Making Financial Literacy “Click”

Since the stock market crash of 2008, the ability of average citizens to make wise financial decisions has risen in importance in the public sphere. In June 2009 the Canadian government appointed a national Task Force on Financial Literacy, and following from their recommendations Jim Flaherty announced November as Financial Literacy Month.
Financial Literacy is described in the Task Force report as “having the knowledge, skills and confidence to make responsible financial decisions,” and in my school board it is one of the 13 facets of literacy (“multi-literacies”) listed in our new draft Literacy Policy. Put together, the multi-literacies cover practically every area of knowledge (albeit with some significant holes), but they are also fairly interconnected. Here are some thoughts about the intersection of financial and digital literacy.

Taking the message online

There has been an online explosion of Financial Literacy resources lately, and it seems that every financial services company, agency, and regulatory body has added their own set of tips, tools, and toys to try to entice the public at all ages to learn more about money. A few of the better examples I’ve seen from the overwhelming number to choose from:

• The British Columbia Securities Commission developed http://www.themoneybelt.gc.ca/theCity-laZone, a Flash based online world designed as a financial teaching tool.
• Visa Canada offers financial learning games, along with other learning resources and financial calculators through http://www.practicalmoneyskills.ca/
• The Canadian Securities Administrators supports two sites: http://www.makeitcountonline.ca, with lesson plans, and a kid-friendly online tool and iPhone app to monitor spending and set goals for savings, and http://www.financialfitnesschallenge.ca/ where students are enticed to answer financial quizzes and share the link with friends for a chance to win an iPad
• The Ontario Securities Commission backs the Investor Education Fund and their sitehttp://www.getsmarteraboutmoney.ca, a wide ranging site with extensive high school resources employing videos, interactive tools, and SMART Notebook templates.
• Sun Life Financial aims at a slightly older audience through their site http://brighterlife.ca/ which provides money and lifestyle resources in a blog style format.
• The American non-profit credit counselling service Money Management International offers a free eBook about Financial Literacy in the resources section of http://www.moneymanagement.org

What interests me about these sites is how they make use of recent and emerging trends in digital media. The 2011 Horizon Report profiles six emerging technologies, and these six sites employ many of them like focus on mobile devices and game based learning. “The City” is interesting in how it uses virtual reality as a learning aid, and many of the sites have a strong social media component to them, either as a means of spreading their message or to generate a “community” feeling so that users will revisit the site and for ongoing learning.

Into the Classroom

Another message I take from the abundance of online resources is that while many believe that improving money management skills is important, developing Financial Literacy is not any one group’s clear responsibility. That is the same situation with us as teachers. There are some courses that have aspects of Financial Literacy directly in the curriculum, but money influences personal and policy decisions across disciplines. So teachers, perhaps this month you might consider how topics like budgeting, interest, or reading financial documents intersect with one of your courses.