Financial literacy for life

Financial literacy isn’t always a part of our formal education, but that doesn’t mean you can't learn the basics now. No matter if you have fat stacks or pocket change in your bank account, it’s important to understand how to manage what you have.

The Each One Teach One Program was created to help Canadians make better, more informed choices when it comes to their personal finances. Led by credit unions, the program was brought to Atlantic Canada in 2016 by a team that included Jeanette Wakelin, Director of Product Solutions for credit unions in Atlantic Canada. 

“The program is effective because it’s based on community need”, says Wakelin. “Individual community groups come to us for the topic they want help with—whether it’s seniors who want to understand how to avoid fraud, adults who want help with their taxes, or individuals that need to get back-on-track when it comes to budgeting, we tailor the training.”

Managing debt is a topic that Wakelin wishes more people would take the time to learn about. It turns out, many Atlantic Canadians could be making better decisions.

The average credit card debt in Atlantic Canada is around $22,500 per individual. This means you could be maintaining 20 per cent interest on that balance and many people don’t realize there are other, smarter options and that there are good loans and bad loans. Before committing to a credit card or loan, make sure you look at your administration fees and interest rates.

Wakelin points to the need to ‘keep up with the Joneses’ as being a big part of the consumer debt problem. She explains that taking the time to discern the difference between ‘want’ and ‘need’ can be a helpful question for many people to ask before every purchase—even if it’s as small as going out to dinner or buying new outfits for the 'gram.

“It’s about being aware of how you’re spending your money and knowing what options are out there. That applies to people of all ages and financial situations. The Each One Teach One Program has delivered seminars for high school students preparing for post-secondary education and have found parents have questions for us too.”

Wakelin says the interest in the program is encouraging and in her opinion, the seminars have the potential to be life-changing. Over 250 seminars have been delivered to more than 3,000 community members and there are 90 certified Each One Teach One coaches in Atlantic Canada alone. Ultimately, the goal for the program is to create and empower financial literacy experts to educate people in their own communities.

“Building understanding around finances and supporting our communities fits with who we are as credit unions—the training isn’t about us, it’s about helping people and providing real solutions.”

If you're looking to learn more about how to manage your money or the Each One Teach One Program, credit unions can help. Get in touch with your nearest credit union today.