Page 58 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
Because making informed decisions about economic and financial matters has become an increasingly complex undertaking in the modern world, students need to build knowledge and skills in a wide variety of areas. In addition to learning about the specifics of saving, spending, borrowing, and investing, students need to develop broader skills in problem solving, inquiry, decision making, critical thinking, and critical literacy related to financial issues, so that they can analyse and manage the risks that accompany various financial choices. They also need to develop an understanding of world economic forces and the effects of those forces at the local, national, and global level. In order to make wise choices, they will need to understand how such forces affect their own and their families’ economic and financial circumstances. Finally, to become responsible citizens in the global economy, they will need to understand the social, environmental, and ethical implications of their own choices as consumers. For all of these reasons, financial literacy is an essential com- ponent of the education of Ontario students – one that can help ensure that Ontarians will continue to prosper in the future.
One of the elements of the vision for the social studies, history, geography, and Canadian and world studies programs is to enable students to become responsible, active citizens who are informed and critically thoughtful. Financial literacy is connected to this element. In the Canadian and world studies program, students have multiple opportunities to investigate and study financial literacy concepts related to the course expectations. For example, in the economics courses, students explore challenges and opportunities in the Canadian as well as the global economy. Students investigate the economic role of firms, workers, and government as well as their own role as individual consumers and producers, and how all of these affect the Canadian economy. Students also examine practical financial matters in order to develop their ability to make informed economic choices in their day-to-day lives. In geography, students can develop their financial literacy skills when analysing the international trade of commodities, the economic impact of a natural disaster, and the use of natural resources around the world. Students also examine their role as consumers and investigate sustainable options related to consumption. In history, students investigate the economic factors that played a role in the development and/or decline
of various civilizations and nations around the world. They also analyse how different communities responded to or were affected by various economic events, trends, and developments. In the politics courses, students enhance their understanding of their responsibilities as taxpayers and economic citizens. They analyse some of the economic implications of political processes and policies and how economic considerations can affect domestic and international politics. In the law courses, students learn about financial contracts and the voluntary legal obligations that they entail. They also examine how Canadian and international employment laws affect economic stability and the lives of workers, and consider the impact of Canadian economic values and interests on domestic and foreign policy objectives and actions.
A resource document – The Ontario Curriculum, Grades 9–12: Financial Literacy Scope and Sequence of Expectations, 2011 – has been prepared to assist teachers in bringing financial literacy into the classroom. This document identifies the curriculum expectations and related examples and prompts, in disciplines across the Ontario curriculum, through which students can acquire skills and knowledge related to financial literacy. The document can also be used to make curriculum connections to school-wide initiatives that support financial literacy. This publication is available on the Ministry of Education’s website, at www.edu.gov.on.ca/eng/document/policy/FinLitGr9to12.pdf.
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