The Task Force on Financial Literacy is conducting public consultations across Canada and online until mid -May. I had the privilege of presenting to the blue ribbon panel during its Calgary stop. While I didn’t actually dance on the table, I did have a passionate and engaged discussion with the members, including Don Stewart, the CEO of Sun Life Financial. They have a big and important task and I was really impressed with the commitment and intelligence of their approach.

I shared with them the basics of the Moolala Method and recommended that they look at how the financial literacy strategy will foster INSIGHT in addition to building KNOWLEDGE. My experience is that without insight, knowledge alone will not make enough of a difference. I took them through the four “C Factors”, namely:

§ Creating Context: Figuring out what money is for, for you, so you know what your vested interest is in doing mundane money tasks.

§ Addressing Consequences: Looking at both the tangible (ie. cost of credit card debt) and intangible (ie. feeling stressed and depressed) consequences of your behaviour around money.

§ Managing Complexity: Finding the right level of complexity for your circumstances, risk tolerance and interest level.

§ Engaging Community: Looking at whom in your life can provide the support, ideas and accountability to have you get a handle on your money so you can live the life you want.