Throughout the global market, financial processes have become increasingly complex; which leads to a demand for educators to introduce financial literacy coursework at all levels of modern education.
According to the Canadian Centre for Policy Alternatives, “Labour markets are part of a broader political-economic context, where past and current policies have favored some population groups over others” says the report. “This history of wealth accumulation for some but not others is a crucial contributor to racialized economic inequality today.”
The report also examines the gender gap, concluding that race plays an important role in income inequality between men and women too.
According to the report, which used figures from the 2016 Census, racialized women earn 59 cents for every dollar earned by non-racialized men. Racialized men, meanwhile, earn 78 cents for every dollar earned by their white male counterparts. The gap was narrowest, but not closed, between women, with racialized women earning 87 cents for every dollar earned by white women.
“I think it’s important that we look at the gender wage gaps, rather than the singular gender wage gap,” Block said.
While on a global scale progress has been made with regards to equality and justice for marginalised communities; there’s space for its continued improvement. It is critical to provide these financial literacy learning opportunities throughout the life cycle–as children, high school students, college students, young adults, and more mature adults–in order to empower them with the tools better compete in the labour market. Lastly, financial literacy provides the knowledge and resources to establish a foundation of generational wealth.
”Do not save what is left after spending, but spend what is left after saving.” – Warren Buffett after saving.” – Warren Buffet