These Infographics can really tell a story. Happy and Sad. While this one is from last year and it refers to US stats we can refer to many of the CDN numbers because we found the data. Perhaps someone creative will make me a nice infographic shortly (I'm not the creative type of accountant that you read about in the news)
The data is based on a few different studies including an International Study of Financial Literacy undertaken by Visa each year. A barometer of sorts and based on information from 28 Countries. You might want to take a seat:
- Wealthier nations spend the least amount of time talking to their children about money. Americans spent approximately 26 days a year whereas Canadian parents only spent 22 days a year talking about money management issues. Parents from Brazil & Mexico topped the list-spending about 42 and 38 days respectively talking to their kids about money
- More than half of the countries surveyed believed that their youth do not understand finances. Canada, the US and Bosnia had the worst opinion of the level of financial literacy that their children have-with 70% saying their teens don't understand money management basics.
- Both in the US and Canada approximately 56% of households do not have a budget.
- In the US, 22% of families really don't have a "good handle" on what they spend each month on housing, food or entertainment
- In the International study, US Teens ranked NEXT TO LAST for their financial knowledge of 28 Countries at NUMBER 27. And Canada? Canada came in at NUMBER 26
- In the US, Only 13 States (in 2012) have made a personal finance course mandatory in school. What are the requirements across Canada. We will reach out to find out. We know in Canada...Financial literacy education is not happening to any great extent or to any extent of where it should be for the benefit of our next generation.
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