In a previous post, Driving Change with Financial Literacy, I shared the work of Enactus Ryerson: Project Dago. The program was initiated in August 2011 in Dago, a rural village in Western Kenya, which is home to over 3,000 households. Enactus Ryerson members empowered villagers to break the cycle of poverty by teaching money management and cultivating entrepreneurial skills.
Forty-six per cent of Canadians – and 50 per cent of 18-25 year olds – say they were unprepared to manage their finances going into post-secondary education.
(I can relate to this. Just before beginning my first year at university, I had ongoing credit card debt, lived paycheque to paycheque, and had no money set aside for a rainy day. This trend continued throughout most of my twenties.)
In the same study, it revealed that 53 per cent of Canadians are still uncomfortable talking about their finances, yet 58 per cent agree talking about finances with friends, family and professionals is the best way to learn about effective money management. To bridge the gap in financial literacy, a group of Canadian students are doing their part to engage Canadians coast-to-coast in the conversation.
The Enactus Canada and Capital One Financial Education Challenge empowers students from across the country to develop and deliver projects that teach relevant financial skills. Since 2006, this challenge has engaged 7,125 students, resulting in the delivery of 779 financial education outreach projects and directly impacting 115,950 community participants.
The Enactus team from Memorial University in Newfoundland – overall national champion and regional champion of the Capital One Financial Education Challenge – will represent Canada during the Enactus World Cup, taking place in Toronto on September 28-30, 2016. Through their project SucSeed, Enactus Memorial has been able to provide microloans, financial literacy training and economic opportunities to fresh produce growers in rural Labrador.
In my previous post, and on social media, I asked my readers and followers to start the financial literacy conversation and share the most important financial lesson that they’ve learned as a parent. Thank you to all those who responded! Some of the top tips that all parents can learn from include:
Kristen V – “The most important financial lesson my husband and I learned was to save money when your children are young. I know it’s an easy thing to say, but to do it is a whole other story. We wish we would have saved when our two girls were babies.”
Michelle K – “Start saving early for your child’s education!”
Andrea D – “My best tip is to put your UCCB right into an RRSP every month!”
Kristen, Michelle and Andrea – Surprise! I’ll be sending a very special gift from Capital One Canada your way. Be sure to look for my email or DM!
For everyone else, let’s continue the conversation. Talk to friends and family about your financial goals. Seek professional advice about effective money management. Don’t be afraid to admit you need help, especially if you’re unsure about how to control spending or increase your savings.
This post is sponsored by Capital One. The opinions on this blog, as always, are my own.