What no Financial Education has brought society
Growing up or in school, majority of people have not been taught about finances. And now here we are -- in debt and still clueless on how to manage our finances properly.
So what has no financial education brought society today? Here are some not so surprising stats:
- According to a 2017 survey by the Canadian Payroll Association, 47% of working Canadians and the same percentage of Albertans said they would find it difficult to meet their financial obligations if their pay cheque was delayed by even a single week.
- The same survey also shows that 35% of working Canadians and 40% of Albertans feel overwhelmed by their level of debt.
- A 2016 TransUnion Report says Canadians are using fewer active credit cards than in 2015 but are also borrowing more on the ones they have.
And we are in for some tougher times as we face rising interest rates and just generally a higher cost of living.
With these stats, we do hope we have reminded you on just how important and very necessary having a financial education is in today’s society. Let us take it upon ourselves to find time and put in the effort to learn the ins and outs of managing our finances. And don’t forget, we, at KD, are here to help you by providing you with relevant information and up-to-date financial resources that you need to take control of your finances.
Source: https://www.payroll.ca/PDF/News/2017/NPW/CPA_NPW_Survey_-_national_news_release_-_2017_FINA.aspx , https://newsroom.transunion.ca/canadians-opening-and-using-fewer-credit-cards-but-borrowing-more-on-existing-cards/