Studies show that we lack financial knowledge (the following is Canada-focused research):

• 82% of millennials age 18 to 34 feel they lack financial knowledge and investing confidence (CIBC 2015)
• 31% of women are financially knowledgeable compared to 43% of men are financially knowledgeable (Canadian Financial Capability Survey/Women in Canada: A Gender-based Statistical Report The Economic Well-Being of Women in Canada)
• Couple families highest average net worth, at $700,000 for those with children and $910,000 for those without children. Lone parents lower net worth on average than couples with children. 2016 Data. (Women in Canada: A Gender-based Statistical Report The Economic Well-Being of Women in Canada)
• The average net worth of lone mothers less than half of that of lone fathers: $240,000 versus $540,000. Unattached women and men similar average net worth at $250,000 and $230,000, respectively. 2016 Data. (Women in Canada: A Gender-based Statistical Report The Economic Well-Being of Women in Canada)
• 48% of women know enough about investments to choose the right ones that are suitable for their circumstances compared to 63% of men (Canadian Financial Capability Survey/Women in Canada: A Gender-based Statistical Report The Economic Well-Being of Women in Canada)
• 14.7% of women correctly answered five key financial questions related to interest, inflation, and risk diversification in compared with 21.5% of men (Canadian Financial Capability Survey/Women in Canada: A Gender-based Statistical Report The Economic Well-Being of Women in Canada)
• Gender gap in financial literacy tends to increase with age, being greatest among those aged 65 and over (Canadian Financial Capability Survey/Women in Canada: A Gender-based Statistical Report The Economic Well-Being of Women in Canada)

Shifts in the nature of work (self-employment) increase the need for financial literacy

• 45% of Canadians will be self-employed by 2020 (Intuit, 2017).
• Quicken Books estimates $150 in tax savings for every $1,000 of self-employed business expense

Against these statistics, we know the following about the implications of financial literacy:

1. Financial stress is reported as the most significant stress for individuals and families. The evidence is clear that stress in pregnancy and early childhood attunes the stress pathways in young infants and children to impact long term physical and mental health outcomes. Society must prioritize the reduction of financial stress through financial educational engagement to optimize long term health outcomes across generations.

2. Financial literacy is critical for the empowerment of women, essential for the advancement of women and must underpin any gender equality initiative.

3. Time is of the essence! An unprecedented waterfall of capital is cascading into the population segments reporting low financial confidence and low financial literacy.

• $30 trillion in assets (financial & non-financial) will transfer from Boomers to their heirs over the next 30-40 years in North America (Accenture, 2014)
• Women control 1/3rd of North American Financial Assets = $3.2 Billion (Boston Consulting Group)

4. Meaningful improvements in financial literacy are both achievable and scalable. With advances in behavioural economics and the advantages of savvy digital financial tools and video curriculum, the knowledge and materials are within our hands to power up financial literacy and financial confidence.