ge their online accounts and comprehend how much interest charges a credit card balance is incurring. Financial literacy encapsulates a wide range of activities ranging from using an Automated Teller Machine (ATM) to calculating the annual yield on government bond or the payments of house mortgages.
Recently, the issue have alarmed the authorities which led the minister of finance to set up a National Task Force to increase the level of financial literacy amongst Ontarians and more importantly, amongst those residing in Peterborough (Fekete, 2011). Inadequate financial literacy of the population directly impacts the economic well being of not only the individual, but also of the city and country as a whole.
StudieWith the inception and rampant usage and availability of e-banking, the problems related to literacy have escalated as people cannot manas also link poor literacy to major health problems. The Canadian government spends nearly two billion dollars a year on medical treatments of patients who are admitted because they took their medications improperly. Many people do not understand the medical terminologies used by their physicians and are unable to communicate with the health care system properly. Statistics from the Canadian Community Health Status Survey ( for Peterborough) conducted in 2005, reveals that adults lacking literacy skills are more likely to have diseases like diabetes, cancer, heart problems, blood pressure, migraine, bronchitis and other chronic diseases (Peterborough County-City Health Unit., 2008) (Unit., 2008).