When Canadians Struggle: Education is the Solution

Despite good trends in overall wealth accumulation in Canada, recent reports show that many Canadians struggle financially with increasing personal debt levels, and rising mortgage interest rates. The  2018 Budget also voiced concerns about income equality and diversity, but it’s clear education is a key part of the solution.

According to a 2014 report out of the U.K. from the Office for National Statistics, there is an obvious link between education and the opportunity for individuals to get out of the poverty trap. People with a low level of education are five times more likely to be in poverty than those with more education; those with minimal education are eleven times more likely to be deprived of basic material necessities; and, interestingly, the educational achievements of one generation directly impact the next.

The good news is that education is becoming increasingly accessible to people from all walks of life as the traditional structure is changing. Affordable online education options make it possible for those with lower income, and those working full-time to support their families, to expand their education and explore valuable career opportunities with the flexibility they require.

Parents of young children can escape the poverty trap and set up the next generation for future success, by setting an example and improving their own educational standards; an important achievement when statistics show that children are 7.5 times less likely to be well-educated if their father was not.

Education is a way to break this cycle and improve Canada’s social wealth. Knowledge Bureau’s flexible online study options can get you started. Either with an in-demand career in the tax and financial services, which offers among the highest income growth potential of any industry. Or, for those with access to resources to start a business, education and support for entrepreneurs.

Additional educational resources:

1. To get started on your tax and financial services career path, we suggest Introduction to Personal Tax Preparation. This certificate course is part of the Distinguished Financial Advisor – Tax Services Specialist designation, for those ready to commit to making a bigger investment in their career development. Or, start by taking a free trial.
2. If you have entrepreneurial aspirations but need the educational support to improve your chance for success, check out the new Executive Business Builder Program and register to attend the Business Builder Retreat this November!

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