Millennials and Money: Ready to Make a Difference

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Millennials and Money: Ready to Make a Difference

Highly skilled, educated, and socially conscious, Canadian millennials have the tools and ability to thrive in the workforce and accumulate wealth, but will they know how to manage it?

 

According to a report conducted by BMO Wealth Management – Generation Why! Take notice of millennials – while devoted, educated, and focused to succeed, only 24% of millennials have a basic level of financial literacy, and a mere 8% are considered “highly” financially literate.

 

The problem, Chris Buttigieg, BMO Wealth Management’s director told Global News, is that millennials are only scratching the surface when it comes to managing their finances. In general, they lack in-depth knowledge of valuable investment tools such as RRSPs and tax-free savings accounts.

 

“Millennials are saving, but they’re not saving in the appropriate vehicle,” explains Buttigieg.

 

When it comes to the financial goals of millennials, the report found that paying down debt and finding meaningful and better paying work were at the top of the list. Meanwhile, long-term goals such as saving for retirement, and starting an “emergency fund,” were not an immediate priority among those surveyed born between 1980 and 2000.

“With the convergence of new technologies and the growth of the millennial working population, many businesses are trying to figure out what the next trends will be and how to capitalize on 
them,” the report concludes. “Millennials are uniquely positioned to help in this process with their ability to grasp and use the new technologies which are having a growing impact on society.”


While there’s no doubt that millennials are equipped to succeed, BMO’s survey, along with other reports, indicate a need to educate children early on in their lives about the many tools available to them to invest, manage, and save.

 

Spirit of Math is proud to partner with Knowledge Makes Cents to offer a wide range of exciting Summer Camps focused on financial literacy for students in Grades 2-9. Aimed at helping children achieve financial freedom as adults, our Grades 7-9 – Building Cents program with Knowledge Makes Cents teaches students to set goals, and teaches about different types of investments, diversification, and risk tolerance.

 

For the younger children, the Grade 2-3 – Making Cents program teaches them the links between money, work, saving and spending.

 

Our children will one day be the lifeblood of our workforce and with a combination of education, unique skills, and the desire to change the world, the future is bright. Wealth is a powerful tool. With the right knowledge of financial literacy, our children will have the ability to use it to make the world a better place. Take a look at Spirit of Math’s Partner Summer Camps HERE!


 
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