Have you checked your Visa or MasterCard balances lately?
All the major newspapers had articles alluding to another bulging item other than our waist lines......our debt!
The average household debt-to-income ratio has recently ballooned to 148.1% in Canada. In other words, Canadians owe $1.48 for every dollar they earn. This is outrageous!!! We are statistically worse than our neighbours to the south! You know....the same people whose financial and housing markets imploded!
Has our society gone away from delayed gratification to immediate gratification? Is our society spending irresponsibly because of our voracious appetite for the biggest, the best, and/or the newest products on the market? Are we as parents spoiling our children in the same manner?
It is obvious that the average Canadian either doesn't care about money management or is in dire need of financial counselling. What message have we been sending our children? Are they being taught anything regarding the value of money....other than conspicuous consumption?
As a former business teacher, I was incredulous when the Harris government changed the diploma requirements for students by making a business credit one of several elective options instead of a previously required credit. This death blow to business departments in secondary schools across the province now created a progressively declining demand situation for several courses that would teach the importance of and strategies for money management.
Is there a need for a money management or financial planning introductory course in secondary school? Is there a prudent argument against it in light of our debt load? How often have you had discussions with your children about the gentle balance between saving and spending? With three daughters, I have had many discussions! Sometimes I think it is an uphill battle.
As school boards develop blue prints for 21st Century Learning skills, it would behoove them to ensure that financial literacy sits in the same prominent position as social and communication literacy skills.
Thank you for reading. Looking forward to your comments. Please visit our website at www.ctk.ca for information regarding our school improvement plan, school profile and safe schools plan.
As a family we discuss money, and the cost of basic necessities. We have done this since our children were small. During our Christmas holidays we even had discussions as to how we have chosen to save/spend our hard earned dollars. We've talked about preparing for our futures, be that either university/college and beyond. As young children (around 8-9yrs. old) we would have them guess what the grocery bill was going to total. They were always shocked at the total. Hopefully these steps will help to create financially sound adults.
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