Financial Literacy Tour
Through a concert, multimedia presentation and talkback, this show covers the importance of developing good saving habits early, types of debt available to students, wise use of debt, the dangers of too much debt and high interest debt/payday lenders, how credit scores work, and how to control spending through tracking. budgeting and goal setting. Gooding suggests students look to their communities for support and mentorship, while he exposes the myth of rock stars, athletes and actors who sell the false image of overnight success.
Students who do not receive this message early may find themselves carrying too much debt, at risk of dropping out of college, or otherwise deferring their dreams. Young people from unbanked families are especially at risk.
- Following your passion
- The importance of habits of self-reliance and self-control
- Earning, saving, spending, investing, giving
- Credit scores: how you get one, why they matter
- Loans and interest rates – when loans make sense and how to identify predatory lenders
- The benefit of compound interest especially for young people
- Pitfalls: without good habits, lottery winnings, an inheritance, a record deal or a pro-sports deal won’t solve money problems
- Slow and steady wins the race
- Finding mentors in your community
“There are no short cuts or quick fixes. The hype of overnight success in sports, music and acting can lead us to believe that our day to day discipline and the mentors in our own communities don’t have value, when these are THE MOST important resources we have.” - Gooding
It was clear that the youth were engaged in the event from the moment they walked into the concert hall. They knew it was all about them and that is exactly the way we need them to think about their own financial futures. The message right on target – be careful about credit cards, payday loans and it’s never too early to learn about investments and Tax Free Savings Accounts – and the delivery was packaged exactly the way our youth will remember it – delivered within a rock concert by musicians who shared stories about their own financial mistakes. – Anne Davis, Director Community Investment, United Way Greater Victoria