A business expert says there is currently not enough importance being placed on financial literacy skills.
Terry Goodtrack is the president of the Aboriginal Financial Officers Association.
He says finances affect everyone from people buying groceries to the CEOs of Canada’s largest companies.
In today’s ever-moving world of business, he says gone are the days when you could hire anyone to manage the books.
Goodtrack says recent studies have shown Canada has a poor record of financial literacy overall, and that needs to change:
“You know, it affects your day-to-day decision making and anything that you do, whether you go to a grocery store or pay for tires or whatever, up to the extreme of when you’re involved in resource deals with companies.”
He adds it can be very tough to plan for economically, both for yourself and a First Nation, unless you have the proper skills.
That’s why he says it’s crucial bands only allow people who are qualified to sit behind their community’s financial controls.
November is recognized as Financial Literacy Month across Canada.