Ontario High Schoolers Must Pass Money Management, Homebuying Exams Starting in 2025

Books on a shelf in a school library in a file photo. (John Moore/Getty Images)

Ontario high school students will soon have to pass a financial literacy test, including topics such as managing budgets and saving to buy a home, starting in the 2025-26 school year.

Provincial Education Minister Stephen Lecce announced plans May 30 to introduce financial literacy into the Grade 10 math curriculum, starting September 2025.

“Too many young people, notwithstanding valiant effort in our schools, are graduating without those fundamental financial literacy skills,” Mr. Lecce said during a press conference at the Toronto Stock Exchange.

“This elevates the criteria, it elevates the standard, and forces all of us—educators, government, families and students—to work harder and smarter to elevate that knowledge from theoretical knowledge to practical knowledge that they can apply every day in their lives.”

The new requirement aims to teach students to manage their money to save for major life goals like retirement and homeownership, and protect themselves against financial fraud.

Grade 10 students will need a mark of at least 70 percent to pass the test.

The financial literacy test will be developed in partnership with TVO, a publicly funded network that provides online courses, and the Education Quality and Accountability Office, which administers Ontario’s standardized tests in reading, writing, and math.

The provincial government said in a press release it is also taking steps to ensure new teachers are competent in basic math. Starting in February 2025, teacher applicants to the Ontario College of Teachers must pass the Math Proficiency Test, said a press release.

Mr. Lecce also said the government will consult with parents and experts this fall on practical life skills for students. This could lead to mandatory courses in areas such as nutritious cooking, basic household tasks like tire changing and sewing, personal responsibility, and basic economics.

As part of its commitment to student career development, the government will invest up to $14 million in 2024-25 to launch career coaching for Grade 9 and 10 students. This funding will support the hiring of career coaches to help students explore career opportunities, gain practical job skills, and learn essential job search techniques.

These initiatives follow recent measures by the Ontario government to address cellphone use and vaping in schools, aligning with its “back-to-basics” education plan.

According to an April 28 press release, every school will enforce a uniform policy requiring cellphones to be on silent and out of sight at the beginning of class. If students don’t comply, they must immediately surrender their phones unless explicitly allowed by the educator. Students in kindergarten to Grade 6 will have a cellphone restriction for the entire school day, but phones may be used with permission from the educator.

Ontario schools will implement a uniform policy requiring students to immediately surrender vape, tobacco, and nicotine products. The government is also strengthening mandatory education on cannabis and vaping within the Health and Physical Education curriculum. Additionally, $30 million will be invested over three years to fund critical safety infrastructure in schools, including vape detectors.