Financial Literacy Matters More Now

If there was one insight I gained as I worked on the Federal Task Force for Financial Literacy is that more than any other single issue, challenges of financial literacy affect every Canadian and bind us together in our mutual need for financial education.

No matter the age, sex, color, culture, religion or socio-economic status represented, financial illiteracy is one issue that everyone can agree on: in a constantly changing financial world, improving here will help secure uncertain futures.    

According to the OECD[1], since the unfolding of the financial crisis, financial literacy has been globally acknowledged as a key life skill. This is particularly true today because increasingly, more responsibility for financial well-being and financial decision-making is shifting from governments and the private sector onto the individual. Fostering an environment of financial self-reliance is a critical need by mass markets in such a post-financial crisis environment. 

Yet, it is not easy to implement financial education programs. Reaching children is easier than reaching adults – they are a captive audience at least in a K to 12 environment. The involvement of individuals and families in financial literacy solutions is critical, as financial behaviours are taught in the home. 

Yet, many parents and teachers alike feel unprepared to teach financial values. In fact, adults who are making random financial decisions as life events occur need financial education at “teachable moments”. It would be a waste to deliver knowledge or skills-based solutions in the absence of behavioral coaching. That’s where a relationship with a team of tax, legal and financial advisors dedicated to helping families understand financial literacy as it relates to their financial decision-making is important.

At Knowledge Bureau, we are proud to be co-founders, with the Manitoba Securities Commission, of the Manitoba Financial Literacy Forum, which has brought together an Advisory Council of stakeholders from all walks of life, all interested in helping to improve financial literacy in Manitoba.

We are pleased to be providing our second annual financial literacy calendar for 2014. It contains 12 key financial literacy messages for families. We hope you’ll want to support this small effort in financial literacy education, by ordering the calendar for your family, your clients, or your non-profit organization.

It’s Your Money. Your Life.  It doesn’t cost much to make a difference in the financial literacy in your community. It just takes a little insight to see how much it can help improve lives. 

Evelyn Jacks is President of Knowledge Bureau and author of 50 books on tax and personal wealth management. She is also the founder and director of the Distinguished Advisor Conference (DAC). The theme of this year’s three day think tank in Ojai, CA Nov 10-13 will be “Back to the Future – Collaborative Wealth Management.”  Follow Evelyn on Twitter at @EvelynJacks.