It seems like all hope is not lost for mortgage borrowers, as the chief economist of Toronto-Dominion Bank is calling for a move that can assist mortgage borrowers at a later time, and also help motivate the upper generation of mortgage brokers.
Beata Caranci noted in a recently released paper that, it is of utmost importance that one has great knowledge of household finances, most especially at a time like this where the level of debt is pretty high, and the interest rates are at a low level. She also recommended that children in kindergarten should be thought about financial literacy education as early as possible.
A study of the Canadian Financial Capability which was published in 2014 was studied by Caranci, she came to the conclusion that the financial literacy of an individual with a mere high school diploma ,who comes from a high-income household can be likened to that of a university graduate from a family which receives low incomes. It happens to be that families with low income have little knowledge of finances.
As technology makes it easier for millennials in Canada to have quicker access to finance, Caranci has a strong conviction that it is imperative for early teaching to be inculcated.