Financial Literacy Is Critical to B.C.’s Economic Future

British Columbia’s economy is under pressure. Rising costs, mounting household debt, and ongoing uncertainty are affecting families and communities across the province.  

The next generation will face complex financial decisions earlier and more often than those before them. Yet too many young people still enter adulthood without strong financial skills. This gap can be addressed. With the right focus in our classrooms today, we can better prepare students for the realities ahead. 

High school student Eugene You captured the urgency in a recent Vancouver Sun opinion piece titled  "Opinion: B.C.’s education system is failing students on financial literacy."

“Learning how to save, budget and borrow cautiously early in life is like a vaccine; it builds lifelong habits that protect us from financial ruin,” the piece reads.  

Recent data underscores the challenge. Only 47% of Canadians were considered financially literate in 2024, down from 61% in 2018. Meanwhile, 82% of young adults aged 18 to 24 report using social media for investment advice, where misinformation is widespread. 

Financial literacy is about more than budgeting. It is about judgment, foresight, and confidence under pressure. Students who understand trade-offs between saving and spending, borrowing and risk, and short-term versus long-term planning are better positioned to contribute to B.C.’s economy and make responsible choices that protect both their personal finances and the province’s economic future. 

Classroom-based programs can help close this gap.  JA British Columbia (JABC), a not-for-profit impact organization,  offers financial health programs such as Dollars with Sense for grades 7 to 9 and Personal Finance for grades 11 to 12 that provide hands-on learning in budgeting, saving, and decision-making.  

Most of these Junior Achievement programs are delivered by volunteers from the business community, giving students practical experience while helping educators bring real-world financial concepts into the classroom. 

“Young people today are making financial decisions in a far more complex environment than previous generations,” says Wendi Campbell, President and CEO of JA British Columbia. “If we want them to succeed, financial literacy can’t be left to chance. It needs to be taught early and reinforced in our classrooms.” 

Expanding access to practical financial literacy programs in schools is essential. By supporting educators and connecting students with hands-on learning opportunities, we can equip the next generation with the skills to navigate a complex financial world, make thoughtful decisions, and contribute to a more resilient B.C. economy. The choice is simple: the earlier we act, the stronger their futures will be.

This article is part of our Community Spotlight Series initiative. As part of our mandate to champion and celebrate businesses in the Greater Vancouver region, we, as a non-profit ourselves, want to use our platform to shine a spotlight on our non-profit members. Each quarter, we'll recognize a Vancouver-based non-profit that offers programs and services that improve the social and economic well-being of citizens in our community.  
 
This quarter we are recognizing JABC. JABC is a not-for-profit impact organization that delivers free, hands-on education in work readiness, financial health, and entrepreneurship to youth across British Columbia. All programs are provided at no cost to participants through the generous support of donors, and most are led by volunteers from the business community. For 70 years, JABC’s real-world training has helped young people develop the skills to build successful careers, prepare for the risks and rewards of entrepreneurship, and learn to thrive financially. Learn more at https://jabc.org/.