In a recent survey conducted by Tangerine Bank, it was reported that only 50% of Canadians feel knowledgeable about personal finance. The remaining 50% noted that they only know enough to get by or have limited knowledge of personal finance management. In a report by the Organisation for Economic Co-operation and Development’s International Network on Financial Education, only 30% of Canadians polled their confidence level in regards to personal finance as “high”, while most Canadians lack confidence about their level of financial knowledge.

These reports pose the questions of whether knowledge and confidence surrounding personal finance begins with teaching financial concepts earlier and if financial literacy should truly begin with young adults. Not only would this solution teach young people how to be smart consumers, but learning the difference between good debt and bad debt and how to save for the things that will provide security and comfort later in life could also provide a surer path to success.

The Toronto Youth Cabinet, a youth advisory board, set out to address this issue by starting a petition that calls on the Ontario government to incorporate financial literacy into the school curriculum beginning at Grade 10. They suggest that by allowing students to begin learning about personal finance and money management early in life, they may be more likely to succeed as they track into higher education and on into their careers.

At BlueRock Wealth Management, we are committed to helping you achieve your financial goals.

We believe that financial literacy is an important tool that should be learned early in life, if possible. As parents, it is important to talk to your children about money and encourage them to practice healthy spending and saving habits with your guidance. An open dialogue will reduce stigma around the topic of personal finance, and online tools and resources may be a good starting point in opening this line of communication in your family.

Let us know your thoughts on this topic and whether you feel adding personal finance education to the school curriculum would be a welcome addition for students. You can also read and sign the full Toronto Youth Cabinet petition here.

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