What is Financial Literacy?
In school, kids are taught how to be proficient in math, and why not also teach them to be proficient with their finances? Financial literacy helps inform how to manage money, and therefore, avoid debt. It’s basically the alphabet but for wealth.
In our financial literacy programs, we aim to equip kids and adults with the knowledge and skills to confidently manage their money in a fun, stress-free learning environment. They’ll learn to be financially literate, which means knowing how to properly save, budget, and invest their money, which are real-life skills needed to survive in adulthood.
Here are a few scenarios to put it into context.
The Rookie: this person knows how to save and budget a certain amount of money into a savings account that earns them 1-2% in interest. Pretty good, right? Well, this person is actually losing money to increasing rates of inflation!
The Average Joe: this person gets that they can earn money by investing their savings, but they don’t understand or appreciate the impacts of external factors on their investments, therefore, experience inconsistencies with their earnings.
The Wiz: this person understands the complete picture of finance. They’ve invested their savings in a well-thought-out portfolio of stocks, mutual funds, and/or RESP/RRSPs, and is consistently awarded with a high return on investment, earning them easy money!
The question is: which person do you want you and your kids to be?