Clark Wealth Management Group - ScotiaMcLeod Fredericton

I’m passionate about helping people make sound, informed financial decisions. Thankfully I have the educational background, experience and a career that allows me to pursue that passion every day. Even if I didn’t have to work for a living, I would undoubtedly volunteer my time helping improve financial literacy of Canadians.

Over my 30 years in financial services there has been a dizzying array of increasingly complex financial products made available to Canadians. I clearly remember a time before banking machines, debit cards, and mutual funds were everywhere. I even remember when Chargex cards (now known as Visa) were really rare and personal credit lines didn’t exist. Things certainly have changed.

From the types of bank accounts, and the wide variety of borrowing options, to the complex and inter-connected world of retail investments, it’s hard for people to get a handle on it all. Even for those of us working in it everyday, the flow of new and complex information sometimes feels like it might feel to drink from a fire hose.

Overlay that complexity with the demographic imperative that Canadians need to bear more of the burden for their own financial well-being, and the clear and present need for improved financial literacy emerges.

In 2009 the Federal Minister of Finance established a 13-member task force to address the issue of financial literacy. Since their appointment in June 2009, the task force has been holding public consultations across the Country and on-line. These consultations end next Thursday, May 13, 2010. You can participate in the consultation process. Details are at the financial literacy task force website at http://www.financialliteracyincanada.com/eng/index.php or by calling 1-613-960-0787.

The task force has defined financial literacy as “having the knowledge, skills and confidence to make responsible financial decisions”. The benefits to Canadians and society as a whole are significant.

Financial literacy can help Canadians cope with major financial decisions related to life events, such as managing post-secondary education costs, home ownership, marriage, children, aging parents, retirement and more. It can help them make sense of financial products they are considering or already own. A financially literate person knows how to comparison-shop for financial and other products. They become more aware of their own behaviour and learn to manage impulse purchases and other emotion driven decisions around money. They are also less susceptible to advertising gimmicks, fraud or other unethical practices.

For society, a financially literate population is more likely to promote self-sufficiency and financial independence. It will reduce pressure on social programs, enhance economic stability, make our businesses more competitive and contribute to stronger public markets.

If you think that financial literacy should be made a core subject in our schools, our workplaces or somewhere else, this is your chance to say so. I encourage you to go to the financial literacy task force website and have your say on this important issue. But do it before May 13, 2010.

Keir Clark, is a senior wealth advisor, with Clark Wealth Management Group and branch manager at ScotiaMcLeod in Fredericton, NB. He can be reached online at www.keirclark.ca or by telephone at 506-450-6465.

Information and opinions contained herein have been compiled from sources believed reliable but no representation or warranty, expressed or implied, is made as to the accuracy or completeness.

I’m passionate about helping people make sound, informed financial decisions. Thankfully I have the educational background, experience and a career that allows me to pursue that passion every day. Even if I didn’t have to work for a living, I would undoubtedly volunteer my time helping improve financial literacy of Canadians.

Over my 30 years in financial services there has been a dizzying array of increasingly complex financial products made available to Canadians. I clearly remember a time before banking machines, debit cards, and mutual funds were everywhere. I even remember when Chargex cards (now known as Visa) were really rare and personal credit lines didn’t exist. Things certainly have changed.

From the types of bank accounts, and the wide variety of borrowing options, to the complex and inter-connected world of retail investments, it’s hard for people to get a handle on it all. Even for those of us working in it everyday, the flow of new and complex information sometimes feels like it might feel to drink from a fire hose.

Overlay that complexity with the demographic imperative that Canadians need to bear more of the burden for their own financial well-being, and the clear and present need for improved financial literacy emerges.

In 2009 the Federal Minister of Finance established a 13-member task force to address the issue of financial literacy. Since their appointment in June 2009, the task force has been holding public consultations across the Country and on-line. These consultations end next Thursday, May 13, 2010. You can participate in the consultation process. Details are at the financial literacy task force website at http://www.financialliteracyincanada.com/eng/index.php or by calling 1-613-960-0787.

The task force has defined financial literacy as “having the knowledge, skills and confidence to make responsible financial decisions”. The benefits to Canadians and society as a whole are significant.

Financial literacy can help Canadians cope with major financial decisions related to life events, such as managing post-secondary education costs, home ownership, marriage, children, aging parents, retirement and more. It can help them make sense of financial products they are considering or already own. A financially literate person knows how to comparison-shop for financial and other products. They become more aware of their own behaviour and learn to manage impulse purchases and other emotion driven decisions around money. They are also less susceptible to advertising gimmicks, fraud or other unethical practices.

For society, a financially literate population is more likely to promote self-sufficiency and financial independence. It will reduce pressure on social programs, enhance economic stability, make our businesses more competitive and contribute to stronger public markets.

If you think that financial literacy should be made a core subject in our schools, our workplaces or somewhere else, this is your chance to say so. I encourage you to go to the financial literacy task force website and have your say on this important issue. But do it before May 13, 2010.

Keir Clark, is a senior wealth advisor, with Clark Wealth Management Group and branch manager at ScotiaMcLeod in Fredericton, NB. He can be reached online at www.keirclark.ca or by telephone at 506-450-6465.

Information and opinions contained herein have been compiled from sources believed reliable but no representation or warranty, expressed or implied, is made as to the accuracy or completeness.