Let’s talk about financial literacy – Coast Capital Savings


November is Financial Literacy Month in Canada. So today, we’re in beautiful downtown Vancouver and it’s raining as always to talk to Canadians about what financial literacy means to them. Do you have a second to talk about financial literacy? Uh…sure. What does financial literacy mean to you? Uhh…Freedom. To be honest I don’t know much about financial literacy. I guess it would mean how savvy are you in terms of your own financial well-being? It’s having a bit of an understanding about your finances. I think it’s something that is not taught in our schools, the way that we have our school systems set up. I actually have an interesting statistic that for every dollar of disposable income that a Canadian has, they actually owe in debt a $1.67. A $1.67? Yeah, so I’m not surprised. I mean, Canadians love credit. That is horrible. If they live in Vancouver they probably owe more! The debt isn’t the issue, it’s repaying the debt and that’s one of the problems with financial literacy and not understanding it. 47% of Canadians don’t even have 3 months of savings in their emergency funds. That’s insane. Wow, that’s a big number. Yeah…that’s not good. Getting more and more difficult to do so. Things are more expensive, people owe more. It’s harder to put things aside. I think that that is a very disturbing fact. And 47%, you know, I was even thinking when you were saying that it would be something lower. Half of Canadians over the age of 50 don’t actually have a plan for retirement savings. It’s a sad commentary of our times. When you’re lacking the financial literacy skills then that money is just not there. Can it be worked on? Yes, I believe it can. If this is being taught to the people, that would make our Canadians much more stronger financially.

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