education posts

Financial literacy efforts are growing in popularity in recent years. Those tasked with the job of developing curriculum to teach children, however, still have a significant challenge on their hands.

This type of education simply does not exist in any formal way, or it didn't until recently – it needs to be developed, virtually from scratch, but also in a coordinated way. Then there's the task of trying to make it seem interesting.

Take a room full of 600 high school students, and spend the day trying to teach them about money. Can you say tough crowd?

Across the province and around the country there is a relatively concerted effort going on to develop curriculum for students. In Ontario, for example, there's a widely integrated approach underway to develop a financial literacy program which runs from grade 4, all the way through until graduation in grade 12.

Unfortunately, a lot of the kids graduating this year and next won't have the benefit of that education. It's a gap the Investor Education Fund (IEF) hopes to fill, to some degree, with their school assembly programming. This week, the IEF is kicking financial literacy month by hosting its first-ever youth summit in Toronto.

Just like adding more schooling to your list of credentials, completing an apprenticeship appears to be a pretty good way of ensuring you make more money over the course of your career.

The amount we're talking about is no small change either: Statistics Canada says those who actually complete their program and obtain certification for their credentials earn between 20% and 25% more than those who discontinue or leave their apprenticeship programs before completion.

If you're like many parents you've already compiled your back-to-school checklist. New clothes. Check. New school supplies. Check. Kids mentally prepared for the new school year. Radio silence.

If you couldn't check the last item off your list, you're not alone. The majority of Canadians (86 per cent) have spent more time shopping for school supplies than mentally preparing their children for the start of the school year.

A nationwide survey conducted by Léger Marketing on behalf of Oxford Learning revealed that 66 per cent of parents feel that their children are academically prepared for school, only a quarter (27 per cent) say that their children practiced their math and reading during the summer.

"The best back-to-school preparation happens when students get their brains ready for the school year ahead. The sooner students are prepared to learn, the easier the transition to classroom becomes," says Dr. Nick Whitehead, Co-founder and President of Oxford Learning.

Technology can help.

No longer thought of as expensive gadgets, a number of parents are looking to mobile devices, such as smartphones and tablets as legitimate learning aids. Mobile devices help students stay organized, record lectures, research and stay in contact with their peers and their parents. Even a three year old can easily navigate their way around a tablet. Plus, as more and more models enter the market, prices are gradually decreasing.

Here's a list of budget-friendly apps that will help prepare your kids before the school year begins and beyond.

There's hardly been any job growth in Canada in the last little while -- in fact, a recent Statistics Canada report shows that employment growth has stagnated. Meanwhile, nobody seems quite sure where the economy's heading. As a parent of two young boys I find myself worrying about what opportunities will exist for them when they're ready to embark on their own career paths.

What I'm realizing is that when it comes to kids and their future, there's no time like the present to start teaching them skills that could eventually turn into employment. There are many classes and camps for kids offered as after school programs or on weekends that could be fun ways to learn skills or spark an interest that will help them find their way to a career later in life.

Now that summer has officially started, some parents may be at a loss when it comes to finding satisfying summer activities for their kids. It's also the time of year - besides the festive holiday season - where you will be likely spend a lot of money on your kids. If you find yourself in this situation, I've compiled a few ideas that will keep your kids entertained and engaged for the rest of the summer. Let the countdown begin.

Gym bunnies-in-training

According to Health Canada, children require a minimum of one hour of physical activity per day. Is your child getting enough? Probably not. Goodlife Fitness (available across Canada) can help with that. From July 2 - August 31, 2011, youth between the ages of 12 and 17 can get a summer gym membership. The youth membership will provide your child with access to classes and gym equipment. This is great because they can get a head start on developing healthy eating and exercise habits. Moreover, it's an opportunity to work out with your child, which can make for great family bonding.

Cost: FREE

All hands on deck

Since 1962, the Toronto Brigantine has been teaching youth the tenets of leadership, discipline and citizenship in a maritime environment. Each summer, from late June to early September, the Brigantines visit various ports around the Great Lakes. Past participants have found the experience to be fun, challenging and memorable. Kids will sail tall ships day and night (between 5 to 12 days), and they will learn traditional seamanship skills such as: tackling, shipboard terminology and preparations for heavy weather. I've seen the Brigantines in action and it's quite impressive.

Cost: $650 - $1,400 (financial assistance is available)

It started before the kid was even born.

In the month leading up to my child's birth I was a bit of a mad woman – working like crazy to meet all of my deadlines ahead of time, lest the kid make an early arrival – and the phone wouldn't stop ringing. These weren't sources or clients I needed to talk to though, they were sales people. RESP (Registered Education Savings Plan) sales people.

Investment knowledge is a handy thing. I always knew it would be useful but I never imagined that it would help me in my early days of new parenthood too.

It took years for any financial advisor to look twice at my family with the thought that we might make good clients. Have a baby, though, and just watch at all the salespeople who suddenly come out of the woodwork.

Unfortunately, most of these salespeople aren't in the business of providing retirement or cash flow planning. They're not going to help me make the most of my RRSP (Registered Retirement Savings Plan) contributions, they can't tell me a thing about life insurance and they won't know anything about wills or estate planning for my parents.

All they want is to sell me on their RESP (Registered Education Savings Plan) programs.

Just because you can vote doesn't mean that you understand money.

In fact, many young adults have little (or no) idea about basic financial concepts.

The Financial Consumer Agency of Canada (FCAC) has got together with the Association of Canadian Community Colleges (ACCC) and the Investor Education Fund (IEF). They plan to organize financial literacy workshops at 10 colleges across the country.

Getting the kids ready to go back to school can put a real strain on the piggy bank. New shoes, new books, new this and new that -- it's easy to forget about the long-term financial costs of your children's education, particularly if you hope to send them to university. However, it's worth taking a time-out and looking into what you can do to save for your kid's future -- especially since you could be eligible for free money from the government.

According to a report in the Globe and Mail, many parents aren't aware they qualify for financial support if they open a Registered Education Savings Plan to help pay for their child's university, college, trade school education or apprenticeship. The article is based on findings by SEDI (Social and Enterprise Development Innovations) that low-income families, in general, have a lower level of financial literacy and therefore don't realize what's available to them. The findings are supported by statistics that show that higher-income families are more likely to invest in an RESP to save for their kids' education.

So what is an RESP? And who's eligible for government help?