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FROM THE EDITOR'S DESK: Financial literacy a genuine difference maker

 Peter Haggert, Inside Toronto

February 28, 2011

It's been a tough couple of years. Very, very tough.

And it's only through making difficult financial decisions that Canadian business owners and the Canadian public have managed to ride out the economic downturn of the past years.

Not every business or job survived. Everyone has learned lessons that need to be applied in the future.

We think the push for financial literacy within businesses and in our personal lives is a critical element to maintaining a vibrant personal and economic future.

The report of the federal task force on financial literacy is an essential document to individuals and business reaching full potential.

By the task force's own definition, financial literacy "means having the knowledge, skills and confidence to make responsible financial decisions."



Read more.....  Inside Toronto

Why is the industry so reluctant to understand?

The article makes it clear that financial literacy is a key element to your financial stability.  Why is it then the industry that serves this function doesn't recognize the critical nature of education for it's back office, operations and IT centers across Canada. 

Actually it does. What it doesn't have are Senior Managers with the gumption to take this to their superiors and address it head on. Of course Senior Managers understand the value of education and what it could do to their staff's ability to better control and regulate customer savings and investments. However, they're mandate is to perform specific duties within the firm; not to 'empower' their staff.

Well it's time they got up and start addressing this. If they don't, it will be done for them by the very people they wish to keep at bay at all costs:  the regulators.    Come on people - MIND THE KNOWLEDGE GAP or your firm is sure to stumble...and no one desires that result.