Edmonton·The Loop

The Loop learns about financial literacy

CBC Edmonton's podcast tackles budgeting and financial literacy with a local teacher taking money skills to the next generation.

CBC Edmonton’s podcast speaks to a teacher sharing money skills in the classroom

Teacher Gerald Chung believes in financial literacy for students. He's the instructor a business club at Old Scona Academic School in Edmonton. (Trevor Wilson/CBC)

It's the spending season, but as the cost of living increases, more people are feeling the pinch.

This week on The Loop, hosts Min Dhariwal and Clare Bonnyman dig deeper into budgeting. They speak with a teacher in Edmonton focusing on financial literacy for the next generation. Plus, Credit Canada CEO Bruce Sellery talks about financial readiness — and how to holiday on a budget.

It's the spending season, but as the cost of living increases, more people are feeling the pinch. This week The Loop talks to a teacher in Edmonton focusing on financial literacy for the next generation. Plus, Credit Canada CEO Bruce Sellery joins us to talk about financial readiness -- and how to holiday on a budget.

Gerald Chung is a teacher at Old Scona Academic high school in Edmonton, and helps run a club focused on financial literacy. He told Clare he sees a growing interest in money conversations with the next generation.

This transcription has been edited for clarity.

Clare Bonnyman: Are there any challenges to making some of these ideas real? Because there are still students after all, they're not necessarily paying their own taxes at this point.

Gerald Chung: The challenge is probably more with the younger ones like the Grade 10s or even the 11s. The Grade 12 [students] ... they realize that they might be going to university next year, might be not living at home anymore.

Now they have to worry about paying for food, paying for rent, paying for transportation, paying for utilities and all that. So they are saying you know this is something I need to look at, because my parents aren't may not be footing the bill for me anymore.

CB: Money talk is everywhere right now. And they learn in CALM, Career and Life Management, they're learning through this club, sometimes in mathematics and business classes ... Are you surprised by how much kids know, or what awareness they already have about money?

GC: Actually, you know what? I am. I even have some students that actually play the stock market themselves. 

One of my students, he shows me that he's got these stocks and and he's actually playing the stock market already and they even found this website where you can play the stock market in real time — but there's a time lapse, so you can have a competition within the 45-minute lunch hour where you can invest in the stock market and there's a time limit. So they can compete and see who's made the most money in that period of time.

CB: Oh my gosh. Gerald, be honest with me. When you were their age, were you this into finances? 

GC: No.

CB: OK, good. Me too.

GC: But I'm fortunate enough to be teaching in a school where these kids are passionate about learning. They're like sponges, right? They want to learn. They pick up on it right away and they'll spend time with it.

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