Savvy Student Consumers!!

Public Board Motion:

Re:         Financial Literacy Programming for School Curriculum

Motion: Passed

That the Board of Trustees lobbies government to develop financial literacy programming for implementation into the school curriculum.

Walmart advertisement: ‘the average family saves $1200 a year shopping at Walmart. What will you buy with the money you have saved?’

 Noted on receipts and verbally shared by salesperson at the time of purchase: ‘you saved $50 on your purchase today’”

Students today are bombarded by complex social media campaigns and commentary that affect perceptions and habits related to money management. Sophisticated advertisements targeting youth consistently reinforce that individuals deserve and need to have the latest and greatest gadgets, games, clothes, etc.  Messaging further stresses a right to immediate gratification in terms of collecting material possessions along with experiences; affordability is not a consideration. As a result, ‘buy now, pay later’ attitudes are increasingly becoming the norm among younger generations. Further, access to quick and easy credit means that attitudes and desires are easily translated into behavior.

Knowing the significant purchasing power of youth, media will continue to bombard students in sophisticated, intentional ways that promote the pervasive ideology associated with modern day consumerism, ultimately supporting attitudes that lead to unnecessary, irresponsible spending practices. The most logical resource/avenue available to combat the power of theses influences and corresponding behaviors is curriculum that equips students with financial skills to empower them to become savvy, critical, analytical and self-constrained consumers. Students need to understand fully the implications of carefree spending, critique and question subtleties in messaging that influence one’s spending habits, budget appropriately, and understand concepts such as affordability.   They need to understand consequences associated with credit/debt acquisition and the importance of long term financial planning.

The economic and psychosocial impact of poor financial management, at both the individual and population level, is tremendous. We cannot afford (pardon the pun) to leave another generation of youth graduate without a sound grounding in financial literacy given the life-long implications of poor financial decision making. We must successfully impart within all students the importance that money management will play in their lives. Assertions made by Edmonton Public School Board Trustee Michael Janz are indeed correct; financial literacy must be incorporated into the new curriculum. It is a modern-day solution to a profound and prolific modern-day challenges.

Additional cross -provincial support:

Ontario to Adopt Financial Literacy Curriculum

Importance of Financial Literacy

 

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