Financial Education should include payday loans

October 26, 2016 at 2:03 pm Leave a comment

The Toronto Star, Business section (p. B1, 5), Wednesday 26, 2016, includes  an article by Sunny Freeman titled Payday Loan Report Calls for Financial Education

This article references 2 reports released on Oct 25 addressing the socio-economic issues attached to Canadians who use payday loans and the impact of high interest rates on  debt cycles. While there are calls to the government to control the interest rates and restrict the number of times a borrower can renew the loans, there is also a call for greater  education about this issue.

The reports refer to education more as consumer education event and not specifically something that needs to be added to the K-12 curriculum (not mentioned at all). But it has to start somewhere.

Here are the links to the 2 reports:

ONE: The Financial Consumer Agency of Canada – here is the news release and the report   Payday Loans: Market Trends. The Agency recommends the following:

“6.1. Promoting consumer awareness through educational resources

FCAC will adapt its existing consumer education materials and develop new materials to address the gaps identified through this research. Our goal is to help Canadians make more informed borrowing decisions and to seek appropriate assistance as required.”

TWO: Conference Board of Canada – here is the news release and the report Filling the Gap—Canada’s Payday Lenders 

From the news release highlights “In addition to considering appropriate regulations, better consumer education would be a critical step in protecting the financial welfare of Canadian payday loan borrowers.”

Check it out! Rowan

Entry filed under: Reports. Tags: .

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