A. WHAT IS BEING PROPOSED? This petition is asking for your support to make Financial Literacy one of the REQUIRED CLASSES for Saskatchewan students to graduate.

B. ISSUE: Moving forward, and with the impact of COVID-19, being financially literate has become even more important. The Government of Saskatchewan has made great strides in promoting youth financial literacy. Yet, there is more to be done to continue moving this further along and across a broader range of young people. 

Financial Literacy 20 and 30 classes are currently taught in Saskatchewan but are electives that the students may choose. According to official Saskatchewan Learning  2020-21 enrollment numbers, there were 42,601 Sask. students enrolled in Grades 10-12 and only 2,012 students obtained a Fin LIt 20 or 30 credit. This means that less than 5% of our high school student population are learning about basic financial matters. This number has grown slightly since the initial roll out of the Financial Literacy curriculum in 2019, but by leaving it an ELECTIVE and not  REQUIRED class, there will still be huge gaps in the financial education of Saskatchewan students. 

C. WHAT IS AT STAKE: In Saskatchewan and all other jurisdictions throughout the country, an increasing number of Canadians are facing rising levels of mortgage debt, credit card debt, student loans, and are faced with a variety of other financial hurdles such as saving for retirement and personal budgeting. These are challenges which Canadians have not been adequately educated to deal with. 

1. What if students don't learn about financial literacy in high school? They may never see a financial literacy course again and risk not getting the in-depth financial knowledge they need for their future. We know that financial literacy is a universal competency that all students need; an EQUALIZER for all ages, demographics, race, religion and gender. Financial literacy will benefit everyone regardless of background. Financial education provides a more level playing field for all walks of life to lessen the division between economic classes and help people provide a future career for themselves.Failure to provide financial education to all students, risks further division between our populations, resulting in greater divisiveness socially. Canada is a democratic country, where everyone should have the right to prosperity when given a chance.

2. Worsening debt loads and lack of savings crisis: Canadians' consumer credit-card balance crosses $100 billion for first time
Mar 10, 2023 : Canadians are piling on more debt as they continue to feel the pinch from high inflation and interest rates, according to Equifax Canada’s quarterly consumer credit trends report.Millennials experience an above-average increase and impact as they enter a very challenging economic period. A key driver was the growth and reliance on credit cards, with 1.4 million credit cards issued in the final 3 months of 2022. Consumer debt rose 15.3% since 2021. Credit card usage is up due to higher costs of living and newcomers with growing reliance on credit to pay for basic living needs. An additional alarming statistic is the number of non-mortgage consumers who had an increase of 11% in missed credit card payments (this is especially alarming due to increase in liabilities coupled with a lack of home ownership). https://financialpost.com/executive/executive-summary/canada-consumer-credit-balance-100billion-first-time
This news is nothing new: 
Dec 2012 The Bank of Canada published a report to recommend prudent household borrowing. “No matter how one looks at it, household debt in Canada is at a record high. Debt at this level can make certain households, the economy and the financial system more vulnerable to shocks, such as a surge in unemployment, falling incomes and house prices, and rising interest rates.” https://www.bankofcanada.ca/wp-content/uploads/2011/02/household_spending_debt.pdf 

January 21, 2019: MB and SK residents are the most likely (56%) to be within $200 of insolvency at month-end compared to other provinces; 36% say they already don’t earn enough to pay their bills and debt obligations; 47% expect to take on more debt over the next 12 months just to cover basic living and family expenses. 

October 3, 2022: More Saskatchewan and Manitoba residents say necessities such as food, transportation and clothing are less affordable; 52% less affordable to feed themselves and their family; 40% say transportation has become less affordable; 47% finding it less affordable to put money aside for savings; 39% finding clothing or household necessities less affordable; 

November 9, 2022: Personal bankruptcies rose 22.5% in the 3rd quarter of 2022, compared to the same time last year. Highest increase in 13 years.(source: MNP Consumer Debt Index & Affordability Crisis https://mnpdebt.ca/en/resources/mnp-debt-blog/affordability-crisis-canadians-say-necessities-becoming-less-affordable)

3. Consumer Debt Report 2023 in Canada: Amidst inflation and rate hikes in 2022, Canadians are more likely to feel worse off now than better. While levels of confidence and anxiety about personal finances are similar to one year ago, the specific circumstances for Canadians have notably changed. Key Findings in this report:

• 82% (four-in-five) Canadians say spending on essentials is the main cause of their worsening financial situation.
• 63% (over six-in-ten) Canadians anticipate making cutbacks to their expenses, with food being the top cutback.
• More than four-in-ten Canadians have experienced an increase in debt in the past year.
• 33% (one-in-three) Canadians feel anxious about their current financial situation.
• 35% feel worse about their financial position today vs. the beginning of 2022​.
• 79% of Canadians with a worsened financial situation say spending more on essentials is the top contributor.
• 29% feel pessimistic about their personal finances heading into 2023.
  https://nomoredebts.org/consumer-debt-report-2023  

D. RESEARCH TO SUPPORT: The lack of financial literacy and the significant erosion of personal finances across Canada has been a problem, decades in the making. For years, policy leaders have talked about the importance of financial literacy, but now is the time to act. Here is some research to consider. Decades of work has been done to show why this is important, NOW IS TIME TO ACT to give every SK student financial literacy in their high school education

1. National Financial Literacy Strategy 2021-2026 Financial Consumer Agency of Canada https://www.canada.ca/en/financial-consumer-agency/programs/financial-literacy/financial-literacy-strategy-2021-2026.html Throughout this report, there is an emphasis on the importance of financial education, and targeted education strategies and programs as Canadians are un pressure more now than ever. Canadians Under Pressure: Managing Money in Today’s World- The Pandemic Has Intensified Financial Stress and Challenges For many people, money management is confusing, frustrating, and overwhelming. In fact, finances continue to be the greatest source of stress for Canadians—significantly more than work, personal health or relationships. The global pandemic has intensified financial challenges for many people, and revealed a concerning lack of financial resilience. This historic event has exposed the fact that financial vulnerability can affect anyone—no matter their income, level of education, or where they live. Although emergency government support helped impacted households manage on a temporary basis, many Canadians are now trying to plan for an uncertain future, including financial, career, and lifestyle changes to help them rebound or rebuild their lives. On top of their personal financial realities, Canadians face a difficult landscape. The marketplace for financial products, services, and advice is complex, constantly changing, and increasingly digital. There is a wide range of product choices, as well as a huge amount of information and advice through money experts, apps, and websites.The result? It’s tougher than ever to navigate the financial marketplace, know who to trust for help, and how to make good decisions. And for many people, especially those most in need of financial knowhow, the maze is simply too overwhelming to navigate. How Financial Literacy Can Help: Financial literacy is a critical life skill. It is a key contributor to financial resilience, and its value is recognized world-wide. Low levels of financial literacy can increase the likelihood that someone is, or will become, financially vulnerable. Increasing financial literacy decreases the risk of vulnerability and increases the likelihood of financial resilience. The Government of Canada, along with financial literacy stakeholders across the country, have long realized the need to help Canadians strengthen their financial literacy and plan for their future. When people feel more in control of their finances, the benefits are immediate.
2. Canada’s Task Force on Financial Literacy: The Future of Financial Education : Report on the 2011 FCAC-OECD Conference on Financial Literacy (https://publications.gc.ca/site/eng/425861/publication.html) This report included one very important recommendation: financial literacy should be included in curricula in schools across the country. Young people in developed and developing economies today face increasingly complex financial decisions—credit and debit cards are a fact of life for today’s youth who engage in online activities and shopping and live in an increasingly cashless society. At the same time, many youths are taking on debt to finance their post-secondary education. While financial products can help young people achieve their goals (e.g., education), they also represent a significant risk: without the right knowledge and skills, they provide a quick route to unwanted and at times overwhelming debt. It is now widely recognized that financial  education should be part of a formal school curriculum, as evidenced during the workshop, “Financial Education in the School System.” The importance of national leadership was a key theme during this session as presenters shared their tips and best practices for creating standardized financial education within the formal school system. 
3. Financial literacy supports our basic human rights as having financial stability allows a person to access basic needs to live such as housing, food and a way to support themselves. https://www.canada.ca/en/financial-consumer-agency/programs/financial-literacy/financial-literacy-strategy-2021-2026.html  We live in a democratic, free market society where everyone can prosper, if they are given a chance. Financial Education serves as a great EQUALIZER for all ages, demographics, race, religion and gender, especially newcomers to Canada.  Financial education provides a more level playing field for all walks of life to lessen the division between economic classes and help people provide a future career for themselves. On page 25-26, the National Financial Literacy Strategy 2021-2026 Financial Consumer Agency of Canada outlines that “low levels of financial literacy can increase the likelihood that someone is, or will become, financially vulnerable.” If we implement financial literacy education in high school, we can aim to change the outcome for our most vulnerable student populations (identified as youth, Indigenous Peoples, single parents, newcomers, low-income earners, people with disabilities, visible minorities, rural inhabitants)
4. Small business failure: Endless research exists on the probability of small businesses surviving for 5 years or more. Much of the statistics look to lack of financial literacy as the main causes - not understanding financial statements (income, cash flow & balance sheet), not knowing about financing options & adequate capital needs, not understanding consumers & behavior, failure to create and follow a business plan and poor management skills. Many of these skills and lessons are taught in our Financial Literacy 20 and 30 classes, and by making this a mandatory class to graduate, we could create a whole future of entrepreneurs and business owners, which we know to be necessary for economic growth and job creation in Canada (5 Top Reasons Small Businesses Fail and How to Avoid Them https://www.avisar.ca/accounting-news/5-top-reasons-small-businesses-fail/)
5. Feedback from Canadians on the importance of learning this in high school: 

They Wish They Learned About Money: Most Canadians don’t feel confident about their financial planning abilities https://www.huffpost.com/archive/ca/entry/financial-literacy-canadians-share-what-they-wish-they-learned_n_16514356 
Curriculum changes aim to help high-school students with financial literacy https://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/curriculum-changes-aim-to-help-high-school-students-with-financial-literacy/article34670871/ 
Debt and financial distress among Canadian families https://www150.statcan.gc.ca/n1/pub/75-006-x/2019001/article/00010-eng.htm