In an interview on the Argent channel, Trustee Partners and Financial Recovery Advisor Eric Lebel emphasized the consequences of the lack of training and awareness of young people regarding financial planning. The situation is especially alarming in Quebec, where young adults in the 18 to 29 age bracket account for more than 12% of insolvency cases (according to the Office of the Superintendent of Bankruptcy Canada).
According to the expert, one of the factors explaining this situation is that “young people are solicited by banks at a very early age to take a credit card. Many of them have a poor understanding of how this works”. Eric Lebel also mentioned other factors that could lead young people into debt: leaving the family home, financing their education, buying a car, and many other temptations that sometimes are more in the realm of wishes than of needs.
The specialist mentioned the absence of awareness campaigns and the abolition of economics courses in Quebec secondary schools in 2009. According to him, parents obviously have a role to play in this learning, but they are not the only ones responsible: society as a whole must take action to prevent young people from going into debt.
23 Jun 2015 | Written by :