How Financial Literacy can affect overall well-being |

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How Financial Literacy can affect overall well-being

Thursday, November 1, 2018 - 09:41
junior male student counting coins

Support your students in learning the fundamentals of how financial choices and decisions can affect their overall well-being.

Financial literacy refers to the knowledge and skills needed to make responsible economic and financial decisions with competence and confidence. In simpler terms, it’s all about using money wisely!

Why is learning financial literacy so important? Here are three reasons:

  • Money and health go hand-in-hand. While it may be true that money can’t buy you happiness or good health, knowing how to manage money can help people lead healthier, more productive lives and steer clear of a number of high-risk behaviours related to stress and a lack of self-care. In the short-term, students learn the benefits of planning, budgeting and saving. In the long-term, it empowers them to become citizens who have the resources they need to take care of their bodies, minds and relationships—something which, over time, will contribute to their overall well-being.
  • Being financially literate builds stronger families and stronger communities. Some adults feel that kids don’t need to worry about managing money until they’re adults themselves. However, financial literacy conversations and experiences are not only appropriate—they’re essential if we want to help kids gain a solid understanding of financial basics and set them up to succeed and navigate today’s (and tomorrow’s) complex financial world. By making connections between financial literacy, and health and well-being, kids learn early on how their choices and behaviors affect themselves, their family and others in their community.
  • Financial literacy develops competence in various subjects. By learning financial literacy in school, students are able to build their skills and proficiency in a number of subjects including math, language, media studies, and H&PE. Not only does this allow teachers to check off different curriculum expectations all at once, but it gives students the opportunity to see how their in-class studies are interconnected and directly linked to real-life.  With the added bonus of teaching financial literacy through the lens of H&PE, students are able to learn and practice Living Skills which include personal, interpersonal, critical, and creative thinking skills — all essential skills that students can take with them and use in many other aspects of life now and in the future.

How can you support the financial literacy of your students?

Thanks to funding from TD Bank, Ophea has developed Wallet Wellness. This free, bilingual resource has just been updated to provide cross-curricular connections to language and math in addition to the Grade 4-8 H&PE curriculum. The online resource includes activity cards with a supporting Facilitators Guide, and animated videos as well as professional learning videos to assist educators with teaching their students the importance of budgeting and saving money.

In a rapidly growing digital world where we are constantly bombarded with advertisements, it can be difficult for kids to make healthy and responsible choices with their money. Financial literacy can help them make the right decisions!