The High Cost of Financial Illiteracy | Raya Treibicz | TEDxYouth@UTS

you know how it is when you go shopping

you know how it is when you go shopping you’re looking for a coat but it’s the

you’re looking for a coat but it’s the

you’re looking for a coat but it’s the scarf that ends up in your bag instead

scarf that ends up in your bag instead

scarf that ends up in your bag instead or maybe you’re out to buy dog food and

or maybe you’re out to buy dog food and

or maybe you’re out to buy dog food and somehow you come home with a pet frog

somehow you come home with a pet frog

somehow you come home with a pet frog well that’s what happened to me when I

well that’s what happened to me when I

well that’s what happened to me when I went desperately in search of some

went desperately in search of some

went desperately in search of some much-needed footwear and came home

much-needed footwear and came home

much-needed footwear and came home instead

instead

instead with a huge Epiphany I realized that my

with a huge Epiphany I realized that my

with a huge Epiphany I realized that my ignorance about finances and economics

ignorance about finances and economics

ignorance about finances and economics could have soaring costs here’s how I

could have soaring costs here’s how I

could have soaring costs here’s how I came to that realization back to my

came to that realization back to my

came to that realization back to my shopping spree I spot some fabulous

shopping spree I spot some fabulous

shopping spree I spot some fabulous shoes and boots truth is I don’t really

shoes and boots truth is I don’t really

shoes and boots truth is I don’t really understand the value of money so my

understand the value of money so my

understand the value of money so my mother sets me straight the shoes cost

mother sets me straight the shoes cost

mother sets me straight the shoes cost six hundred dollars in other words the

six hundred dollars in other words the

six hundred dollars in other words the flight cost of a flight to Florida and

flight cost of a flight to Florida and

flight cost of a flight to Florida and the boots they cost a whopping twelve

the boots they cost a whopping twelve

the boots they cost a whopping twelve hundred comparable to a flight to Europe

hundred comparable to a flight to Europe

hundred comparable to a flight to Europe needless to say I take a pass on both

needless to say I take a pass on both

needless to say I take a pass on both the some of my money smarts can be

the some of my money smarts can be

the some of my money smarts can be wrapped up in three simple words I know

wrapped up in three simple words I know

wrapped up in three simple words I know nothing and that’s when it hit me I

nothing and that’s when it hit me I

nothing and that’s when it hit me I realized that I was completely unaware

realized that I was completely unaware

realized that I was completely unaware of just how enormous the impact of

of just how enormous the impact of

of just how enormous the impact of economics had been on my own life I had

economics had been on my own life I had

economics had been on my own life I had only to consider my personal history to

only to consider my personal history to

only to consider my personal history to realize that ignorant about financial

realize that ignorant about financial

realize that ignorant about financial literacy can have some very grave

literacy can have some very grave

literacy can have some very grave consequences I was born in the wrong

consequences I was born in the wrong

consequences I was born in the wrong place at the wrong time China was facing

place at the wrong time China was facing

place at the wrong time China was facing an economic crisis and their solution

an economic crisis and their solution

an economic crisis and their solution the regime imposed a one-child family

the regime imposed a one-child family

the regime imposed a one-child family policy as boys are favored in China

policy as boys are favored in China

policy as boys are favored in China millions of girls were killed or aborted

millions of girls were killed or aborted

millions of girls were killed or aborted I was lucky my parents chose to release

I was lucky my parents chose to release

I was lucky my parents chose to release me to an orphanage in hopes of saving my

me to an orphanage in hopes of saving my

me to an orphanage in hopes of saving my life

a one Chameli policy is still in place

a one Chameli policy is still in place as China faces economic and demographic

as China faces economic and demographic

as China faces economic and demographic turmoil the economy is in crisis as the

turmoil the economy is in crisis as the

turmoil the economy is in crisis as the country’s workforce is rapidly aging in

country’s workforce is rapidly aging in

country’s workforce is rapidly aging in the labor pool dramatically shrinking an

the labor pool dramatically shrinking an

the labor pool dramatically shrinking an unexpected result of these reforms has

unexpected result of these reforms has

unexpected result of these reforms has been the creation of a demand for more

been the creation of a demand for more

been the creation of a demand for more children to supply labor to make matters

children to supply labor to make matters

children to supply labor to make matters worse over 40 million men will never

worse over 40 million men will never

worse over 40 million men will never marry that is more than the entire

marry that is more than the entire

marry that is more than the entire population of Canada how ironic it is

population of Canada how ironic it is

population of Canada how ironic it is that the very policy intended to enrich

that the very policy intended to enrich

that the very policy intended to enrich the economy has backfired and helped to

the economy has backfired and helped to

the economy has backfired and helped to throw China into further economic strife

throw China into further economic strife

throw China into further economic strife what shaped my destiny was a misguided

what shaped my destiny was a misguided

what shaped my destiny was a misguided solution to an economic crisis that will

solution to an economic crisis that will

solution to an economic crisis that will impact China for decades to come

impact China for decades to come

impact China for decades to come as good fortune would have it I was

as good fortune would have it I was

as good fortune would have it I was adopted into a Canadian family but the

adopted into a Canadian family but the

adopted into a Canadian family but the history of my adoptive family is horror

history of my adoptive family is horror

history of my adoptive family is horror filled yet another tragic example of

filled yet another tragic example of

filled yet another tragic example of what happens when inhumane solutions are

what happens when inhumane solutions are

what happens when inhumane solutions are enacted in an attempt to solve economic

enacted in an attempt to solve economic

enacted in an attempt to solve economic crises my grandparents survived the

crises my grandparents survived the

crises my grandparents survived the nightmare of the Holocaust the akan

nightmare of the Holocaust the akan

nightmare of the Holocaust the akan economic crisis in Germany led to the

economic crisis in Germany led to the

economic crisis in Germany led to the rise of Hitler causing the worst

rise of Hitler causing the worst

rise of Hitler causing the worst genocide in the history of humankind I

genocide in the history of humankind I

genocide in the history of humankind I know firsthand that economic crises can

know firsthand that economic crises can

know firsthand that economic crises can lead to war genocide and gendercide we

lead to war genocide and gendercide we

lead to war genocide and gendercide we can no longer afford to remain

can no longer afford to remain

can no longer afford to remain financially illiterate as students and

financially illiterate as students and

financially illiterate as students and citizens of the world

citizens of the world

citizens of the world we live in dangerous times hatred and

we live in dangerous times hatred and

we live in dangerous times hatred and fear still run rampant all over the

fear still run rampant all over the

fear still run rampant all over the world in 2016 these were the words of a

world in 2016 these were the words of a

world in 2016 these were the words of a year xenophobia the fear of foreigners

year xenophobia the fear of foreigners

year xenophobia the fear of foreigners post truth a devious word for lies and

post truth a devious word for lies and

post truth a devious word for lies and surreal where anything can happen but

surreal where anything can happen but

surreal where anything can happen but why all of us fear partly it’s because

why all of us fear partly it’s because

why all of us fear partly it’s because we live in stressful economic times all

we live in stressful economic times all

we live in stressful economic times all over the world we are witnessing the

over the world we are witnessing the

over the world we are witnessing the disappearance of the middle class we

disappearance of the middle class we

disappearance of the middle class we face a loss of equal opportunity and the

face a loss of equal opportunity and the

face a loss of equal opportunity and the inequity of wealth the middle class is

inequity of wealth the middle class is

inequity of wealth the middle class is seeing its financial status decline as

seeing its financial status decline as

seeing its financial status decline as the cost of living keeps rising in

the cost of living keeps rising in

the cost of living keeps rising in Canada the top 10% of people own half of

Canada the top 10% of people own half of

Canada the top 10% of people own half of all the wealth economists warn that with

all the wealth economists warn that with

all the wealth economists warn that with the disappearing middle class we risk

the disappearing middle class we risk

the disappearing middle class we risk moving away from democracy and towards

moving away from democracy and towards

moving away from democracy and towards forms of autocratic governments how can

forms of autocratic governments how can

forms of autocratic governments how can we begin to solve economic crises

we begin to solve economic crises

we begin to solve economic crises without the language of finances it is

without the language of finances it is

without the language of finances it is time to inject financial literacy into

time to inject financial literacy into

time to inject financial literacy into the curriculum starting at a young age

the curriculum starting at a young age

the curriculum starting at a young age and exposing students to real-life

and exposing students to real-life

and exposing students to real-life scenarios in the business world I am a

scenarios in the business world I am a

scenarios in the business world I am a part of the next generation who will

part of the next generation who will

part of the next generation who will take the world’s future into our hands

take the world’s future into our hands

take the world’s future into our hands but I can’t fulfill my role of a citizen

but I can’t fulfill my role of a citizen

but I can’t fulfill my role of a citizen of the world if I’m ignorant about some

of the world if I’m ignorant about some

of the world if I’m ignorant about some of the most pressing issues like

of the most pressing issues like

of the most pressing issues like economics we make the rules of the

economics we make the rules of the

economics we make the rules of the economy and we have the power to change

economy and we have the power to change

economy and we have the power to change those rules but we need to mobilize

those rules but we need to mobilize

those rules but we need to mobilize ourselves to ensure we have the skills

ourselves to ensure we have the skills

ourselves to ensure we have the skills to engage in the language of finances so

to engage in the language of finances so

to engage in the language of finances so here I stand in my new shoes

here I stand in my new shoes

here I stand in my new shoes valued at the cost of a one-way bus trip

valued at the cost of a one-way bus trip

valued at the cost of a one-way bus trip to Ottawa with the insight that my

to Ottawa with the insight that my

to Ottawa with the insight that my shopping trip was actually

shopping trip was actually

shopping trip was actually transformative my own ignorance about

transformative my own ignorance about

transformative my own ignorance about finances my personal history the

finances my personal history the

finances my personal history the destinies that evolved and the current

destinies that evolved and the current

destinies that evolved and the current wealth divided make it clear

wealth divided make it clear

wealth divided make it clear that the need for financial literacy is

that the need for financial literacy is

that the need for financial literacy is now teach me financial literacy so I can

now teach me financial literacy so I can

now teach me financial literacy so I can ensure democracy and peace are sustained

ensure democracy and peace are sustained

ensure democracy and peace are sustained give us the tools we need because some

give us the tools we need because some

give us the tools we need because some of us are going to change our

of us are going to change our

of us are going to change our communities our civilization and

communities our civilization and

communities our civilization and possibly even our world thank you

possibly even our world thank you

possibly even our world thank you [Applause]