Why Financial Literacy

Most of us are not taught about money at home or in school. We all talk about “success” but as life goes on, true success eludes us. For many, financial freedom becomes something that happens to “somebody else.”

At Financial Intelligence, we believe true success has three components: the encouragement to dream; the confidence and ability to act; and the competence with money.

The reason we teach financial literacy is simple – it gives people the confidence and ability to do what they want. It builds confidence, it brings out passion, and yes, it delivers success.

How do most of us learn financial literacy?
The truth is, most people don’t! Proper money management is not learned “as we go along” in life. Children learn about money by having their parents say “no”. Having an allowance to “manage” is, at best, the extent of their financial training.

Such lack of financial literacy doesn’t prepare anyone for the breadth and complexity of managing personal finances. It is no wonder that so many adults find themselves so stressed about money, or in serious financial difficulties often early in their lives.

Check out these facts
Money is a leading cause of divorce.
Money is one of the top reasons for suicide.
About one half of college and university graduates in Canada left school owing money (approx. $20,000) with only one in five debt-free in two years.

A 2008 Statistics Canada study showed that Canadians are finding themselves deeper in debt than at any time in their lives, incurring large mortgage, line-of-credit and credit-card debt.

Only a third of Canadians hoping to retire in 2030 are saving enough to guarantee a comfortable retirement according to a 2007 study.

Beyond the dollar The Financial Intelligence curriculum covers the basic principles of money: cash flow, financial vocabulary, financial statements and basic investing. Our core focus – how we truly bring about financial literacy - is achieved by changing attitudes about money and money management. Everything we teach and every activity we present at Financial Intelligence builds on the concept that it is our beliefs and attitudes about money that have the greatest and most powerful effect on our financial future. This is true financial literacy!