Financial Literacy - Our gift to the next generation

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Our gift to the next generation

GoMax Solutions - Content team
Oct 16, 2012 - 8:27:07 AM

Financial Literacy is important and teaching young people about it is a crucial step in changing how Canadians manager their debt.  The average Canadian spends more than they earn and this has to change.  We can still live a great life but we have to learn the difference between good debt and bad debt. 

Buying a home you can afford the monthly payments on and creating a plan to payoff your mortgage prior to retirement is good debt.  Paying for your trip to the Caribbean on your credit card without the ability to pay it off prior to the balance being due, is bad debt.

There is a huge difference and we as Canadians need to get back to basics and be more responsible so that our next generation can enjoy a country that is better than what we inherited.  That is a much better gift for the next generation than buying them $200 jeans just because they must have them or buying them a car because riding the bus is below them!
  Remember your kids are to busy watching what you do to listen to what you say.

  • Statistically , close to   6 out of 10  North Americans   live paycheck to paycheck which means if their income stopped for only one pay period they'd have to rely on a Line of Credit or Credit Card to make ends meet
  • Since 1989 , total credit card charges have gone from   $69 Billion  to over   $2 Trillion ; a nearly   3,000% increase
  • Today the   average  household   credit card debt  is over   $16,000
  • The yearly savings rates of an average North American went from over   12% of income  in the   early 90's  to under   2% today
  • Household debt  in North America has more than   doubled  over the past 10 years
  • 84% percent  of college graduates in North America indicated they   needed more education on financial management topics - parents expect the schools to teach financial literacy and schools expect parents to. The fact is, most parents and teachers are ill equipped to teach students and kids on this subject and therefore don't
  • The   average college graduate  is over   $23,000  in debt

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