| The federal government launched a Financial | | | | what happens if you become in debt. Incentives |
| Literacy Task Force in the Ontario school system | | | | can be offered for them to help their family cut |
| last June. It is aimed at their grade 4 to 12 | | | | back on expenses such as heating bills or |
| students in hopes of teaching them how to avoid | | | | telephone and cell phone bills. Parents can also help |
| the financial debt Canadian's are currently | | | | their children learn about saving by putting away a |
| experiencing due to the Great Recession. It's a life | | | | small portion of their allowance each week, |
| lesson many Canadian's missed out on before | | | | teaching them how to save for a larger purchase. |
| account balances plunged deep into the red. The | | | | This will help them be able to make sound |
| hope is that a financial literate population will | | | | decisions, manage money and eventually, handle |
| create more stability in the economy. | | | | credit. |
| The Financial Literacy Task Force will be | | | | A recent Harris-Decima poll found that 60% of |
| responsible for integrating financial lessons into the | | | | baby boomers are currently supporting their adult |
| schools by teaching young people how loans and | | | | children. Even though they expected their children |
| credit work. After a 20-year trend of increasing | | | | to be financially self-sufficient by the age of 21, |
| household debt due to reduced saving, dwindling | | | | many have admitted it will most likely be delayed |
| pension plans and easy credit, financial planning | | | | until they're 25. Older members of the |
| must be integrated into the minds of Canadians. | | | | demographic, referred to as Generation Debt, are |
| It is hoped that by educating children about | | | | accumulating debt at an alarming rate. |
| money matters will help avoid some of the | | | | Some of this younger generation are taking on a |
| mistakes many of their parents have made and | | | | massive amount of debt to get a post secondary |
| inadvertently taught their kids. The financial | | | | education which leaves them financially loaded |
| mind-set has gone from 'Can I afford it?' to 'Can I | | | | down once they graduate, seeing 20% of them |
| afford the payments?' Our perspective on money | | | | moving back home. Teaching your children about |
| has really changed over the last two decades and | | | | financial responsibility is necessary in today's world. |
| these bad habits are being taught to children who | | | | If you need help or advice due to bad credit or |
| have very little exposure to managing money or | | | | would like to consolidate debts, there are private |
| budgeting. | | | | financial lenders who specialize in bad credit loans. |
| It is important to sit down with your children and | | | | They could be the answer to helping you now, |
| involve them in the family budgeting process, | | | | and your children in the future. |
| explaining to them what a budget means and | | | | |