Grade 6 student Neve shows the rubber chicken she won for bravely volunteering her answer.
Grade 6 students in Ms Lo’s class have been brushing up on their financial knowledge, with the help from Money School Canada. They now know more than many adults.
Students have learned important financial terms such as “mortgage,” “interest rates,” “income tax,” and they even know the names of the major credit cards. They have also been learning about the different types of budgets—balanced, deficit and surplus—and ways to plan a budget to meet monthly expenses many adults have.
Students were asked, “What is income tax used for?” and many of them volunteered answers, such as healthcare, fixing roads, the army and programs for seniors.
Student Neve was awarded a rubber chicken as a prize, because she wasn’t “chicken” to volunteer her answer in front of the class!
The girls were engaged in discussing the types of questions a bank should ask customers who want to borrow money. To practise using their reasoning skills, the girls were given an example of two different loan candidates and were asked to act as a bank representative and evaluate which candidate they would approve for a loan. Their role playing a bank representative was a lot of fun, because they were able to imagine two different people’s life circumstances and how this would impact someone’s ability to pay back a loan.
The goal of these classes is to create financially savvy young Canadians who have the confidence and knowledge to manage their money well. Ms Lo’s class is certainly on their way!