The chief economist of Toronto-Dominion Bank is calling for a move which could help mortgage borrowers of the future and perhaps inspire the next generation of mortgage brokers.

In a newly-released paper, Beata Caranci says that understanding household finances is increasingly important in an age of high levels debt and record low interest rates. She suggests that financial literacy education should start as early as kindergarten.

Caranci has studied the Canadian Financial Capability study published in 2014 and concluded that a university graduate from a low-income family typically has the financial literacy of someone with a high school diploma from a high-income household; lower income families are likely to have less understanding of finances.

As access to finance becomes easier for younger Canadians, through smartphone apps, Caranci believes that early teaching is imperative.

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