Ted Menzies, minister of state(finance), along with the representatives from the Canadian Foundation for Economic Education and BMO Financial met with students at Sprucecourt Junior Public School in Toronto to launch what they're calling "Talk with our kids about money day" to educate young people about money matters.
"Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions," Menzies said.
"The earlier in life people start educating themselves about financial literacy, the better equipped they will be when faced with life’s important financial decisions," he said.
The program kicks off on Apr. 17, and includes a website with resources, interactive contests and teachers kits.
The kits will begin for schools in the Greater Toronto Area and Montreal area before expanding to other provinces starting next year.
Educators welcomed the news, but said more work is needed.
"This is a move in the right direction,” Courtney Carroll, author of the Financial Fitness Blueprint and principal with the Toronto District School Board.
Caroll said he believes we need more than just a one day talk with our kids and said financial literacy needs to become part of the new curriculum if kids are to successfully navigate the changing economic realities.
"The sooner we can get our young people to understand and value the importance of being financially responsible, the better decisions they will be able to make in their adult lives," he said.