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GINTA – Let’s include financial literacy in our children’s education

HERE’S SOME SOBERING NEWS from a recent article inThe Globe and Mail: 46 percent of Canadians are within $200 from financial insolvency at each month-end. Blame it on higher interest rates, but also on less than desirable financial literacy.

In October of last year, a survey by debt consolidation firm BDO Canadarevealed that approximately 3 in 10 Canadians do not have enough money to buy the things they need. They still buy them in the end but getting deeper into debt. Among those who carry debt, the average non-mortgage debt hovers around $20,000.

According to the survey, women and millennials are most impacted. Half of the surveyed millennials feel they do not know enough about buying a home, dealing with unexpected costs and ultimately living a financially savvy life.

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Daniela Ginta is a mother, scientist, writer and blogger. She can be reached at daniela.ginta@gmail.com, or through her blog at http://www.danielaginta.com.

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1 Comment on GINTA – Let’s include financial literacy in our children’s education

  1. While financial literacy would be a valuable addition to the school curriculum the reason most Canadians are ever so close to insolvency is the lack of restrain in spending for things that are not really needed. Parents buying unneeded stuff with money they don’t have to impress people they don’t really like…what are the kids to learn? A school curriculum to oversee parental (poor) choices?

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