How do young people really feel about their financial futures?
Scotiabank and JA Central Ontario are teaching key financial literacy skills for an ever-changing world
As part of our Financial Literacy Month celebrations, we spoke to our partner Scotiabank about how money management skills can help young people thrive in uncertain times.
Simply put, financial literacy is having the knowledge, tools and confidence to make responsible financial decisions. Here at JA Central Ontario, we work with experts in finance and business to teach these important skills to students across our region. Scotiabank is a key partner, providing volunteer mentors and funding to help us empower the next generation.
Together, we teach students in grades 3 to 12 how be financially savvy and think like entrepreneurs. With Scotiabank’s expertise, our students learn to manage money and debt wisely through budgeting, borrowing, saving and investing. Our programs also include how to plan and save for the future, as well as how students can protect themselves against fraud and financial abuse.
“Scotiabank is proud to support JA Central Ontario as it helps young people develop entrepreneurship, financial literacy and work readiness skills,” says Sean Albert, Scotiabank’s Regional Senior Vice President – Toronto. “JA programs allow for students to become financially savvy, rely less on social assistance, and help them become more economically resilient in an ever-changing world.”
Practical skills that build resilience
When taught at a young age, financial literacy skills can help students become financially responsible adults and overcome potential future challenges. Learning from partners like Scotiabank, our students develop the right habits to save for future goals like owning a home, while at the same time ensuring they have the funds to realize what matters most today and live within their means. Students learn they can put their money to work by starting to save at a young age and reaping the benefits of compound interest over the many years to come.
By partnering with JA Central Ontario, Scotiabank teaches financial skills that have the potential to help students overcome future financial challenges – essential in the aftermath of the COVID-19 pandemic. Learning the difference between “wants” vs “needs” is important, especially when budgeting and saving for the unknown. In addition, students need to start learning how to save now for rainy days and have a buffer of savings should you run into difficult times. Teaching key practical skills such as aiming for 3-6 months of saved salary empowers students to make savvy decisions in future.
“Financial literacy skills are important because these tools and skills stand the test of time,” concludes Sean. ‘These skills are the same regardless of the economic environment. Having a grounding in these key skills can help students no matter what their future holds.”
About JA Central Ontario
Through the delivery of hands-on, blended learning in entrepreneurship, financial literacy and work readiness, JA Central Ontario empowers young people to grow their entrepreneurial ideas, hone their work skills, manage their earnings, and secure better lives for themselves, their families, and their communities. Since 1968, schools in Central Ontario have relied on JA to prepare young people for success in an ever-changing global economy.
JA Central Ontario is a member of JA Canada and part of JA Worldwide, the world’s largest not-for-profit organization dedicated to educating young people about business.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.