The average debt, including credit card debt, for people between the ages of 18 to 25 in Canada is $8,345
Even though the B.C. curriculum incorporates some financial literacy units in mathematics and career education, as well as in applied design and technology, young Canadians apparently still need to develop more relevant “real world” financial literacy skills.“Credit card spending is reaching historically high levels,” Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said in a news release.
Why? Because there are other debts that young adults almost inevitably will have to take up in their 30s and beyond — a mortgage, for example. Gary Rabbior, president of the Canadian Foundation for Economic Education, has been advocating for financial literacy for the past 40 years. He says he is now detecting “significant change in the momentum developing” since the provinces are “increasingly looking to do more [in the area of financial literacy]. They’re looking to be more bold in the kinds of things they do. They’re looking to be more collaborative.
“Alberta has a lot of it within their career and life management program, as well as a number of other subject areas,” Rabbior explains. One of the most extensive measurements of global financial literacy to date, the Standard & Poor’s Ratings Services Global Financial Literacy Survey , found that two-thirds of adults worldwide are not financially literate.Each adult was tested on their knowledge of four topics: risk diversification, inflation, numeracy, and interest compounding.
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