• foreign currencies:
  • Australian dollar
  • Brazilian real
  • British pound
  • Chinese yuan
  • European Union euro
  • Indian rupee
  • Japanese yen
  • Mexican peso
  • Nigerian naira
  • Peruvian sol
  • Saudi riyal
  • South African rand
  • Turkish lira
  • United States dollar
  • Vietnamese dong
  • and others relevant to students’ backgrounds and cultures

• International currencies have different values compared to Canadian currency.
• Current exchange rates can be used to convert Canadian currency into other currencies. Exchange rates can fluctuate daily.

Ask students to choose three different countries from around the world (for example, where applicable, countries of origin for students and/or their families) and find the current exchange rate for each country’s currency compared to the Canadian dollar. Discuss some reasons why currencies from other countries are valued at more or less than the Canadian dollar (e.g., economic conditions, political stability, employment rates, interest rates).

• reliable sources of information:
  • financial institutions and their websites and social media platforms
  • financial encyclopedias
  • business sections of newspapers
  • books and magazines on personal finance
  • parents or other trusted adults
  • certified financial planning professionals
  • governmental and non-governmental financial organizations

• Managing finances, including creating financial goals, often requires accessing information from various sources in order to make decisions. It is important to recognize which sources of information are reliable and which are not reliable.
• Gaining experience in assessing the reliability of information sources helps strengthen financial management skills.

• creating a budget:
  • identify a purpose and time frame for the budget
  • brainstorm:
    • possible earnings
    • possible expenses
    • variables (what is expected to remain the same, what may change)
  • share the budget for feedback
  • adjust the budget as needed
• types of budgets:
  • individual
  • family
  • household
  • school class
  • community
  • organizational

• Longer-term financial planning is a complex process with multiple steps requiring consolidation of prior knowledge and skills.
• Longer-term financial planning requires flexibility to respond to changing circumstances and the ability to make adjustments accordingly. 
• Budgets include a recording of income and expenses over a period of time.

Note

• Simulated scenarios provide opportunities to learn financial literacy concepts in relevant and real-life contexts.
• Each person, family, or community may be facing a different financial situation, and some of these financial situations may be challenging or difficult. Fostering a safe, respectful, and inclusive environment in the classroom will ensure that all perspectives and opinions are valued and included when examining financial concepts.

Have students use technology, such as a spreadsheet program, to create a sample household budget. Tell students that they have a set amount of money to cover household expenses for a month. Have them create categories of expenses (e.g., rent, food, clothing, utilities, transportation, emergency funds, entertainment) and conduct research to allot an amount for each category.

• factors that may influence financial decision making:
  • social media
  • advertisements
  • family and personal circumstances
  • peer pressure
  • social movements
  • consumerism
  • systemic oppression
  • personal beliefs about environmentalism
  • economic disruptions (e.g., plant closure in community, recession)
  • personal health
  • unforeseen circumstances such as a pandemic
  • employment and income

• Many factors, including personal, familial, cultural, and societal factors, can impact financial decision making. Awareness of these factors results in more informed decisions.
• Long-term financial well-being requires careful consideration of a variety of factors.

Note

• Social-emotional learning skills and financial management concepts and skills are developed concurrently.
• Each person, family, or community may be facing a different financial situation, and some of these financial situations may be challenging or difficult. Fostering a safe, respectful, and inclusive environment in the classroom will ensure that all perspectives and opinions are valued and included when examining financial concepts.

• considerations related to interest rates:
  • the size of the interest rate (e.g., 1% versus 5%)
  • the frequency with which the interest is calculated (e.g., annually, monthly, biweekly)
  • the principal amount of the loan (e.g., $100 versus $1000)
  • the size of the down payment or initial amount invested
  • the total length of time involved (e.g., one year versus five years)
  • stipulations in the agreement with the lender

• Interest rates can have an impact over time on amounts that are either invested or borrowed.
• Investing small amounts of money over the long term can potentially yield significant gains.

• types of accounts:
  • chequing
  • savings
• types of loans:
  • fixed rate
  • variable rate
• types of scenarios:
  • investing
  • borrowing

• Financial institutions offer a range of accounts and products, including loans.  
• Comparing interest rates and fees associated with different accounts and products can support more informed decisions appropriate to an individual’s circumstances. 

Note

• Simulated scenarios provide opportunities for students to learn financial literacy concepts in relevant and real-life contexts.