Financial literacy is an essential life skill, especially as you enter the workforce, get credit cards, and apply for loans.
The Canadian Financial Capability Survey (CFCS) indicates that women (68%) have a much lower understanding of finances and, in the long term, suffer greater financial stress than their male counterparts (57%). The same survey also exposes the differences between Anglophone versus Francophone Canadians. It appears that certain groups have faced barriers in improving their financial knowledge, which highlights the need to tailor financial literacy efforts for different populations.
Another report by Visionspire.ca states:
8 out of 10 young Canadians are not confident in their financial knowledge, with less than 35% of students feeling confident enough to manage their own finances when they finish school.
Over one-third of Canadian adults are not adequately preparing for retirement financially…only 57% of individuals are preparing for retirement and know how much to save. An additional 33% are preparing for retirement but don’t know how much to save, and about 10% are not preparing at all.
Finances weigh so heavily on people’s minds that the fear of living paycheque to paycheque, falling into debt and becoming homeless all ranked higher than the fears of being a victim of a crime, creepy crawlies, and dying.
People aged 18 to 24 and those aged 45 and older fear they’ll never be able to get out of debt. Coincidentally, these age groups also have the highest filing rate for bankruptcy or debt restructuring.
What people dread most is paying the bills, followed by asking other people to pay money owed to them.
FBF, through various financial literacy programs and strategies, equips youth with the essential skills and knowledge to manage their finances and plan for a secure future. For those interested in a career in finance and banking, we offer mentorship opportunities with professionals in the field.