In a recent study on residents financial literacy in Northern Ontario, young people did not fair well. Fontaine & Associates posted a quiz online with ten basic money management questions. People aged 14-25 got a little bit more than half of the questions right compared to seven out of ten for older residents.
Licensed Insolvency Trustee in Timmins, Joel Picard says we now have a generation of people who lack the basic information needed to avoid bad debt. Picard says they’ve seen an increase in young people looking for help with overwhelming debt issues and the education system is to blame for this . Picard says basic financial education isn’t being taught as much as it was 20 years ago.
He adds the Ontario government recently announced they will be introducing money management classes into schools, but more is needed. Picard says there’s information sessions available online and he’s encouraging parents to teach kids how to better manage money.
Take the financial literacy quiz here.