In an increasingly economically complex world, financial education has become a vital skill. As many of us turn to Pierre-Yves McSween’s books for instruction in managing our finances, it’s time to ask ourselves if that education shouldn’t begin earlier…
In the context where November marks financial education month, it is imperative to emphasize the need to continue the efforts already undertaken in Quebec schools in order to prepare adolescents to face the challenges that await them. The Quebec Ministry of Education recognized, in 1982, the importance of instilling financial skills in students by establishing a compulsory economic education course in secondary school.
After being abolished in 2009 during a major reform of the Quebec education system, it was not until September 2017 that Quebec made significant progress by establishing a compulsory financial education course for secondary school students. Although Canada is currently among the most financially literate countries, there is still important work to be done to strengthen this education and guarantee a solid financial future for future generations.
Financial education is a long-term journey, and when integrated from an early age, it provides the knowledge and skills essential to developing responsible financial behavior. Although school is not the only place to prepare young people to become enlightened citizens, and the responsibility of parents in the financial education of their children is undeniable, there is now no doubt that the education system plays a role of primary importance in the transmission of this knowledge.
Currently, some countries stand out for their commitment to financial education by establishing emerging and innovative programs. For example, introduction to financial education begins in Sweden from the start of primary school and in Finland from the first year of secondary school.
Responsible financial behavior
In Quebec, although the teaching of such knowledge has been made compulsory in the secondary five program since 2017, successful completion of the 102-522 course does not constitute an essential criterion for obtaining the secondary school diploma (DES). Focused on a single skill, namely “taking a position on a financial issue”, the course Financial education of the Quebec school’s training program aims to “guide students towards responsible financial choices”.
Continuing the social universe domain, the unique skill of the course is divided into three distinct themes: consuming goods and services; integrate the world of work; to pursue studies. Despite the robustness of its content, we must ask ourselves whether, on its own, this course is sufficient to adequately prepare young people to manage their personal finances.
In accordance with the Quebec School Training Program, students are currently exposed to the basics of financial education for the first time in secondary five, that is to say around the age of 16-17. However, a recent survey carried out in the United States by the financial sector regulator (FINRA) showed that young people who receive early financial education show a clear reduction in their propensity to face financial difficulties, and this , regardless of their socio-economic context.
Five years after the implementation of a financial education program at the start of secondary school, some American states have even recorded a significant improvement in their credit rating indicators, as well as a notable reduction in their loan rates. debt. These observations reinforce the thesis that the early introduction of financial education plays a crucial role in promoting responsible financial behavior.
The areas of personal finance and economics are inevitable aspects that young people will face throughout their lives. Therefore, it is imperative that they quickly develop a solid understanding of the foundations of financial education as well as the economic principles of society. This observation is all the more evident when we note that 87% of North American young adults say they do not have an adequate understanding of their personal finances (Forbes2022).
Reduce situations of precariousness
Exacerbated by the pandemic, this statistic also highlights the fact that a large part of the population does not seem sufficiently prepared to deal with a financial emergency. According to FINRA, one in three North Americans would have difficulty raising the sum of $400 to cover an unexpected expense.
The majority of young adults resort to borrowing to cover their needs, finance their studies or acquire a vehicle, but few of them have a precise understanding of the nature of their financial commitments or what constitutes appropriate debt. This is why it is essential to provide young people with solid financial education in order to enable them to understand more completely the economic functioning of our society and to cultivate in them a more enlightened discernment to reduce situations of precariousness.
Course 102-522 represents a unique challenge within the Quebec school training program, not only for students, but also for teachers who have the responsibility of instilling new notions for which the field does not seem to have been cultivated.
In 2020, the Ministry of Education launched a reflective approach which led to the development of the new Quebec Culture and Citizenship program, which will come into force from the start of the 2024-2025 school year, replacing the current Ethics and Religious Culture program. This course mainly aims to integrate new knowledge in order to broaden the content of the curriculum, both for the six years of primary school and for the 1Dthe 2ethe 4e and the 5e secondary. Although this initiative makes it possible to modernize the current program, it is regrettable to note that no aspect relating to financial education is addressed.
Nearly seven years after the adoption of the financial education course by the Minister of Education, it is perhaps time to assess the situation and begin to reflect on the question of the place to be given to such knowledge in Quebec schools. Ultimately, financial education is not about trying to make all students Pierre-Yves McSweens, but about informing them, step by step, so that they are able to make better decisions. financial for their future.