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  What is Financial Literacy?  

Financial literacy is the ability to understand how money works; how someone makes, manages and invests it. Although many people understand how to make money, most people are only exposed to earned income from employment. The average millionaire has at least seven sources of income, so it is important to learn how to make your money work for you. So many others have no clue about how to manage or invest their money, outside of the traditional methods like the banks, who tend not to give good return rates on investments. It is extremely important to understand where to invest your money, so your money keeps its buying power and doesn't lose its value due to inflation. Ensuring your money doesn't lose its value is vital for long term financial goals like purchasing a home, children's eduction, retirement and much more. 


The school system has failed us by not providing adequate education on money management, which has a lasting negative impact on many people for most of their lives. This causes not only financial stress but also emotional and mental stress as well. Toronto is a rapidly growing city and the system is becoming more challenging to navigate. This is the perfect time to become financially savvy, so you could build a solid financial foundation for yourself and your family. There is a huge misconception that wealth is obtained solely through money, however once you understand the rules of money and how it works you will be able to leverage things like loans to generate your wealth. Change your financial literacy, change your life!


Facts & Statistics


Did you



  • 41% hold less than $5,000.

  • 19% have less than $1,000.

  • The average Canadian owes about $1.70 for every dollar of income they earn per year, after taxes.

  • More than a third (35%) of millennials aged 18 to 34 have no savings at all.

  • While another 10% has less than a month.

  • About half (46%) of Canadians say they would have difficulty making their monthly mortgage payments in less than 6 months if their household’s primary income earner lost their job.​​

  • 74% of Canadians are not ready for retirement.

  • 40% of Canadians will retire broke.

  • 32% of Canadians between 45 and 64 have nothing saved for retirement.

  • The average amount of personal savings Canadians estimate they will need to retire comfortably is $756 000.

  • According to Statistics Canada, the average Canadian university graduate finishes school with more than $26 000 in debt.

  • Nearly a third of Canadians have 1 month or less in emergency savings.

  • 3 in 10 Canadians are living paycheque to paycheque or spending more than they earn.

  • 52% of Canadians have less than $10 000 in an emergency fund.

  • The ideal emergency savings fund should be equal to 3 to 6 months of your income.

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Take the first step towards securing your finances by requesting any professional services provided by Harprit Gill such as: consultations, workshops, collaborations and more. Change your financial literacy, change your life!