Chamber Welcomes Compulsory Financial Literacy Courses

By Robert Thomas

“We are 110 percent behind this,” Rob Clark CEO of the Moose Jaw and District Chamber of Commerce told MJ Independent.

Clark, at the behest of this publication, was commenting on the Province’s announcement that starting next year grade 10 students must take financial literacy. A credit in financial literacy will be a requirement in order to graduate.

“As you know we run the Reality Check where there is a boat 550 grade 9 students going through the gamut on how to build a monthly budget,” Clark said.

Reality Check, which started in 2019, has students proceeding through stations where amounts are taken off and assigned monthly income.

Things such as utilities, rent and payments are simulated at each station to give students a better understanding where the money they earn each month goes.

Photo credit - government of Saskatchewan

“We are hoping this (Reality Check) somehow gets picked up within the school system. I think some of it is. The kids like it. The parents like it. The 70 volunteers that were there they loved it. We had no complaints about it that we’ve heard or seen,” he said.

Asked about the apparent contradiction where businesses are trying to increase sales to the maximum what the same time financial literacy will tell people to be more responsible with their finances Clark said there is no contradiction.

For the Moose Jaw Chamber of Commerce being financially responsible is best, not in the present, but also in the long term for the local economy.

He pointed to the sometimes sluggish economy being presently experienced - due to inflation - as one example of how financial responsibility pays off. In both the short and long-term.

“You know they’re out there in the world. Many of these kids are going to McDonald’s. And sometimes their parents can’t take them there. You need to learn how to budget a little bit better (due to inflation). And understand their limitations,” he said.

Clark pointed out that it’s not just young people who should have access to financial literacy but for many people of his age - as well as the author of this article - financial literacy would have been highly beneficial.

“ This is something we should’ve had in grade 9 and 10. Give us a bit of a course to let us know what the future is going to be like

The Course

Making financial literacy a mandatory course to graduate matches up with a petition started by longtime financial literacy teacher, Cindy Lowe requesting it.

Additionally making financial literacy a mandatory course also aligns with many other provinces who have already done so.

“A new grade 10 Financial Literacy credit will provide the building blocks for students to understand personal finance and the economy.

Adding a financial literacy credit also aligns with the majority of Canadian jurisdictions that require students to learn about financial literacy,” the Province stated in the release, announcing the curriculum changes.

Although the implementation of the financial literacy course, and exactly what’s going to be on it has yet to be 100 percent revealed, the Province presently has an elective course available.

The Chamber running their one day Reality Check seems to align with all the stars when it comes to financial literacy being taught high school students.

Although he isn’t aware of any direct input from the Chamber’s effort in Moose Jaw into the new financial literacy curriculum Clark said he wouldn’t be surprised if the program in Moose Jaw did in someway have an impact.

Financial Responsibility Best Over The Long Haul

Having the principles of financial literacy - needs versus wants - is highly important - not just for the individual but also the local and regional economy as well, he said.

“Sure they are going to have savings. But eventually, they’ll be also buying a house or a car so that money all eventually flows through at one certain point,” Clark said.

If a person is not financially responsible on the smaller items, they could add up, making it more difficult to buy such things as a home later, and hurting the economy much more than an easy short term gain.

“They’re also going to have investments and savings that will give them spending money in the future. So this is all long-term.”

Savings made early by younger people also helps the local economy by giving funds to be lent out to other people and businesses later.

“It’s funny how that money gets around isn’t it?” Clark said.

“If they spend spend spend there going to be upside down. They’re not going to be able to spend spend spend. If they get too far in the ditch all of a sudden they’re all caught up and they aren’t going to be able to spend any money. To even buy clothes or anything like that that’s why this course is so important,” he said.

Clark said the local Chamber will be watching this new curriculum change with great interest, and are always willing to help out in anyway, they can to make it turn into a reality.