Canada Financial Literacy

There is a growing concern about the level of the financial literacy among Canadians. A survey conducted on behalf of Financial Planning Standards Council (FPSC) found 42% of our population has extreme financial anxiety, partly because a majority of them are unaware of even the most basic economic concepts, this is unfortunate because the key ingredient to a stable economy is having an informed user. Although learning about aforementioned topic does not guaranty a solution for a pecuniary situation knowing the fundamentals of finances inside and out will indisputably assist your finances. Primarily, Financial comprehension is one of the key components to our economy without it we could not function as an entirety. Furthermore, younger individuals …show more content…
Debt is borrowing from future income, if Canadians are unable to manage their money correctly they might not have any money to manage at all. Financial advisors can not stress enough about the fact on how action have consequences. Having debt can decrease your credit score, be very costly and keep you from accomplishing financial goals. This will cause Canadians to have difficult leasing a house or even a car, these items are essential for a job and if you are neglected from these necessities’ it is extremely difficult to have a steady income income which you have already borrowed from in the first …show more content…
Unfortunately, we as Canadians have become a society that wants things instantaneously, we are willing to go into debt in order to get things now. Interest means we are willing to pay more for virtually the same product because impatiens has transcended our reason. The uttermost undemanding method to regulate your finances is to have a budget and pursue it. What Canadians can do is help you construct a model in which you can follow, this consists of relative wants vs needs. This does not mean you are unable to have things that you desire, but it is more beneficial to pay for your necessities prior to anything you yearn. Undoubtedly expenses are discretionary, it is all about you as an individual, no person can dictate your expenses because every person requires/wants different commodities. As Canadians become better with their financial planning, it will help them prepare for retirement (a point in time where you have no income), this will enable you to spend your money as well as transfer it to future generations. You manage your money don’t let your money manage