Financial Literacy Test for Ontario High School Students | News

Published

8 months ago

1 June, 2024

Secondary school students will soon be balancing budgets and managing mortgages as the province introduces a financial literacy test in Year 10.

One announcement was made by Ontario Education Minister Stephen Lecce on May 30.

Here’s what we know so far

Starting in 2025, students will be required to complete a new graduation requirement in financial literacy as part of the 10th grade math course to demonstrate practical skills and proficient application of knowledge in financial literacy skills.
Students will be able to create and manage a family budget, save for a home or asset, and protect themselves from financial fraud.
Students must score 70% or higher on this test to meet the financial literacy graduation requirement. Those who are unsuccessful may try one more time during the 10th grade course before moving on to credit recovery.
These same students have already experienced financial literacy math work, which was introduced into the elementary school curriculum in 2023.
Starting in September of this year, each student’s EQAO Grade 9 Mathematics Assessment will count toward their final math course grades. Teachers will achieve 10% or more of the student’s final grade.
For teachers, all applicants to the Ontario College of Teachers must also pass a Mathematics Proficiency Test, beginning February 1, 2025.
The province also said it would update the curriculum for a return to modernized education in home economics and life skills.
And modernized career guidance and education programs are also available for years 7 to 12. This includes new career coaches with direct experience in high-demand economic sectors, who will complement the work of guidance counselor teachers to support more than 315,000 students .

We don’t know how much of a student’s semester will focus on financial literacy – whether it is one unit of study or whether elements will be brought into multiple weeks of class.
We also do not know whether the test will be administered to students entering 10th grade math in September, or only to students beginning 9th grade this fall, thus entering 10th grade in fall 2025.
The province has not detailed how it plans to include more home economics or life skills in the curriculum.
We don’t know who the career coaches will be or what high-demand industries they represent.