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Stephen Lecce, Ontario's Minister of Education, speaks at the TSE, May 30, 2024. Government of Ontario/YouTube screen shot

Testing of financial literacy for Grade 10 students in 2025

By Randy Thoms May 30, 2024 | 4:45 PM

Financial literacy will be part of province-wide testing next year.

Students in grade 10 will be required to score 70% or better to meet graduation requirements.

Education Minister Stephen Lecce says it elevates the importance of financial literacy to the same level as reading, writing and math.

“You must be able to read and write in this province. You also have to have financial literacy and confidence in understanding how to personally budget and live a life in this province and country,” says Lecce. “So, we are elevating that expectation.”

Lecce says many young people are graduating high school without the fundamental financial literacy skills such as managing money.

The provincial government is still working on the fine details of the test and when during the school year it will be administered.

“The program’s intent is to create a standard test and assessment of mathematical competence when it comes to numeracy skills. And what it signals to students and to the marketplace is that we’re getting serious on actually measuring the knowledge, the retention and the application of financial literacy knowledge.”

The government is also spending $14 million on new career coaches that will help grade nine and ten students learn about careers in high demand and diverse job opportunities, as well as assisting with resume writing and interview skills.

Lecce says the province will also make it a standard practice to include 10% of a student’s result in the EQAO grade 9 math test as part of a student’s final mark.

A math proficiency test will also be returning as a requirement for new teachers.

Home economics is next on Lecce’s agenda.

He says they will begin consultations this fall to identify what practical life skills students should learn in school.

This could be learning about nutritious cooking, changing a tire, sewing a button, or using first aid.