadowed by other math requirements. He believes that a dedicated financial literacy course taught by business educators would be more effective.

Malisa Mashud, vice-president of the association, echoed this sentiment. As the head of the business department at David and Mary Thomson Collegiate Institute, she noted that many students prioritize science and math courses as prerequisites for post-secondary education, leaving little room for elective business classes. “It just feels like an opportunity that’s lost,” she said.

While some business teachers are already integrating financial literacy into their existing courses, there remains concern for those students who do not take optional business classes. The association is calling for further consultation on the financial literacy requirement, emphasizing that the delay until 2026 reflects a lack of urgency in prioritizing financial education.

In response to the criticism, Ontario’s Education Minister Paul Calandra stated that the adjustment to the curriculum rollout timeline aims to ensure a consistent approach across the province. The ministry seeks to provide teachers with adequate time to adapt to the changes and to ensure comprehensive teaching resources are available.

“These changes aim to empower students to be ready to make informed financial decisions, enhance their financial literacy, and contribute to Ontario’s economic prosperity,” said Emma Testani, press secretary for Calandra.

The revised timeline also affects other curriculum updates, including a focus on literacy and STEM education in kindergarten and adjustments to history lessons for Grades 7, 8, and 10. As Ontario moves forward with these changes, the debate over how best to equip students with essential financial skills continues.