Provide education on personal finance in every high school of Canada.
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According to the Parliamentary Budget Office (PBO), household debt relative to disposable income has continued to trend higher. Based on Statistics Canada’s 14 June 2017 release of the National Balance Sheet Accounts , total household debt reached 174 per cent of disposable income in the first quarter of 2017, In other word, for every $100 in disposable income, Canadians owed $174 in debt. The PBO expects household debt to hit 180 per cent by the end of next year.
With interest rates expected to rise within the next year, debt burdens could turn into a serious issue for Canadian households. Part of our money management problems lie in the fact that many Canadians struggle with financial literacy.
Financial literacy needs to be more than just learning how to balance a budget. The National Strategy for Financial Literacy needs to provide people the skills to manage their money and understand basic financial concepts. It's time to admit what we don't know and create a real strategy to help Canadians manage our money.
I Believe we must start to educate the population at a younger age because it's easier for them to create good habits. Personally, I am 23 years old, I've just finished my degree in civil engineering and I him left without knowledge in personal finance. That's why I want to pave the way for the youth that follow.
My goal with this petition is to show to every Ministry of Education from Canadian provinces that we want change in our school system and that we need to be more aware and educate in this area.
For those who would like to learn more about household indebtedness and financial vulnerability, I invite you to read this report from the parliamentary budget.
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