Strand Overviews
Financial Literacy – Intermediate Division
OVERALL EXPECTATION F1.
demonstrate the knowledge and skills needed to make informed financial decisions
| Grade 6 | Grade 7 | Grade 8 |
|---|---|---|
| Money Concepts | title |
title |
| F1.1 describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services | F1.1 identify and compare exchange rates, and convert foreign currencies to Canadian dollars and vice versa | F1.1 describe some advantages and disadvantages of various methods of payment that can be used when dealing with multiple currencies and exchange rates |
| Financial Management | title |
title |
| F1.2 identify different types of financial goals, including earning and saving goals, and outline some key steps in achieving them | F1.2 identify and describe various reliable sources of information that can help with planning for and reaching a financial goal | F1.2 create a financial plan to reach a long-term financial goal, accounting for income, expenses, and tax implications |
| F1.3 identify and describe various factors that may help or interfere with reaching financial goals | F1.3 create, track, and adjust sample budgets designed to meet longer-term financial goals for various scenarios | F1.3 identify different ways to maintain a balanced budget, and use appropriate tools to track all income and spending, for several different scenarios |
| F1.4 identify various societal and personal factors that may influence financial decision making, and describe the effects that each might have | F1.4 determine the growth of simple and compound interest at various rates using digital tools, and explain the impact interest has on long-term financial planning | |
| Consumer and Civic Awareness | title |
title |
| F1.4 explain the concept of interest rates, and identify types of interest rates and fees associated with different accounts and loans offered by various banks and other financial institutions | F1.5 explain how interest rates can impact savings, investments, and the cost of borrowing to pay for goods and services over time | F1.5 compare various ways for consumers to get more value for their money when spending, including taking advantage of sales and customer loyalty and incentive programs, and determine the best choice for different scenarios |
| F1.5 describe trading, lending, borrowing, and donating as different ways to distribute financial and other resources among individuals and organizations | F1.6 compare interest rates and fees for different accounts and loans offered by various financial institutions, and determine the best option for different scenarios | F1.6 compare interest rates, annual fees, and rewards and other incentives offered by various credit card companies and consumer contracts to determine the best value and the best choice for different scenarios |