Last week, Finance Minister Jim Flaherty announced the creation of what he calls a Task Force on Financial Literacy. This task force will be led by Sun Life Financial chief executive Donald Stewart. The group will discuss ways to improve financial literacy with Canadians and report their suggestions in the fall of 2010.
This could be a great step towards improved financial literacy in Canada. I have long believed that there should be a mandatory personal finance class at the high shool level. This would provide students with the knowledge they need for when they move out on their own. While many students finishing high school can complete complex math equations that they may not need in their future, those same students do not understand the basic resposibilities regarding credit card interest, their credit score, or the power of compound interest.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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