Financial Literacy in Canada, Part 1

by in KD Educational Corp.
Financial Literacy in Canada, Part 1
Fact: In September 2018, Statistics Canada said that Canadians owe $1.69 for every dollar of disposable income. This fact shows an accurate picture of just how “financially literate” Canadians are. Yes, we are failing.

In the federal government’s 2014 Canadian Financial Capability Survey, the average Canadian earned a C grade. This survey asked 14 questions on inflation, debt repayment, banking fees, credit reports and other finance-related topics. Among all participants, only 2.7% answered all 14 questions correctly and nearly a third got at least half the answers wrong.

We consistently fail to incorporate financial education in schools. Even at home, most parents shy away from money talk with their children. Because of this lack of financial education, many of us, especially the younger generations, have no understanding of money management, personal finance or just how the economy works leaving us with heaps of financial troubles.

Source: https://www.theglobeandmail.com/life/globewe/dollars-and-smart-sense-why-every-canadian-child-needs-to-be-financially-literate/article37854898/, https://www.huffingtonpost.ca/justin-thouin/financial-literacy_b_16409874.html
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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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