The importance of studying financial education

Informed consumers are made, not born. We learn how to be responsible and adopt good spending habits over time. Financial education is included in the Secondary V curriculum precisely to help with this learning process at the high school level. The course covers a wide range of topics:

• How to create a budget
• The factors that influence consumer behaviour
• How prices are set
• The different types of consumption tax
• Etc.

Consumers have numerous responsibilities, but they also have rights. What are they, and how are they enforced? That’s exactly what your child will learn in the classroom, in addition to other concepts:

• The role of organizations such as the Office de la protection du consommateur and the Régie du logement
• The main rights and responsibilities of merchants
• The basics of guarantees and credit agreements
• Etc.

Credit is money that a person borrows from a third party (e.g., another person, a company, a bank). When used properly, it can be a great solution for financing big projects. However, it can also be a trap. That’s why it’s essential to understand how credit works:

• The main reasons for using credit
• The importance of credit reports
• The risks of taking on credit
• The consequences of defaulting on payment
• Etc.

There’s more to work than simply earning a salary. It’s important to understand the various aspects of being a working adult:

• Labour law
• Employee benefits
• The role of unions
• Pay slips
• Payroll deductions
• Etc.

When your high schooler enters the workforce (if they haven’t already, that is), they’ll soon become acquainted with income tax. It’ll come as less of a shock if they’ve taken financial education classes, as they’ll already be familiar with tax concepts:

• Why we pay taxes
• Current tax rates
• Why it’s important to file a tax return
• Etc.