GRADE 5 Financial Literacy Resource Guide

GRADE 5

Financial Literacy
Resource Guide
GRADE 5
Financial Literacy
Resource Guide

Ce guide est également disponible

en français. www.collegefrontiere.ca/
Medias-et-Ressources/Ressources

Prepared by
ELLIE HIU YING CHAN, M.Ed., BComm
Numeracy Program Developer
Frontier College

ASHLEY JOHNSTON,
M.A., B.Ed., H.B.A.
Numeracy Program Developer
Frontier College

Frontier College is funded by the

Ontario Ministry of Education

The views expressed in this guide are

those of Frontier College, and do not
necessarily reflect those of the Ontario
Ministry of Education.
 Table Of
Contents
Introduction 4

About Frontier College 4

The Importance of Financial Literacy 5

How To Use This Guide 6

Culturally Responsive and Relevant Pedagogy (CRRP) 7

Growth Mindset and Developing Student Confidence 10

Technology Considerations 11

Learning Activities 12

Learning Sessions & Performance Tasks 12

Money Management Worksheets 17

Family Shopping Trip 19

Money Manipulatives 20

Games and Resources 21

Games 21

Online Resources 21

Apps for iPhone and Androids 22

Teaching Extensions and Project Ideas 23

Appendix 28

Appendix A: Curriculum Analysis 28

Citations 30

Table of Contents Grade 5 Financial Literacy Resource Guide

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 Introduction
GRADE 5
Financial Literacy
Resource Guide

About Frontier College We have worked with the Ontario Ministry

of Education for over 15 years to implement
Frontier College is a national, charitable literacy programs that have a clear and positive
organization that was founded in 1899. We work impact on the reading, writing, and math
with children, teens, adults, and families who skills of Ontario students. These programs
need help to improve their literacy skills. focus on students from low-income, newcomer,
and Indigenous communities who face
barriers to learning. They include tutoring
OUR VISION IS programs, summer learning, parent
Literacy is recognized as a human right and a engagement, and community capacity-building.
driving force to empowerment and prosperity. Our dedicated staff, strong volunteer network,
Frontier College leads the effort in Canada and enduring partnerships ensure that we
reach students in all parts of the province
to help people and communities reach their
including towns, cities, and remote Indigenous
full potential through the power of literacy. communities. The focus of all our child and
youth programs is to complement the formal
education system and respond to Ministry
of Education priorities.

Introduction Grade 5 Financial Literacy Resource Guide

4
 The Importance of Financial Literacy
“Financial literacy is the ability to understand and effectively
use various financial skills” (Fernando, 2021) to make informed
decisions regarding our financial resources. Having strong
financial literacy is a foundation for long-term financial health,
which contributes to housing security (Oudshoorn, 2018), better
physical and mental health (Whysel, 2018), longer life expectancy
(Benefits of Being, 2019), and even stronger relationships and
marriages (Benefits of Being, 2019).
Financial literacy is an essential life skill; however, students often
learn these skills in an unstructured way. Some view financial
literacy as a life skill that a person eventually learns as they grow
older. Others may say it is knowledge to be passed down from
generation to generation like family stories. Yet others may feel
that a person is expected to struggle through life in order to
acquire these skills.

The Ministry of Education in the Province of Ontario introduced

financial literacy as part of the mathematics curriculum in Grades
1 through 91. The Financial Literacy curriculum strand contains
three broad expectations:

• Money Concepts
• Financial Management
• Consumer and Civic Awareness

For detailed information on the financial literacy curriculum

strand, please see Appendix A or visit the Ontario curriculum
website: https://www.dcp.edu.gov.on.ca/en/curriculum/
elementary-mathematics.

Structured teaching of financial literacy skills will support

students in making effective financial decisions earlier in life,
including loans, interest payments, investments, and budgeting
as they pursue their careers and post-secondary education.

1 The financial literacy strand in Ontario’s Mathematics curriculum was introduced in year
2020 for Grades 1 through 8, and year 2021 for Grade 9.

Introduction Grade 5 Financial Literacy Resource Guide

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 How To Use
GRADE 5
Financial Literacy
Resource Guide

This Guide
This Financial Literacy Resource Guide includes learning
activities, games, online resources, and project ideas for
students, families, teachers, and community organizers.
They follow the Ontario Ministry of Education’s mathematics
curriculum (Queen’s Printer for Ontario, 2020) and are
developed by Ontario Certified Teachers at Frontier College.
Culturally Responsive and Relevant Pedagogy (CRRP) is the
foundational building block of this guide. The next subheading
will further discuss the CRRP framework. In this guide, there
are four special features that are developed with the CRRP
framework in mind, in order to further support student learning.

TEACHER TALK MOVE

Question frames and teaching ideas to help teachers

facilitate student discussions, build literacy skills, and
develop student confidence.

PARENT TALK MOVE

Question frames and conversation starters to help parents

have open-ended discussions with their child about what
they are learning at school.

ACADEMIC LANGUAGE

Highlight specific words from an activity that teachers and

community organizers may want to explicitly teach. This benefits
all students, particularly English Language Learners (ELLs).

TIP

Provides new ideas or alternative ways of using the resource.

If the tip is specified for one audience, it will say so.
(For example: Tip for Teachers).

How To Use This Guide Grade 5 Financial Literacy Resource Guide

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 A special note to teachers and community organizers:
Please be mindful of the students’ and their families’
lived experiences. It is appropriate to modify the lessons
and activities accordingly.

Culturally Responsive and

Relevant Pedagogy (CRRP)
Culturally Responsive and Relevant Pedagogy (CRRP) integrates
a student’s background, culture, and home language into
the curriculum and classroom learning. Ladson-Billings (1995)
describes the three pillars of CRRP. Teachers must:
1 Have high expectations for all students and attend to
students’ academic needs by teaching what is most
meaningful to them.
2 Maintain students’ cultural competence by utilizing students’
culture and language as a vehicle for learning.
3 Guide students to develop a critical consciousness through
which they challenge the status quo of our society.

It is not true that only exceptional teachers can achieve success

with CRRP. By examining ourselves, and implementing
purposeful pedagogy in our classrooms, we can all have a
measure of success. Of course, it must start with us. Some of the
most effective culturally responsive teachers describe teaching
as “a way of life” rather than a job (Duncan-Andrade, 2007).
According to individual circumstances, there are a few small
things that teachers can do that can make a big difference. The
next subheading provides some practical suggestions.

Additional worksheets and presentations to support this guide are

available for download. To do so please visit the resources page on
www.frontiercollege.ca

How To Use This Guide Grade 5 Financial Literacy Resource Guide

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How To Use
This Guide

HOW CAN CRRP BE APPLIED

TO FINANCIAL LITERACY?
Undoubtedly, financial literacy skills are used by • Build on student strengths. View students
people from all backgrounds and cultures. We as a fund of knowledge who can provide
make financial decisions every day, whether big rich cultural and community knowledge
or small, and these skills are applicable to all that they bring to the classroom as an asset.
people. However, money can carry a cultural (Moll, 1998; Weiner, 2006).
aspect. For example, spending habits often • Encourage students to use their home
reflect personal, cultural, and societal priorities. language in class (Gee, 2004). In addition,
Culturally responsive teachers are mindful teaching academic language is also a priority
that the topic of financial success and wealth in the math curriculum. By using academic
inevitably carries notions of privilege and language in the form of student discussions,
power. Therefore, it is important to understand students deepen their understanding and
students’ and their families’ lived experiences reasoning (Mercer, 2002). To further support
and the factors that influence their decisions teachers, this guide provides “Academic
to spend, save, or invest. Many teachers are Language” boxes.
already incorporating CRRP in their classrooms.
• Make an effort to spend time in the
Here are a few practical ways that teachers
community where you teach. Perhaps go
can build on their current practice:
on a walk during lunch time, visit a local
• Perform self-examination of social location, restaurant, and speak with the patrons.
privilege, and power in the current social Walk around the school campus before or
context. This helps a teacher to understand after school and speak with students outside
where they stand in comparison to their the classroom. Have an open-door policy
students and school community. once a week during recess, inviting students
• Parents are valuable resources. Invite parents, to hang out in your classroom as a safe space.
relatives, Elders, and community leaders You may be surprised with what you learn
into the classroom to share cultural and about your students and the community by
academic knowledge. Be mindful not doing these small things. Woodson (1933)
to “import” role models who do not have illustrates a teacher as someone who serves
firsthand experience that the students their community: “The servant of the people
can relate to (Ladson-Billings, 1995). is down among them, living as they live, doing
what they do, and enjoying what they enjoy”
(Woodson, 1933, p.131).

How To Use This Guide Grade 5 Financial Literacy Resource Guide

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 In this guide, the activities and resources
are designed to reinforce high academic
expectations aligned with the curriculum
by using higher-order thinking questions;
low-floor, high-ceiling performance tasks;
and project-based learning. Activities
include differentiation suitable for:
• English Language Learners (ELLs),
• Those living in an urban context,
• Those living in a rural context,
• Those living in remote Indigenous
communities.

Once teachers have a strong grasp of their

individual identity and their role in a student’s
life, it is crucial for teachers to explore the more
difficult topics with their students. Section III,
titled “Teaching Extensions & Project Ideas,”
provides teachers with options to further
explore—with a critical eye—financial literacy
concepts with their students. This equips and
empowers the students to make sense of the
world and to create change for the future.

How To Use This Guide Grade 5 Financial Literacy Resource Guide

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How To Use
This Guide

Growth Mindset and Developing

Student Confidence
In addition to CRRP, it is essential to help students develop
a growth mindset in their learning. There is a strong connection
between growth mindset, student success, and student
confidence. In short, growth mindset is the concept that
intelligence can be developed and that the brain is malleable.
In this guide, you will find resources that help teachers and
parents to promote growth mindset in a student’s learning.
For teachers, use the “Teacher Talk Move” boxes. For parents,
use the “Parent Talk Move” boxes.

HOW TO PROMOTE GROWTH MINDSET?

• Ask open-ended questions, not simply “yes/ no” questions

or regurgitation of information.
• Encourage students to find multiple solutions.
• Celebrate progress and give praise for student
effort, not just for the “right” answer.
• Encourage students to fail and make mistakes.
• Encourage student to reflect, consolidate their learning,
and understand how to improve.

How To Use This Guide Grade 5 Financial Literacy Resource Guide

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 GROWTH MINDSET VIDEOS

“Growing your mind” by Khan Academy (3:04)

https://www.youtube.com/watch?v=WtKJrB5rOKs

Learn about the science behind the brain

as it learns!
“Neuroplasticity” by Sentis (2:03)
https://www.youtube.com/watch?v=ELpfYCZa87g

Learn about how we can rewire our brain!

“Carol Dweck: The power of believing that

you can improve” by Ted Talk (10:11)
https://www.ted.com/talks/carol_dweck_the_power_of_
believing_that_you_can_improve?language=en

Carol Dweck is a prominent researcher in growth mindset.

Learn about the power of “not yet”!

Technology Considerations
We are conscious of differing technology availabilities across
various classrooms and households. The activities and resources
include options for both lower-tech and higher-tech spaces.
Students will achieve the same learning goals regardless of the
technologies available.

Note: Internet is required to access most of the resources, as they

are posted on the Frontier College Financial Literacy webpage.

If you don’t have access to the internet, please contact us at:

1-800-555-6523 to request a paper copy of the guide,
presentation, worksheets, or supplementary material.

TIPS

There are benefits in teaching the same concept in multiple

ways. Those who are able may consider using both versions
to give the student more practice.

How To Use This Guide Grade 5 Financial Literacy Resource Guide

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 Learning
GRADE 5
Financial Literacy
Resource Guide

Activities
Below are the Grade 5 financial literacy learning sessions created
by Ontario Certified Teachers at Frontier College. The learning
sessions are accompanied by presentations, performance tasks
and worksheets. You may download the resources from the
Frontier College Resources webpage. Please be mindful of the
students’ and their families’ lived experiences, and modify the
content according to student needs.

Learning Sessions and Performance Tasks

NAME LOCATION

Money In Words
www.frontiercollege.ca/news/resources
And Numbers

Budgeting:
www.frontiercollege.ca/news/resources
Where is My Money?

Understanding
Credit And Debt www.frontiercollege.ca/news/resources

How To Use
www.frontiercollege.ca/news/resources
Money Manipulatives

TIP

Feel free to use the entire session as one lesson, or select a

small section as an opening activity, closing activity, or review.

Learning Activities Grade 5 Financial Literacy Resource Guide

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 Learning Session 1
Money In Words And Numbers

MATERIALS
Presentation, Grade 5 Grocery Shopping Performance Task.
These materials are available on the Frontier College website at:
www.frontiercollege.ca/News/Resources

SUITABLE FOR
Teachers, parents, community organizers, newcomers, ELL
students, urban students, rural students, Indigenous students
The session includes the following curriculum standards:

GRADE 5 FINANCIAL LITERACY

F1.2 Estimate and calculate the cost of transactions involving
multiple items priced in dollars and cents, including sales
tax, using various strategies

F1.5 Calculate unit rates for various goods and services, and
identify which rates offer the best value

After the session, students will be able to:

• Identify money value and names of coins.
• Represent the same value in various ways.
• Add and subtract dollars and cents.
• Calculate taxes.
• Make purchases within a set budget.
• Calculate and compare unit rates.

ACADEMIC
LANGUAGE TIPS FOR TEACHERS

• Various names • In the grocery shopping task, Grade 5 students are expected to
calculate sales tax on items. It is important to review the
of coins and bills
conversion of percents to decimals.
• Goods
• Be mindful to modify and adapt the items and prices to reflect
• Services your students’ purchasing habits and local grocery store prices.
• The performance task can be used as classwork, assigned as
homework, or used as an in-class project.

A teaching extension is available for this lesson.

See Section III “Teaching Extensions & Project Ideas”.

Learning Activities Grade 5 Financial Literacy Resource Guide

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 Learning Session 2
Budgeting: Where Is My Money?

MATERIALS
Presentation, Grade 5 Managing Your Money Weekly Budget
These materials are available on the Frontier College website at:
www.frontiercollege.ca/News/Resources

SUITABLE FOR
Teachers, parents, community organizers, newcomers, ELL
students, urban students, rural students, Indigenous students
The session includes the following curriculum standards:

GRADE 5 FINANCIAL LITERACY

F1.3 Design sample basic budgets to manage finances
for various earning and spending scenarios

After the session, students will be able to:

• Balance a basic personal budget.
• Calculate weekly income and expenses for spending, saving,
investing, and donating.
• Compare budgeted expenses to actual expenses and reflect
on possible changes to current habits.
• Reflect on personal saving goals.

ACADEMIC TIPS
LANGUAGE
• It is more effective to complete this lesson in two parts. In the
• Budget first part, students complete the budgeted expenses. After a week,
• Actual students complete the actual expenses according to the receipts
• Earnings or bank records they kept. This way, students can compare their
expenses in real life, and have meaningful reflections on their
• Expenses
spending habits.
• Entertainment
• On Slide 5 regarding weekly income, be mindful that students
• Saving may not receive an allowance at home. If students receive an
• Donating allowance, they can input their personal amount. If not, you can
• Debt assign students an appropriate weekly income to complete this
lesson (for example, a weekly income of $30).
• Slide 22 shows a sample budget of someone overspending. You
may use this to show how thoughtless spending can lead to debt.
If this habit is repeated over many weeks, it will have a negative
impact on one’s financial well-being.

Learning Activities Grade 5 Financial Literacy Resource Guide

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 Learning Session 3
Understanding Credit & Debt

MATERIALS
Understanding Credit and Debt, internet for video viewing
These materials are available on the Frontier College website at:
www.frontiercollege.ca/News/Resources

SUITABLE FOR
Teachers, parents, community organizers, newcomers, ELL students,
urban students, rural students, Indigenous students

The session includes the following curriculum standards:

GRADE 5 FINANCIAL LITERACY

F1.1 Describe several ways money can be transferred among
individuals, organizations, and businesses2

F1.4 Explain the concepts of credit and debt, and describe how
financial decisions may be impacted by each

After completing the worksheet, students will be able to:

• Explain the concept and requirements of debt, loans,
and credit cards.
• Clear up possible misconceptions about debt, specifically
credit cards.
• Understand interest and interest rates.
• Learn the basics of credit history.

ADDITIONAL RESOURCE
“PwC for Kids: Credit and Debt” by PwC (3:46)
https://www.youtube.com/watch?v=62Tf35ne4jI

TIP ACADEMIC LANGUAGE

You will find a • Debt • Credit card • Default

Word Wall in the • Loan • Interest • Credit history
performance task
• Credit • Interest rate • Risky borrower
on page 3 for ELLs
and all students.
2 Credit card is one way that money transfers between individuals, organizations, and businesses.
Teachers can expand on this topic to cover the other methods of payment and money transfers.

Learning Activities Grade 5 Financial Literacy Resource Guide

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 Learning Session 4
How To Use Money Manipulatives
(i.e., Learning Tools)
MATERIALS
Presentation, money manipulatives, Money Manipulative Mat
These materials are available on the Frontier College website at:
www.frontiercollege.ca/News/Resources

SUITABLE FOR
Teachers, parents, community organizers, newcomers, ELL students,
urban students, rural students, Indigenous students

The session includes the following curriculum standards:

GRADE 5 NUMBER SENSE

B1.1 Read, represent, compose, and decompose whole numbers
using appropriate tools and strategies
B1.5 Read, represent, compare, and order decimal numbers up to
hundredths, in various contexts
GRADE 5 FINANCIAL LITERACY

F1.2 Estimate and calculate the cost of transactions involving

multiple items priced in dollars and cents, including sales tax,
using various strategies

Instructions
1 Teachers may purchase money manipulatives online or in store.
2 Give each student or group a manipulative mat.
3 Follow the learning session, and guide students in understanding
that dollars go on the left side of the decimal (blue side), and
cents go on the right side of the decimal (yellow side).
4 Using the money manipulatives, students can represent the total
value in multiple ways.

TIP PARENT TALK MOVE

Students can be given • Encourage students to represent dollar amounts in multiple ways.
the manipulatives in • Spotlight student work to the whole class while showing various
any learning session. representations. This encourages multiple pathways and boosts
Students can work student confidence.
individually, in pairs,
• “Can you think of another way?”
or in groups
• “Show me how you did this.”
• “In the next 30 seconds, think of as many ways as you can to
represent $3.50.”

Learning Activities Grade 5 Financial Literacy Resource Guide

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Additional
Learning
Activities

Money Management Worksheets

The “Managing Your Money” worksheet series will show students
the basic concepts of money management. It is effective to
have discussions with the students while they complete the
worksheets with you. In some areas, there are no right or wrong
answers; it comes down to personal preferences and priorities.
This can be a fun and eye-opening opportunity for students,
teachers, and families to learn more about each other. You may
download these worksheets from the Frontier College Financial
Literacy webpage.

SUITABLE FOR
Teachers, parents, community organizers, newcomers, ELL
students, urban students, rural students, Indigenous students

TIP

It is a good idea to complete the worksheets in the given order,

as some of the ideas build on the previous worksheet.

1. MANAGING YOUR MONEY: NEEDS VS. WANTS

TIP

Before completing the worksheet, watch a video about children

talking about needs vs. wants.

“YNAB Needs vs Wants – Kid Talk Edition” by YNAB (7:13)

https://www.youtube.com/watch?v=9Ngf-rhOPxE

Learning Activities Grade 5 Financial Literacy Resource Guide

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 2. MANAGING YOUR MONEY: SPEND VS. SAVE

3. MANAGING YOUR MONEY: NOW VS. LATER

ACADEMIC
LANGUAGE TIP

At your discretion, watch a 5-minute TED Talk video about the famous
• Gratification
marshmallow test and delayed gratification.
• Purchase

“Joachim de Posada: Don’t eat the marshmallow!” by TED (5:46)

https://www.ted.com/talks/joachim_de_posada_don_t_eat_the_
marshmallow

4. MANAGING YOUR MONEY: WEEKLY BUDGET

TIP

You can follow the learning session titled

“Budgeting: Where Is My Money?”

Learning Activities Grade 5 Financial Literacy Resource Guide

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 Family Purchasing Trip
Parents, bring your child on a shopping trip with you! This
activity promotes real-life application of the financial literacy
skills your child is learning in school. This allows knowledge-
sharing with a familial and cultural context and can be done
using the spoken language at home. For simplicity, this guide
will refer to all caregivers of a child as “parents.”

SUITABLE FOR
Parents, community organizers, newcomers, ELL students,
urban students, rural students, Indigenous students
A shopping trip can be for:

• Groceries
• Back-To-School supplies
• Holiday shopping
• Technology purchases
• Gardening supplies, etc.

Parents can look through the flyers with their child before
or during the shopping trip and discuss whether an item is
reasonably priced or a good value. As you are walking through
the store, have discussions with your child about spending,
saving, budgeting, and the different methods of payment.
If parents shop for items online, spend some time to show your
child how the website works, how you compare prices, and how
you evaluate your shopping cart before checkout and payment.
In the Parent Talk Move box, you will find open-ended questions
that you can use to foster and encourage conversations with
your child around financial literacy.

Learning Activities Grade 5 Financial Literacy Resource Guide

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 PARENT TALK MOVE

• Why did you choose this store over the other stores for this
shopping trip (convenience, accessible by public transport,
prices are cheaper, better quality, etc.)?
• As you are choosing items, how are you making decisions about
spending and saving (the cost of the item vs. the budget you
Have in mind)?
• How are you comparing two similar items (the cost, value, brand
name, quality, etc.)?
• Are there flyers available? How do you usually look through
the flyers?
• What is the budget for this shopping trip? How did you decide
on the budget?
• At a grocery store, discuss with your child how much food is
needed for the family for a week? For a month? Estimate together
the budget needed to purchase the food needed.
• Do you like to compare prices online vs. in store? If so, are prices
usually cheaper in store or online? What are some advantages and
disadvantages to ordering online? What are some advantages and
disadvantages to shopping in person?

Money Manipulatives
Learning is always more fun with a hands-on activity! Money
manipulatives are suitable for both classrooms and home,
and for all learner types. They are especially beneficial for
newcomers and ELL students to gain literacy skills. Once the
student understands how to represent dollar amounts using
the manipulatives, this tool can be used for any activity to help
them think, reason, and strategize. You may purchase money
manipulatives online and in store.

SUITABLE FOR
Teachers, parents, community organizers, newcomers, ELL
students, urban students, rural students, Indigenous students

Learning Activities Grade 5 Financial Literacy Resource Guide

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 Games and
Resources
Games
Teachers, parents,
and community MONEYMAGIC.COM
organizers should Help Enzo manage his budget, reach his savings goal, and
use the following make it to Vegas. (Note: Enzo has a tendency for short-term
resources at their gratification.)
discretion to meet
LEARNINGWITHPUZZLES.COM | FINANCIAL LITERACY
the needs of your
PUZZLES FOR GRADES 3 TO 5
students.
Includes 50+ free, downloadable, and printable worksheets for
students in Grades 3 to 5

EDUCATION.COM | WORD SEARCH MAKER

Parents, students, and teachers can create their own wordsearch

Online Resources
BRAINPOP: FINANCIAL LITERACY
Animated educational site for kids including videos, worksheets,
quizzes, games, lesson plans, and more. Free videos.
Subscription is required for other materials.

ECONEDLINK
Suitable for all grade levels. A great resource for teachers and
parents to get some ideas about what to discuss with the
student. It explores concepts like fair trade, non-profits, making
choices, wants vs needs, etc.

YOUTH HANDS ON BANKING

This website has great course activities for elementary school
students, teacher resources, and family resources.

Games & Resources Grade 5 Financial Literacy Resource Guide

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Game and
Resources

YOU NEED A BUDGET (YNAB) YOUTUBE CHANNEL

Many videos and podcasts that cover a variety of topics.
Most videos are created for young learners.

WISE POCKETS CLUBHOUSE

BY THE UNIVERSITY OF MISSOURI – ST. LOUIS
An interactive online reading and quiz for young students.

Apps for iPhone

and Androids
FLIPP
Browse thousands of flyers digitally and find deals from over
2000 stores.

REEBEE
Browse the latest flyers and deals from 100+ retailers.

FLASHFOOD | SAVE MONEY WHILE

SAVING THE PLANET.
Buy high quality, surplus grocery items at steep discounts (up
to 50% off without using coupons). Available at Loblaws’ owned
locations (Real Canadian Superstore, Loblaws, No Frills, etc.)
Pick-up in store.

POCKETGUARD
A free app that makes it easy to take control of your personal
finance and stop overspending. Its intuitive money management
tools help you make a budget and track spending automatically.

CREDIT KARMA
Free credit scores, reports, and insights. No hidden fees.
Credit Karma does not impact your credit.

Games & Resources Grade 5 Financial Literacy Resource Guide

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 Teaching
Extensions and
Project Ideas
In addition to the classroom and at-home activities provided
in the sections above, teachers can play a role in discussing
the more difficult topics about finance and equity.
Culturally responsive teaching of financial literacy includes
the understanding of the many social forces in play that
affect personal finances, such as racial inequalities, wealth
disparity, and the unequal distribution of resources. We
have a responsibility to guide students to understand the
realities of the world we live in and empower them with the
knowledge, tools, and confidence to create future change.

1. TEACHING EXTENSION FOR “MONEY IN WORDS AND

NUMBERS”: ARE FRESH PRODUCE AND HEALTHY FOODS
REALLY ACCESSIBLE?

In the grocery shopping task, the lesson includes various

food items that make for a balanced diet. However, some
communities, particularly lower-income neighbourhoods,
experience barriers to accessing fresh produce and healthy
food options. Examine with your students where the grocery
stores are located that sell fresh produce. You may look
at your own community, or a nearby community, or make
comparisons between two communities. Students can collect
information during a community walk or online maps. Work
with your students to brainstorm how one might overcome
the barriers to access.

Teaching Extensions Grade 5 Financial Literacy Resource Guide

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Teaching
Extensions and
Project Ideas

Guiding questions

• Where are the grocery stores are located?

• How many of these stores sell fresh produce? You may make
an educated guess. For example, a convenience store rarely
sells fresh vegetables or fruits).
• How far are grocery stores located from your home? From the
school? From the community centre?
• What are some of the barriers in accessing healthy foods (for
example, Would a person need to take a bus in order to travel
to the nearest grocery store with fresh produce?)
• Fresh produce is heavy. How would someone carry the
groceries back home?
• Why do you think the number of grocery stores with fresh
produces differs from one community to another?
• If you live in a community with limited grocery stores, what are
some ways you can access healthy food?

Teaching Extensions Grade 5 Financial Literacy Resource Guide

24
 2. UNDERSTANDING TAXES & SERVICES IN COMMUNITIES
The session includes the following curriculum standards:

GRADE 5 FINANCIAL LITERACY

F1.6 Describe the types of taxes that are collected by the
different levels of government in Canada, and explain how
tax revenue is used to provide services in the community

Teachers can guide students to research the types of taxes

collected by the different levels of government in Canada:

• Municipal: property tax, dog and cat licenses

• Provincial: sales tax, income tax, health premium
• Federal: sales tax, income tax

Students can examine why taxes are collected, and what types
of services are provided for the wider community, including
education, health care, garbage collection, road maintenance,
building community spaces, etc.

Project Guiding Questions

• Research the different types of taxes at the municipal,

provincial, and federal levels.
• Why does the government collect taxes?
• Which types of services do you and your family currently
use that are provided by the government?
• If these services did not exist, how would it affect your
community? How would it affect you personally?
• What kinds of services do you see in your community? Which
services do you not see, or would you like to see more of?
• What are some ways you can express your feedback as a
taxpayer to request more services, or for services to improve?

Teaching Extensions Grade 5 Financial Literacy Resource Guide

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Teaching
Extensions and
Project Ideas

TIPS FOR TEACHERS

Teachers can guide students in using respectful and tactful

language while expressing an honest concern.
• Students can write a letter with their family or as a class to
a politician or their office.
• Students can share their letter on social media.
• Residents have the right to call their local politician’s office to
voice their concerns.

RESOURCES

Video: “Canadian Taxes Made Simple” by McMaster University

(1:55) https://youtu.be/Q9SHsUSpWAw

Teach students about taxes! by Government of Canada

https://www.canada.ca/en/revenue-agency/news/newsroom/tax-
tips/tax-tips-2015/teach-students-about-taxes.html

Understanding taxes by Government of Canada

https://www.canada.ca/en/revenue-agency/services/tax/
individuals/educational-programs.html

Taxes & Services information by Government of Canada

https://www.canada.ca/en/services/taxes.html

3. RESEARCH A COMMUNITY ORGANIZATION

Teachers can guide students to research local organizations that
are creating change in their communities. Students can work
individually or in groups to decide on a cause that is important to
them, research a community organization that is benefiting that
cause, and examine the goods and/or services that are created to
meet the needs of others.

Teaching Extensions Grade 5 Financial Literacy Resource Guide

26
 For example: The Care Bus in Thunder Bay, started in March 2021
(for more info: https://www.999thebay.ca/2021/03/04/262731/)
The Care Bus was created to reach out to people experiencing
homelessness during the COVID-19 pandemic. As a result of
poverty and homelessness, many people were unable to afford
the necessary Personal Protective Equipment (PPE), which led
to outbreaks.

4. GUEST SPEAKERS
Teachers can invite individuals, parents, Elders, or community
organizations who are creating social change to help empower
and inspire students. To ensure that this is relevant to the
curriculum, teachers could ask guest speakers to present some
start-up costs and examine what types of goods and services
their organization uses on a regular basis. Guest speakers can also
explain how their organization is filling a need in their community,
and how it is financially benefiting those using their service or
product.

5. CLASSROOM FUNDRAISERS
Students work as a team to develop a fundraiser together! It can
be a car wash, bake sale, lawn work, door-to-door fundraising,
etc. Students can estimate or calculate the expenses related to
their fundraising activity, and the amount they want to raise/
donate. They can examine the relationship between earning and
spending. The remaining amount (in this case, the profit) will be
donated to a cause they care about.

6. ADDITIONAL WORKSHEETS
Additional worksheets and presentations to support this guide
are available for download. To do so please visit the resources
page on www.frontiercollege.ca

Teaching Extensions Grade 5 Financial Literacy Resource Guide

27
Appendix This curriculum analysis contains the key words from the Ontario
Ministry of Education Financial Literacy curriculum document. To
see the exact curriculum expectations, please refer to the Learning
Appendix A: Sessions in the guide.

Curriculum Analysis
GRADE 4 GRADE 5 GRADE 6 GRADE 7 GRADE 8
MONEY CONCEPTS
Various methods Ways of money Advantages and Identify and compare Advantages and
of payment transfer between disadvantages of exchange rates, disadvantages of
— individuals, various methods convert foreign various methods
organizations, of payment currencies to CAD of payment when
Goods and services
businesses dealing with
— currencies and
—
Estimate and exchange rates
Estimate and
calculate transactions
calculate transactions
involving multiple
in dollars and cents
items in whole
with taxes, using
dollars (no tax),
different strategies
using mental math

FINANCIAL MANAGEMENT
Explain concepts Basic budget for Identify different Identify and describe Create a financial
of spending, saving, various earning and types of financial various reliable plan to reach a
earning, investing, spending scenarios goals (earning and sources of info that long-term goal
donating; identify key — saving goals) help with planning (include income,
factors to consider — for and reach expenses, and taxes)
Concept of credit and
— financial goals —
debt; how financial Identify and describe
Explain relationship decisions may be various factors that — Identify different
between spending impacted by each help or interfere with Create, track, adjust ways to maintain a
and saving; financial goals sample budgets balanced budget;
spending and to meet longer-term use appropriate tools
saving behaviours financial goals for to track all income
various scenarios and spending
— —
Identify personal Determine the
and societal factors growth of simple
that may influence and compound
financial decision- interest using digital
making tools; explain
impact interest
has on long-term
financial planning
CONSUMER & CIVIC AWARENESS
Determine whether Calculate unit rates Concept of interest Explain how interest Various ways for
something is for goods and rates; identify types rates can impact consumers to get
reasonably priced services; identify of interest rates and savings, investments, more value when
(a good purchase) which rates offer fees with different cost of borrowing spending (sales,
best value accounts and loans over time customer loyalty/
— — — incentive programs);
determine best
Types of taxes Describe trading, Compare interest
choice for different
collected by different lending, borrowing, rates and fees for
scenarios
levels of government; donating to distribute different accounts
explain how taxes financial and other and loans; determine —
provide services in resources among best option for Compare interest
the community individuals and different scenarios rates, annual fees,
organizations rewards for different
credit cards and
consumer contracts

Appendix Grade 5 Financial Literacy Resource Guide

28
 Curriculum Trends Across Grade-Levels
MONEY CONCEPT
1 Basic numeracy skills in estimating and calculating
total dollars and cents (with and without tax)
2 Methods of payment and their advantages
and disadvantages
3 Exchange rates and foreign currencies

FINANCIAL MANAGEMENT (KEY EXPECTATION)

1 Concepts and connection between spending, saving,
earning, investing, donating
2 Budgeting & Financial Planning
i. Moving from basic budget to long-term financial plan
ii. Create, track, adjust, maintain balanced budget
iii. Identify and plan towards different types of financial goals
(short-term vs. long-term)
iv. Finding sources of info to inform decisions
3 Credit and debt
4 Simple and compound interests using digital tools

CONSUMER & CIVIC AWARENESS

1 Different strategies consumers should have in order to
get the best value in their spending
2 Interest rates and fees on bank accounts, loans, credit
cards, and consumer contracts
3 Taxes and community services

Appendix Grade 5 Financial Literacy Resource Guide

29
 Citations
GRADE 5
Financial Literacy
Resource Guide

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Financially Stable. https://www.all4kids.org/news/blog/benefits-
of-being-financially-stable/

Canada Revenue Agency. (2021). Taxes - Canada.ca. Government

of Canada. Retrieved August 4, 2021, from: https://www.canada.
ca/en/services/taxes.html

Canada Revenue Agency. (2015). Teach students about taxes!

- Canada.ca. Government of Canada. Retrieved August 4, 2021,
from: https://www.canada.ca/en/revenue-agency/news/
newsroom/tax-tips/tax-tips-2015/teach-students-about-
taxes.html

Canada Revenue Agency. (2019). Understanding taxes - Canada.

ca. Government of Canada. Retrieved August 4, 2021, from:
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de_posada_don_t_eat_the_marshmallow

Duncan-Andrade, J. (2007). Gangstas, Wankstas, and Ridas:

defining, developing, and supporting effective teachers in urban
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Fernando, J. (2021, April 1). Financial Literacy. Investopedia.

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asp#:%7E:text=Financial%20literacy%20is%20the%20
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 Gee, J. P. (2004). Affinity spaces. Situated language and
learning: A critique of traditional schooling, 77-83.

Ladson-Billings, G. (1995). But That’s Just Good Teaching! The

Case for Culturally Relevant Pedagogy. Theory into Practice,
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M.M.U.T.V. [McMasterUTV]. (2019, April 30). Canadian Taxes Made

Simple! [Video]. YouTube. https://www.youtube.com/
watch?v=Q9SHsUSpWAw&feature=youtu.be

Moll, L. (1998). Funds of knowledge for teaching: A new

approach to culture in education. In Keynote address delivered
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Oudshoorn, A. (2018, March 27). Financial Homelessness

Prevention. The Homeless Hub. https://www.homelesshub.ca/
blog/financial-homelessness-prevention

Pant, P. (2021, April 26). The Difference Between Wants and

Needs. The Balance. https://www.thebalance.com/how-to-
separate-wants-and-needs-453592

Queen’s Printer for Ontario (2020-21). Mathematics (2020).

Ontario Curriculum and Resources. Retrieved July 2, 2021, from:
https://www.dcp.edu.gov.on.ca/en/curriculum/elementary-
mathematics

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 Weiner, L. (2006, September). Challenging Deficit Thinking.
Educational Leadership, 64(1), 42–45.

Woodson, C. G. (1933). The miseducation of the Negros. New

Jersey: Associated Publishers.

Whysel, B. (2018, June 28). 3 Vicious Cycles: Links Among

Financial, Physical and Mental Health. Forbes. https://www.
forbes.com/sites/brettwhysel/2018/06/27/3-vicious-
cycles/?sh=127a00f2540d

You Need A Budget (YNAB). (2020, April 16). Needs vs Wants |

Kid Talk Edition [Video]. YouTube. https://www.youtube.com/
watch?v=9Ngf-rhOPxE

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