Why Financial Literacy Is a Touchdown
Planning For The Future Learn more about what financial literacy is and how it can help Canadian families.
In professional football, you need a game plan to succeed. You need to know what you’re up against, your strengths, and your vulnerabilities. But most of all, you need to know how to deal with whatever comes at you. Without that game plan, your prospects on the field are not going to be good.
The same holds true when it comes to managing your finances. That’s why the Canadian Football League Players’ Association (CFLPA) is throwing its weight behind the efforts of the Enriched Academy to build awareness and confidence, and, more importantly, support across the entire country for improvements in financial literacy. Every Canadian has a stake in improving financial literacy, whether that’s for themselves, their families, or the communities in which they live.
Enriched Academy is a financial education and awareness company that provides important assistance to CFL players in managing their finances while offering career guidance. Our members not only benefit from this service, they also strengthen their financial literacy in the process — something that has long-term and lasting benefits.
How financial literacy can help
Current statistics give some of the reasons why financial literacy is so important. Household debt levels have been climbing over the last 10 years. Many Canadian families find themselves in tight financial spots, living from paycheque to paycheque, facing tremendous stress and family pressure.
Part of the solution for many families could be through better collective measures, like more affordable post-secondary education for their kids, better access to affordable quality daycare, or a more comprehensive system of public and private pension plans. These measures would help families, old and young, deal with the financial squeeze that comes from sending kids to college and finding daycare, so both parents can return to work or plan for
But part of the solution also means taking greater responsibility as individuals to understand the basics of how their financial life works. And that’s where improving financial literacy comes into play. Knowing all the moving parts of your financial well-being is where financial literacy must start.
For example, understanding what a manageable level of debt is, for an individual or a family, and what that debt is being put toward, are some of the questions that require a firm grounding in financial literacy. The CFLPA is committed to improving financial literacy, not just for our members, but for the broader community. We all benefit when we have a plan in place to deal with whatever comes at us. Financial literacy is an essential part of that plan.