How can I help Canadians reduce their private household debt? [1],[2]

Get Started. It's Free
or sign up with your email address
Rocket clouds
How can I help Canadians reduce their private household debt? [1],[2] by Mind Map: How can I help Canadians reduce their private household debt? [1],[2]

1. Provide articles that help increase financial literacy

1.1. Roughly 6 out of 10 Canadians failed a basic financial literacy test [3]

1.1.1. Millenials recieved the worst score on test, out of any demographic, at 31% [3]

1.1.1.1. Millenials are the most tech savvy generation but are the most financially illiterate [6]

1.2. 14% of Canadians surveyed said their financially literacy was excellent [3]

2. Provide financial literacy quizzes and games

2.1. Trying to make learning fun could help increase the number of Canadians that are financially literate

3. Provide resources to help Canadians create a household budgets

3.1. Household budgets are an easy way to start getting personal finances inline [4]

3.2. Can help reduce frivolous spending

3.3. A budget will help manage debt payments

4. Provide resources on simple ways to reduce debt

4.1. There are available resources that can be used to help reduce private debt level

4.1.1. One resource is a Tax Free Savings Account which provides a certain amount of nontaxable income

4.2. There are some simple ways to make some extra income on the side

5. Provide a jobs board

5.1. Nearly half of Canadians don't believe they'll have enough savings for retirement [5]

5.1.1. A jobs board could help seniors acquire part-time work to help cover their expenses