Last week marked the Third Annual Tav Malhotra Invitational.
We are proud to announce that we raised $100,000 in support of youth financial literacy.
With the funds raised this year, TMI will now be able to #AddAnotherZero and impact 10,000 youth!
This support comes at an important moment. As it stands, Canadians are underperforming when it comes to financial literacy. In the Federal Government’s most recent Financial Capability Survey, Canadians received a lacklustre 62%.
Even though poor financial literacy affects all Canadians, Millennials are the most impacted. According to a recent study by PwC, only 24% of Millennials demonstrated a basic level of financial knowledge, while a mere 8% demonstrated high level. As a result of this gap in knowledge, Millennials are struggling to manage their finances, with almost 30% of Millennials overdrawing on their chequing accounts. Also, their low proficiency has resulted in financial stress, with 54% of Millennials reporting that they are concerned about their ability to repay their student loan debt. Despite their gap in knowledge, PwC found that only 27% of Millennials are consulting experts on how to save and invest their money. This concerning trend also extends to the next generation, with Canadian youth exhibiting significant gaps in their awareness of both their financial rights and responsibilities.
Fortunately, the Provincial Government has recently updated the secondary school curriculum, making it a requirement for youth to learn about the fundamentals of financial management and financial decision making. We are thrilled by this news as a significant number of kids will now walk into our workshops with a deep understanding of personal finances.
This impactful event was made possible thanks to partners such as The Printing House, OUTFRONT Media, Mortgagepedia, Revolution Capital, Crimson Asset Management, The Concierge Club, Calii Love, Tito’s, Peter and Paul’s, HUB Financial, Sleuth and Statesman, Beneplan, Arrow Workforce, and Lifetime Developments, amongst more.
Thank you to everyone involved in the organization of TMI this year and our attendees for your tremendous generosity!
View photos from TMI 2019 HERE