Financial literacy is about your relationship with money. It’s about building wealth instead of living paycheque to paycheque. And it’s about dispelling the myth that wealth is a limited resource.
Did you know almost half of Canadians live paycheque to paycheque? (According to a CBC article.) That’s about 18,000,000 (eighteen million) people. Only about five million people currently live in poverty, so economists say that means another thirteen million are one paycheque away from being in poverty.
The truth is: Everyone living paycheque to paycheque is living in poverty. Oh, they might be paying off a mortgage and building equity in their home, but they’re in poverty right now. And it’s because of their relationship with money. That’s what YLC aims to change by working with partners like Prosper Canada and CPA Canada.
CPA Canada connects with accountants across the country who volunteer to teach financial literacy. Prosper Canada has a financial literacy course to download and teach. They both have a lot of online resources. You can see how working with both groups really covers all the bases.
The Prosper Canada course covers:
- Exploring your relationship with money
- Income and taxes
- Banking and financial services
- Credit basics
- Credit reporting
This allows us to vary education about financial literacy with casual conversations, more structured presentations, and the practical experience of managing live projects.