Maria is a 24-year-old single mother to three young children, living near Jane and Finch in Toronto. While taking care of herself and her family as she looked for employment, she found that her limited finances didn’t stretch very far. At least, they didn’t until recently.
At a local community agency, Maria enrolled in a financial literacy workshop that is tailored to people living on a low income. She learned the basics of how to track her finances, how credit ratings are determined and other important financial information that gave her the foundation to realize a new financial future for herself and her children (you can read more of Maria’s story here ).
The barriers faced by Maria are like those of countless Torontonians who are not only living on a low income, but also facing other mounting challenges, including an unemployment rate of 8.6% in the Greater Toronto Area (above the national average of 6.9%) and record levels of household debt.
November is Financial Literacy Month, a great time to reflect on why financial literacy matters, why it’s a skill we have to learn and, in terms of the information offered, why one size doesn’t fit all. Over the next few weeks, we’ll be posting some information about United Way’s work in financial literacy , profiling some of our incredible partners and other organizations who are doing impressive work in the community on this very issue. You’ll also meet a few people whose lives were changed when they connected with programs geared to their particular situation. Check it out this month by liking us at Facebook.com/UnitedWayToronto and following us on Twitter.
By subscribing to the blog, you can join us November 18, when we tackle the gap between the financial literacy advice that is generally offered and the needs of lower-income earners—and why that gap is a serious concern.