Improving Financial Literacy Education for Canadian Youth in Remote Regions: Professional Development and Support for Teachers

By: Stephanie Dean

Faculty of Education & Social Work, Thompson Rivers University

Graduate Program: Master of Education

Copyright © 2023 Stephanie Dean. All rights reserved.

People living in remote regions in Canada have less access to professional financial resources and support (FCAC, 2020). Young people, specifically high-school students, benefit from financial education being incorporated into the high-school curriculum however limited resources, lack of support, and competing priorities make it challenging to fully teach important financial concepts that will serve these students in the future (Hasler, 2017). Additionally, when teachers do not have strong financial backgrounds, they may feel incapable or uncomfortable teaching these lessons (Lusardi et al., 2021). It is important to provide educational resources, tools, and support to help teachers by increasing familiarity and comfort with financial topics, to deliver financial education that is meaningful, relevant, and lasting to their students. This paper presents a case for professional development and support for teachers, to increase capacity to deliver financial education and increase financial literacy for high-school students in remote regions in Canada.

Ecosystem priority: Reduce barriers by communicating in ways people understand.

Barriers: Limited support in remote regions for high-school students and their teachers; teachers may be uncomfortable teaching the range of necessary and relevant financial topics.

Target outcome: More Canadians understand key facts about financial products and services, by increasing teacher capacity to deliver foundational financial education to high-school students. Catalyze action by enhancing access to trustworthy financial help.

Actionable solution: professional development and support for teachers in vulnerable populations/remote regions of Canada

Measurement: Pre- and post-intervention questionnaire for teachers and students for quantitative data; see sample in Appendix 1 or use an existing Strategy-Aligned Measure (SAM). Interviews for qualitative data.

Research and literature review

Vulnerable youth in Canada’s northern territories

Increased financial literacy is associated with increased financial security and resilience (Hasler, 2017). According to the Financial Consumer Agency of Canada (FCAC), financial literacy is one action we can take to potentially reduce barriers and increase positive outcomes (FCAC, 2021). The Yukon Literacy Strategy (2016) states “strong literacy skills contribute to strong families, healthy communities, productive employment, and a broader global citizenship.” Conversely, low financial literacy is associated with financial fragility characterized by lower savings, higher debts, and incurrence of higher fees when accessing financial products and services (FCAC, 2020, Lusardi et al., 2021). For youth specifically, each Canadian province and territory has high school curriculum that includes financial literacy, however implementation and delivery is not consistent between schools and districts (McGregor, 2018). Limited resources, lack of support, and competing priorities make it difficult for teachers to fully explore all topics within their grade level curriculum. Additionally, teachers themselves may not have the knowledge or experience to feel capable and confident teaching financial topics (McGregor, 2018, GFLEC 2019).

Youth in the northern territories of Canada are particularly vulnerable, and gaps exist because of geographical isolation (FCAC, 2020). The Yukon Literacy Strategy (2016) states “Yukon’s youth ages 16-24 scored lower than the Canadian and international average in literacy and numeracy (p. 18). Results from the International Adult Literacy Skills Survey (2003) identify “three groups in particular [that] face huge literacy challenges: youth, unemployed people, and Aboriginal peoples (Statistics Canada, 2003).” In Nunavut, low literacy levels can present barriers for adults and youth (Nunavut, n.d.) and Nunavut, in particular, has lower literacy levels relative to the Canadian average (Statistics Canada, 2003). Within these territories, there is disparity between the city centers and rural communities as “small communities struggle with a lack of resources and an overburdened volunteer base” (Yukon, 2016). Lower literacy levels in and among these regions represents an opportunity to increase support targeted to specific areas, such as financial literacy.

Statistics Canada (2022) reports the population of Yukon Territory to be 43,964, with 2,117 young people aged 15-19. Northwest Territories has a population of 45,602, with 2,869 youth aged 15-19 and Nunavut has a population of 40,586 with 3,481 youth aged 15-19. This amounts to more than 6,000 youth in grades 9-12 in these regions combined. There is an opportunity to reach young people in these regions where they are at – in school – with appropriate, just-in-time, financial education that will benefit them throughout their lives. Providing the right information, at a time when it is relevant, has the best chance of influencing financial decisions for positive outcomes (FCAC, 2016). There is a secondary opportunity to improve literacy among those adults who teach these students through professional development and support.

Communities of inquiry

Transformative learning changes our frames of reference and how we make meaning of our experiences. It is contextual, reflexive, reflective and relational–it happens over time, with multiple means of exposure, at different stages of life and in relationship with others (Merriam & Bierema, 2014). Financial education, as a foundational life skill, needs to be incorporated into multiple contexts, repeatedly, and with purpose, to effect meaningful, relevant, and lasting learning–transformative learning that leads to reduced financial fragility and increased financial resilience (Lusardi et al., 2021). Vaughan et al. (2013) present communities of inquiry as a conceptual framework for transformative learning. They cite a “paradoxical but essential connection between cognitive independence and social interdependence,” arguing that shared discourse is an essential part of learning. In communities of inquiry, learning is co-created, and responsibility is distributed. The responsibility for teaching financial concepts cannot rest with teachers alone. While some teachers are well-versed and enthusiastic about personal finance and are well-able to locate appropriate resources and use them effectively in the classroom, others may feel less capable and confident in this area and would benefit from additional support (Hasler, 2017). Financial industry professionals are well-positioned to provide professional development and support to teachers to increase their familiarity and comfort with financial topics.

Presence is a critical element in communities of inquiry (Vaughan et al., 2013). Integration of face-to-face and digital approaches in instructional design allows for a combination of social presence, cognitive presence, and teaching presence to come together for optimum educational experience. Vaughan et al. state “starting with a face-to-face experience can expedite setting climate and establishing community” (p. 26). The ‘climate’ they describe is one of trust, rapport, and cohesion. Trust, in this context of financial education and partnership, is crucial. A common goal and shared vision of increasing financial literacy will help to ensure that efforts to support teachers are received positively. It is my intention to present a strong case for adding a ‘human’ element to the existing educational resources and tools that exist.

Addressing Potential Bias

Henderson et al. (2020) acknowledged the burden on teachers to teach financial literacy but question the financial industry’s bias in providing assistance. Their concern is that resources provided by financial institutions prioritize profit above consumer empowerment. While the National Financial Literacy Strategy (FCAC, 2021) targets outcomes of understanding financial products and services, and determining which products and services are appropriate, it is financial institutions that create products and services and charge for the use of the products and services. The for-profit business of banks is a reality we face in the Canadian landscape. Credit unions and not-for-profit entities also create financial literacy resources (see Appendix 1 for examples) but may not have the capacity to update or evolve resources as needed to keep up with changes.

There is also a broader question of critical theory—closer examination of capitalism and the systems of power and oppression, wealth, and poverty, that exist in our society. Soroko (2023) highlights the importance of teacher’s beliefs about financial literacy beyond their capacity to teach the concepts. High-level critical thinking is an objective of school curriculum, and it is argued that the basics of budgeting, income tax, credit and investments are aligned with systemic beliefs that wealth accumulation is a universal goal, without examining that assumption or the institutional advantage of promoting that assumption. Blue and Gootenbooer (2019) argue for a ‘praxis approach to financial literacy education’ based on financial knowledge and skills being rooted in family, community, and economic systems. Knowledge alone doesn’t lead to increased financial resilience. External influences such as peers, family, community and culture affect each persons’ financial decisions and application of skills and knowledge. Professional development and support need to be developed and delivered in a manner that is sensitive to, individual situation and experience.

Proposed evidence-based, actionable solution: Professional development and support program

An evidence-based, actionable solution that reduces barriers by increasing access to financial education is a professional development and support program for teachers in remote and vulnerable regions, to increase teacher capacity to teach financial concepts to youth in schools. Professional development and support for teaching staff can be provided by financial industry professionals, volunteer or contracted, vetted by the FCAC to ensure experience, skills, and abilities are appropriate and that delivery and approach are sensitive to the culture/community/demographic. Oversight from an independent body such as FCAC will help to ensure that professional development and support offered by industry professionals is consistent, appropriate, and that it addresses bias.

Professional development and support are to be aligned with resources and tools determined to be unbiased and age-appropriate, for example FCAC’s Financial Basics- A Financial Literacy Workshop or Financial Empowerment: Personal Finance for Indigenous and non-Indigenous People are examples of resources that provides community-specific references. A list of other potential resources and tools can be found in Appendix 1. Ideally this would be an in-person facilitated workshop to increase trust, rapport, and cohesion. Establishing trusting working relationships is critical to successful partnership in this initiative. Relationships between teachers and financial professionals can nurtured into communities of inquiry for ongoing support and co-created learning.

An example of an interactive workshop outline is as follows:

• Use a pre-session survey (example in Appendix 2) to establish a baseline of familiarity and comfort with several foundational financial concepts. A pre-session survey also serves to frame a list of potential topics for exploration and to provide range and scope of the program.
• Identify within the group which classes/curriculum are being taught and at what grades. For example, grade 9 and 10 math teachers may have one unit of financial concepts rooted in numeracy. Careers 10 or 12 may have a bigger unit rooted in career exploration, planning and life skills.
• Determine the number of hours that are allocated to financial topics in each class, as this will inform to what degree each topic can be covered, and to prioritize which are most important to each age group. This can be discussed in session or established from pre-session survey.
• Elicit group participation and engagement by co-creating a list of most important topics for each level. The facilitator can guide discussion and add to the list, topics such as earning income, managing expenses, income tax and payroll deductions, planning ahead, setting goals, saving, simple and compound interest, banking products and services, and cost of leasing and borrowing, depending on the age, stage, course, and curriculum.
• From these lists, establish leveled themes, for example: ‘earning and spending’, ‘saving and investing’, ‘being an informed consumer.’ Confirm that themes are consistent with curriculum.
• Explore topics within each theme with the purpose of discussing what are the most important points (the right information at the right time for age/stage/life situation), while also answering questions that arise for the teachers.
• Using FCAC’s Financial Basics-A Financial Literacy Workshop determine which sections are most relevant, select which pages will be used for reference, activities, and handouts (tools), then talk through and demonstrate delivery, co-create lesson plans, and answer questions (professional support).

This outline is based on a 90-minute session and can be refined to fit the need of the audience. A facilitated workshop can be expanded or contracted to fit a timeslot available.

The second component of this proposal is ongoing connection with an industry professional. It is unlikely that all questions can be answered or that all topics can be covered in one session. In a community of inquiry, it is helpful to have subject matter experts available to answer questions and address concerns as they arise, to provide just-in-time information in the context that it is needed. Ideally, there is a relationship between one professional and the teachers, established through the facilitated workshop. An alternative is to have a group of professionals available to respond to queries throughout the school year, in-person, on the phone, or virtually.

An existing example

The Global Financial Literacy Excellence Center (GFLEC) in the United States has developed a resource online called “Fast Lane” to help teachers build capacity to teach financial concepts. They state, “financial education programs have a positive effect on students learning when they offer a professional development component to support teachers” (GFLEC, n.d.). The toolkit is based on a roadmap that includes the following guided steps:

• How much time do I have and what should I cover?
• How do I select quality curriculum?
• Do I feel comfortable and ready to teach?
• How do I implement financial education?
• How do I measure success?

Resources for the middle step, ‘Do I feel comfortable and ready to teach?’ include videos, webinars, continuing education, and local volunteers. In Canada, we have several curriculum resources and tools available (see Appendix 1), however we have less consistency with personal support through professional volunteers.

How the proposed solution meets the target outcomes of the ecosystem priority

Professional development and ongoing support can bridge the gap between the resources and tools available, and the successful implementation of these resources in the classroom. Teachers who do not feel comfortable themselves with financial topics may be hesitant to teach these in their classes, which limits the opportunity for students to build financial knowledge and skills in school. This solution aims to reduce the barrier of accessing financial information by communicating in ways people understand to meet the target outcome of increased understanding of key facts about financial products and services. A program initiated, developed, or supported by FCAC enhances access to trustworthy professional help, enabling consumers to navigate the financial marketplace with knowledge and confidence, and increasing financial resilience. A targeted pilot in remote regions increases access for vulnerable populations.

Using information gathered from surveys or interviews, a professional development workshop can be prepared to address the gaps and needs identified. A tailored program designed specifically for the teaching time, grade level, and existing capability will help to ensure that support is provided at the appropriate level. This saves time and creates efficiencies by providing ‘just-in-time’ knowledge for the teachers and equipping them with ‘just-in-time’ knowledge for their students. The National Financial Literacy Strategy (2021) calls upon people to work together to improve the financial ecosystem for all Canadians. There is great opportunity to work together collaboratively, to match people with various skills and abilities to create communities of practice that leverage the magic of human connection and relationship.

Testing the effectiveness of the solution and measuring the target outcome

The targeted outcome of professional development and support for teachers is for more Canadians to understand key facts about financial products and services by increasing teacher capacity to deliver foundational financial education to high-school students. To measure the targeted outcome, request participation in a pre- and post-program surveys. Surveys allow for quantitative analysis if used both pre- and post- intervention. To increase the validity of the results, the same survey can be applied to control groups of both teachers and students that do not participate in the proposed program. An example of a survey is in Appendix 2. The Canadian Financial Capability Survey is another instrument through with results can be measured, when examined for the specific region of this program.

FCAC has designed the National Financial Literacy Strategy Measurement Plan to measure the impact of financial literacy initiatives in increasing resilience and reducing barriers to best direct future efforts. Strategy-Aligned Measures (SAMs) are established “metrics that can provide direct and clear evidence of progress towards each of the specific target outcomes and key consumer building blocks of the strategy.” Baseline and result measures from other initiatives can be adapted and guide the development of a specific measure for this project. Additionally, it would be useful to use interviews, for a mixed-method research approach, to add qualitative data. Mixed-method research provides the means to uncovers challenges and opportunities that may be missed in quantitative survey tools. It also allows for participants to provide feedback on their experience, which can inform future development and improvement of the program.

Conclusion

The National Financial Literacy Strategy (2021) establishes the need for an improved financial ecosystem for all Canadians. It challenges us to reduce barriers, catalyze action, and work together to help Canadians build financial resilience. Vulnerable youth in remote regions may experience increased financial fragility and could benefit from a targeted intervention to increase financial resilience through financial education. Teachers are uniquely positioned to connect with youth in schools and to teach financial concepts aligned with the curriculum, however they may lack the comfort and confidence to fully explain financial concepts, products, and services and their application. Industry professionals that have knowledge and experience with financial concepts, products and services could assist teachers through professional development and ongoing support within communities of practice. Administration of a program by an independent national body such as FCAC can address potential bias and provide consistency across regions^{Footnote 1} . Additionally, a unified national program can leverage existing financial literacy resources and tools, such as the FCAC’s Financial Basics- A Financial Literacy Workshop.

The impact of the proposed solution can be measured using pre and post surveys to determine if professional development and support program increases familiarity and comfort with financial topics and subsequently increases class time allocated to these topics. Additional surveys could be used to assess change in financial literacy of the youth after a program intervention in a school or region. Interview (qualitative) research can add depth to the findings and uncover potential improvements to the program.

The targeted outcome is to help more Canadians understand key facts about financial products and services, by increasing teacher capacity to deliver foundational financial education to high-school students. There is strong evidence that human connection is a key component in personal growth and professional development. This solution adds a personal and personalized touch to the existing educational resources and tools available.

Opportunities to expand

While this paper addresses vulnerable populations in northern Canada, the proposed solution of professional development and support could be expanded to other regions across Canada, and to other age groups and demographics. With additional research specific to other groups, a similar program could be developed to address the needs of vulnerable Canadians, such as new immigrants, Official Language Minority Communities, 2SLGBTQI+ communities, and those with various impairments, to name a few. Professional volunteers with various backgrounds and language fluency are needed to ensure diverse representation.

References

• Blue, L., & Grootenboer, P. (2019). A praxis approach to financial literacy education. Journal of Curriculum Studies. Vol. 51, No 5, 755-770.
• Carrington, J. & McIntosh, L. (2021). Teachers these days: Stories and strategies for reconnection. IMPress
• Financial Consumer Agency of Canada. (2020). Review of Financial Literacy Research in Canada: An environmental scan and gap analysis.
• Financial Consumer Agency of Canada. (2022). Consumer Vulnerability: Evidence from the monthly Covid-19 Financial well-being survey
• Financial Consumer Agency of Canada. (2021). Make change that counts: National financial literacy strategy 2021-2026. 
• FP Canada (2022). IMAGINE 2030 Benchmark Report 
• Global Financial Literacy Excellence Centre. (n.d.) Global Financial Literacy Excellence Center (GFLEC)
• Government of Canada. (n.d.). Counting change: A measurement plan for the national financial literacy strategy 2021-2026. Accessed 03/20/2023 Counting Change: A Measurement Plan for the National Financial Literacy Strategy 2021-2026 - Canada.ca
• Hasler, A. (2017). Does financial education impact financial literacy and financial behaviour? [PowerPoint slides].
• Lusardi, A., Hasler, A., Yakoboski, P. (2021). Building up financial literacy and financial resilience. Mind & Society. 20:1810187. 
• McGregor, S. (2018). Status of consumer education and financial education in Canada (2016). Canadian Journal of Education, 41(2), 601-632.
• Merriam, S., & Bierema, L. (2014). . Jossey-Bass
• Northwest Territories Literacy Council. (n.d.) accessed 03/20/2023 
• Nunavut Literacy Council (n.d.) accessed 03/02/2023 
• Schneider, B. (2018). Financial Empowerment: Personal Finance for Indigenous and Non-Indigenous People. University of Regina Press.
• Soroko, A. (2023) Teaching young people more than how to survive austerity: From traditional financial literacy to critical economic literacy education. Theory & Research in Social Education, 51:1, 128-156, DOI: 10.1080/00933104.2022.2104674
• Statistics Canada. (2003). International Adult Literacy Skills Survey (IALSS) Building our competencies. Surveys and statistical programs - International Adult Literacy and Skills Survey (IALSS) (statcan.gc.ca)
• Statistics Canada. (2022). Canada’s population estimates. 
• Vaughan, N., Cleveland-Innes, M., Garrison, R. (2013). Teaching in blended learning environments: Creating and sustaining communities of inquiry. AU Press, Athabasca University
• Yukon Territory (2016) Yukon literacy strategy. 

Appendix 1 – Available resources, tools, support

Appendix 2 – Sample Questionnaire for teachers

Dear (teacher), we are undertaking a study to determine what resources and support are required to increase financial literacy for high school students in Canadian territories. We invite your participation in the following survey of 8 questions, which will take approximately 10-15 minutes to complete. Please note that there is an open comment option at the end for any additional suggestions or feedback you might have regarding increasing financial literacy for high school students in your region. 

1. What grade(s) do you teach? Select all that apply.

1. Nine (9)
2. Ten (10)
3. Eleven (11)
4. Twelve (12)
5. Other (please specify)

2. What course(s) do you teach? Select all that apply.

1. Math
2. Career Life Education (CLE)
3. Career and Life Management (CALM)
4. Other (please specify)

3. Is financial literacy, financial management, or other financial education part of any of the courses you teach?

1. Yes
2. No

4. How many hours of class time are allocated to financial literacy?

1. 1-3
2. 4-6
3. 7-9
4. 10+ (please specify how many hours)

5. Which financial topics are you likely to be expected to teach?

1. Earning income
2. Budgeting
3. Saving
4. Income tax
5. Payroll deductions
6. Bank accounts and services
7. Simple and compound interest
8. Present value or future value calculations
9. Credit & debt 
10. Renting & leasing
11. Investment account types
12. Investment securities
13. Investment risk
14. Other (please specify)

6. How familiar are you with each of these topics? Use a scale of 1-5 where 1 is Not at all familiar, 3 is Moderately familiar and 5 is Extremely familiar

1. Earning income
2. Budgeting
3. Saving
4. Income tax
5. Payroll deductions
6. Bank accounts and services
7. Simple and compound interest
8. Present value or future value calculations
9. Credit & debt
10. Renting & leasing
11. Investment account types
12. Investment securities
13. Investment risk
14. Other (please specify)

7. How comfortable are you teaching the topics? Use a scale of 1-5 where 1 is Not at all comfortable, 3 is Moderately comfortable and 5 is Extremely comfortable

1. Earning income
2. Budgeting
3. Saving
4. Income tax
5. Payroll deductions
6. Bank accounts and services
7. Simple and compound interest
8. Present value or future value calculations
9. Credit & debt
10. Renting & Leasing
11. Investment account types
12. Investment securities
13. Investment risk
14. Other (please specify)

8. What would help you teach financial topics to your students?

1. Resources (i.e. books, videos, websites)
2. Tools (i.e. curriculum plans, activities, worksheets)
3. Support (i.e. guest speakers, professional partnerships)
4. Professional development (i.e. training on specific financial topics)
5. Other (please specify)

9. Open field – please provide additional comments, feedback, suggestions regarding increasing financial literacy for high school students in Canadian territories.