Should financial literacy classes be mandatory for high school students?

Salmaan Moolla didn't realize the importance of financial literacy until money got tight.

The University of Regina business student was spending money carelessly on restaurants and events when he came to two realizations.

First, he couldn't sustain that kind of lifestyle. Second, high school students need to learn how to be smart with money.

Moolla wants financial literacy to be a mandatory class for high school kids.

"It is the most fundamental aspect you can teach to a person because you utilize personal finance in every day of your life," he said.

Now Moolla and two friends, Frank Nordstrom and Jonathan Lipoth, have turned that desire into an award-winning plan.

Pilot project proved success

The three were among 18 U of R students who took part in the Enactus Regional Exposition in Calgary March 1 and 2. Enactus is a non-profit devoted to using entrepreneurial principles to affect positive social change.

Moolla's team's plan, called Financial Foundations, beat out students from 23 Western Canadian universities and colleges to earn a spot at a national competition in May.

It is the most fundamental aspect you can teach to a person because you utilize personal finance in every day of your life.- Salmaan Moolla, Financial Foundations Project Manager and member of the Enactus Regina team

Part of what drove their success was proof that their plan works.

The group tried out their teaching method with a 40-student pilot project at Campbell Collegiate in Regina.

Students were tested for financial literacy before and after the course.

"What we saw is that the students had 10-20 per cent jump in knowledge," Moolla said.

Lisa Watson, a U of R business professor who advised the team, said the idea is timely.

"Nationally, we're seeing issues related to financial literacy and financial preparedness. We see huge rise in levels of consumer debt nationally. So it's something that's quite topical," she said.

Trustees support idea

There is a wider push for financial literacy teaching in high schools.

Adam Hicks, a public school board trustee in Regina, made a motion at the 2017 spring assembly of the Saskatchewan School Board Association asking for personal finance classes to be available in every school in the province. The motion passed with 92 per cent in favour.

The Saskatchewan Chamber of Commerce's made a similar resolution in 2016 requesting the introduction of a required course or course content that focuses on the basics of personal finance at the high school level.

Despite the strong support, the class won't become a reality instantly. The final decision belongs to the Ministry of Education.

The ministry said in a statement it is "looking for opportunities for students to expand their understanding and skills in financial literacy by exploring the possibility of financial literacy courses."

However, the government is not considering any immediate changes to the Grade 12 graduation requirements.

Hicks said it's up to trustees like him to continue pushing for mandatory financial education.

"I wish I had something like this when I was a kid. I know there's value for our students," Hicks said.