The Reality

Everyone knows that money doesn't come with instructions, so it's vital to teach your children or grandchildren how to make smart financial decisions. Teaching money management to youth today will help prepare them to be financially successful, responsible citizens.

Did you know that over the last 14 years, household debt in Canada has grown faster than income? In 2001, over 45% of Canadian homes were in debt.* In 2004, 87.7% of all bankruptcy cases reported credit card debt.**

We teach children to read, write, add and subtract. But, we're not giving them the all the tools they need to compete in the real world:

• 83% of undergraduate students have credit cards (Nellie Mae)
  
  
• 96% if graduate students carry an average of 6 credit cards ***
  
  
• The average student balance is $2,347*
  
  
• Average debt balances for those aged 19-24 filing for bankruptcy is $3,453**

Interested in learning more about teaching your child or grandchild how to make smart financial decisions? Contact your local financial advisor* today!

*Stats Canada

**Stragtegis, Office of the Superintendent of Bankruptcy

***Lucy Lazarony, Credit Cards 101