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Financial literacy

High schoolers falling behind on financial literacy

Intuit survey shows that Canada’s younger generation is suffering from financial fear over their own financial literacy

While inflation seems to be loosening its grip on Canadian households, the ongoing panic from the high cost of living has left its mark on the younger generation:  According to a new survey by Intuit Canada, Canadian high school students, once relatively sheltered from the complexities of personal finance, are now feeling the stress of economic concerns. 

The survey shows that high school students in Canada are unprepared for the financial realities that await them after graduation—with the majority wishing they had a better grasp of personal finance but without knowing where to begin.  

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The survey says 73 per cent of Canadian high schoolers are aware they lack the knowledge to make informed financial decisions and  only 20 per cent fully comprehend basic financial concepts such as debt. Since 61 per cent of students believe their generation will be financially worse off than their parents, it’s evident they’ve been provided little confidence or preparation for the future. 

To address this growing need, Ontario has introduced a mandatory financial literacy test for students to graduate high school. Starting in 2025, high school students in Ontario will need to pass the test as part of a new unit in Grade 10 math. The course component aims to teach students key skills such as managing a household budget and protecting themselves against financial fraud. The test—which will require a minimum score of 70 per cent to pass—is part of a broader push to modernize Ontario’s education system. Other provinces, such as B.C., Alberta and Newfoundland & Labrador, are following suit, making financial education a priority in their school curriculums. 

“Seeing a renewed dedication to embedding financial literacy education in a meaningful way is essential to addressing the financial literacy gap,” says CPA Canada’s Financial Literacy Leader Li Zhang. “The reality is that it’s not just students facing these challenges, but the broader Canadian population. This new financial literacy requirement is a first step toward building lifelong financial wellness.” 

According to the survey, a significant 55 per cent of high school students wish they knew more about saving, and 46 per cent want to learn how to avoid debt. CPA Canada's Chief Economist David-Alexandre Brassard highlights the importance of equipping young Canadians with these skills early on, stating that “basic financial education is needed to prepare tomorrow’s workforce, homebuyers and entrepreneurs, and set them up for long-term economic and financial success.” 

At CPA Canada, financial literacy programs combat the troubling lack of personal finance knowledge among young people. In-person and virtual sessions provide education to targeted audiences, including new Canadians, students, seniors and small and medium businesses. These free sessions are delivered by community members from the national CPA volunteer network. CPA Canada’s program catalogue contains outlines and overviews of each session. Educators can also access interactive classroom materials on CPA Canada’s virtual school workshop page. These programs aim to close the financial knowledge gap and set young Canadians on the path to economic success. 

In response to the survey findings, Intuit is stepping up with a suite of free personal finance and entrepreneurial education resources designed for students and schools across Canada. As part of their larger commitment to helping 50 million students globally become financially literate and confident by 2030. 

Financial literacy is more than just understanding numbers—it’s about having the tools to make informed decisions about money that will affect a student’s entire life. Teaching life skills like budgeting, saving and managing debt directly addresses concerns many students voiced in the survey. 

Despite the prevalence of social media among Canadian teens, only 17 per cent are using platforms like TikTok to learn about personal finance. Among those who do, an astonishing 89 per cent report trusting the information they find. While social media can offer insights, the rise in “FinTok” advice can be counter-productive, as experts agree that formal financial education in schools is the best method for students to receive accurate, reliable information. 

While Ontario’s recent curriculum changes mark a significant milestone, more needs to be done nationally to prepare students for the financial realities of adulthood. As CPA Brassard notes, “Financial literacy is not just an individual benefit—it’s critical to the long-term prosperity of the nation.”