Teaching about Finance to Enhance Financial Literacy

If you want to become a finance teacher in Canada, there are certain requirements to work as a teacher. You need a teacher’s certificate and a B.Ed. or Bachelor of Education degree or equivalent.

Becoming a Teacher and Teaching Finance

To become an instructor in finance or economics, you should have completed a PhD program. The requirements vary from one department to another but applicants are usually asked to provide a statement of teaching philosophy, copies of relevant publications, a CV, and a letter of application. Some departments offer full-time and part-time positions and applicants are asked to submit reference letters, teaching evaluations, and their resume as well as their teaching interest and area. This is an excellent opportunity to join a team of academics with a focus on community outreach, interdisciplinary studies, and faculty research. Universities often offer a generous benefits package that includes health and wellness program, employee assistance program, vision and health care plan, death benefit, travel insurance, sick leave, as well as life insurance and pension plan. Another option is to become a finance coach or instructor and teach finance concepts and topics such as debt avoidance, management, and reduction strategies, financial and budget planning, credit building and repair strategies, saving methods and strategies. To this, one option is to enroll in an accredited program such as the certification program offered by the Canadian Association of Credit Counseling Services: http://www.caccs.ca/ Such programs are open to professionals in different fields:

  • Independent practitioners
  • Educators
  • Life coaches
  • Addiction counselors
  • Investment advisors
  • Accountants
  • Para planners
  • Paralegals
  • Tax consultants
  • Social workers
  • Lending specialists
  • Bankers
  • Customer service agents

They are also open to collection agents, certified financial planners, real estate professionals, mortgage brokers, insolvency and bankruptcy professionals, as well as credit counselors. Professionals learn about essential concepts in multiple areas, including counseling and money management, consumer credit, personal finance, and many others. Certification programs offer knowledge and skills to work with government authorities, funders, creditors, and the public. Financial practitioners who complete certification programs successfully are able develop educational sessions, training programs, and workshops for employees, families, and individuals with the goal of enhancing their financial literacy.

Teaching about Finance

One option is to become a university instructor in finance. Universities accept applicants holding degrees in international management, marketing, strategic management, human resources, finance, and accounting. Another option is to join a non-profit organization that aims to promote financial and economic literacy. Elementary and high school teachers also incorporate money and finance lessons and use a wide array of educational resources such as calculators, games, lesson plans, and so on. Financial literacy can be part of the citizenship and math curriculum in high schools. The goal is to teach students essential knowledge and skills such as money management. Teachers use different resources, including interactive quizzes and games to introduce concepts such as interest rates, borrowing, saving, budgeting, and others. There are plenty of options and career paths if you want to teach finance. You can work as a GMAT instructor, business administration instructor, accounting instructor, or instructor with a mentorship program. Full-time and part-time positions are available.

Even if you are financially literate if you don't apply the basic rules used in finance you won't get far - click here. You have to be careful with borrowing on credit cards, and if you have had credit problems, you might want to get rid of outstanding debt as soon as possible - click here.

Family Financial Planning

Family financial planning is the key to your future and wellbeing, whether saving for retirement or for your kids’ college education.

Factors to Weigh in

Weigh in factors such as household size, age and gender of family members, income and expenses, total debt load, lifestyle, and others. Your employment status, i.e. salaried employee, seasonal worker, unemployed, or homemaker is another factor to take into account. Whether you are a young couple or close to retirement is an important consideration as well. Think of your short-, mid-term, and long-term priorities and goals too, whether it is a holiday overseas, a short trip, the purchase of a new vehicle or household appliances, or anything else.

Saving for a Rainy Day

It is a good idea to have an emergency fund for unexpected expenses and situations such as loss of employment, loss of income, injuries and illnesses, trips to the ER, and so on. Choose an account that is liquid, safe, and offers modest returns. A money market account or a high-interest savings account might do, depending on the rate offered. If you save 5 - 6 months of your income deposited into your account, this would be enough to cover emergencies and unplanned expenses. If both partners are employed, then you will be safe with 3 - 4 months of your joint income.

Managing Income and Expenses

To see where your money is going on a monthly basis, it pays to list all expenses, including basics and household necessities, clothing, transportation, utilities, and others. List all debts and outstanding balances as well, including personal and auto loans, student loans, mortgages, credit cards, lines of credit, and so on. Include outstanding balances in your partner’s name as well. The next step is to list all income sources, including salaries, wages, bonuses, commissions, estate and rental income, investments, and other sources you can think of. As a next step, you need to compare both lists, income and expenses, to see whether you have a surplus or need more money to meet your expenses.


There are many aspects to consider, including retirement, estate, and insurance planning, real estate and housing, personal income taxation, and others. You may also want to explore different investment options for couples and families, for example, convertible securities, fixed income securities, and common stocks. As part of financial planning, it is a good idea to get familiar with different income tax practices, including tax audit and return preparation, regulations, and working tax strategies for salaried employees, self-employed, and high net worth individuals. Insurance planning is also an important part of the process, and you may want to look into different types of coverage, including long-term, short-term, health, disability, accident, liability, and other types of insurance. Financial institutions also offer optional balance protection and mortgage insurance. There are different aspects of estate planning, including property transfer and ownership, gift and estate taxes, estate settlement, and many others. Housing and real estate also requires careful planning when it comes to ethical and legal concerns, financial estimates and calculations, mortgage or rent payments, taxation, and other issues related to home ownership and housing. Retirement planning is essential and involves forecasting and assessing your spending level and financial needs post retirement. You may want to look into different retirement plans and accounts as well. There are several options to consider, including guaranteed income supplement, retirement pension under the Canada Pension Plan, Old Age Security pension, port-retirement benefit, and others.