Ontario delayed a planned financial literacy graduation requirement until next year and will teach household budgeting and home economics. Students are expected to score at least 70 per cent on a financial literacy test to graduate. Many educators support adding financial literacy but criticize the standardized test and its placement within Grade 10 math. Experts warn a high-stakes test could create negative associations with personal finance and undermine confidence in decision-making. Alternatives such as portfolios would allow ongoing feedback and tailored instruction. Concerns also include test content skewed toward upper- and middle-class financial experiences, excluding lower-income students.
The requirement set to come into effect this September has been postponed until next year, along with several other curriculum changes. The province has said that students will learn home economics such as managing a household budget, and will need to score at least 70 per cent on a financial literacy test in order to graduate. While many educators agree the financial literacy requirement is a much-needed addition to the curriculum.
A mandatory test may risk creating "a negative association with personal finances for a young person," said Gail Henderson, director of the business law program at Queen's University, who also researches financial literacy education. The approach should prioritize developing students' confidence to make financial decisions, which isn't conducive to a high-stakes test-based environment, she said. Instead of a test, Henderson said the government should consider a portfolio where students can compile and showcase their work, allowing teachers to give feedback along the way.
While many educators agree the financial literacy requirement is a much-needed addition to the curriculum, the standardized test component and its place in the Grade 10 math curriculum are under scrutiny. Another issue Henderson raised about a standardized test is that questions are generally tailored to upper- and middle-class financial experiences, and students coming from lower-income families may not see their situations reflected in the curriculum.
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