This morning the Financial Post published an interesting survey from the BMO Financial Group.
Among other things, it stated that people are more comfortable talking about religion than they are about money, 34% vs. 46%.
Interesting….
The article goes on to say that people are uncomfortable talking about money because they feel that they don’t know enough about the subject. Here’s what the Chief Economist of the BMO Financial Group was quoted as saying in the article.
“They don’t even know the right questions to ask,” said Cooper. “We don’t teach young children through high school to understand how to manage money. That’s a big problem because it is a fundamental part of life.”
…”Over three-quarters of parents talk to their kids about money matters.”
Ok, so here we have parents that don’t have a financial education talking to their kids about money. I wonder what knowledge is being passed along to the kids.
If you go to the BMO website, you’ll find all sorts of information about the products and services that they offer (I’m not picking on BMO, I could be talking about any bank in Canada, it’s just that BMO did the survey), but no information on how to use the products. It’s as if they are saying, here’s what we have to offer you. Figure it out yourself on what the best solution to your problem is.
Most of the time the customer get’s it wrong. They make a financial decision based on a lack of financial literacy, and they wonder why they aren’t getting ahead. It’s not the client’s fault.
The banks know that there’s a problem. They know that there’s a lack of financial education in this country, but are they doing anything to address the need?
That’s one of the reason’s that we need more people working with us at WFG. First, to get a financial education, and second to teach families about how money works.
For the right person, a career at WFG can be a very exciting and lucrative business. We have an outstanding training program that teaches financial fundamentals, and how you can build a significant business by helping people make and save more money.
Rolf
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Rolf Issler is a licensed Insurance Advisor and Mutual Funds Representative with World
Financial Group. The information contained is for eductaion and entertainment purposes only.
