Alberta funds 2 programs to teach students financial literacy

The Government of Alberta has awarded $375,000 in two grants to teach students financial literacy.

The province has partnered with Enriched Academy and Junior Achievement, both of which have created programs the province says are aligned with its curriculum.

"It's something that I've heard very strongly from parents and particularly in my conversations with students ... one of the suggestions that they have made quite boldly is that we need more financial literacy," said Education Minister Adriana LaGrange.

LaGrange said her own children have said they wish they had learned more about credit, mortgages, taxes and other practical knowledge relating to personal finances in school.

Enriched Academy, a Canadian company that got its start on TV show Dragons' Den, will receive $175,000 for an online pilot project that will offer financial education to up to 4,000 students in Grades 10 through 12.

Kevin Cochran, Enriched Academy's co-founder, said the program has been offered to thousands of students in Ontario to great success.

"I was kind of a victim of not understanding financial literacy at a young age," he said, adding that he jokes that his credit was so bad, if someone stole his identity it would up his credit rating.

He said it's a position many Canadians find themselves in, with data from Statistics Canada showing that as many as half of Canadians are living paycheque-to-paycheque.

"One thing that's consistent no matter what path you want to take is that you're going to have to earn an income," he said.

The other grant for $200,000 will go to Junior Achievement's Southern and Northern Alberta chapters to provide 4,500 students with hands-on financial literacy training. 

Melissa From, president and CEO of Junior Achievement's Southern Alberta chapter, said the funding will allow the program to serve 4,500 more students in the province, expanding into more rural and remote areas, reaching more than 49,000 students between Grades 3 and 12.

"These last couple weeks of this global pandemic and everything that we've seen happen in our economy, now more than ever young people are going to be faced with a lot of obstacles in their lives and in the early years of their careers and even in their education," From said.

"And I think some of the basic fundamental skills that we teach young people in personal finance, in need versus wants, as well as just in basic global economic education, are going to be so incredibly important to their success in the long term."

The province said school authorities can contact Junior Achievement Southern Alberta, Northern Alberta and Enriched Academy to access programming or sign up to participate.