Local event raises $100,000 to support youth financial literacy

Aug 6 2019, 7:02 pm

The third annual Tav Malhotra Invitational (TMI) took place last week, raising $100,000 in support of youth financial literacy programs across the GTA.

On July 31, the tournament took place at Glen Abbey Golf Club followed by a whimsical forest-style event at the Globe and Mail Centre later that evening.

According to organizers, TMI raises funds to provide high school and university students with much-needed personal finance education; including saving, investing, and achieving financial freedom.

The evening event/Courtesy of Tav Malhotra

“As it stands, Canadians are underperforming when it comes to financial literacy. In the federal government’s most recent Financial Capability Survey, Canadians received an underwhelming 62%,” said the Tav Malhorta Invitational in a release.

“Although poor financial literacy impacts all Canadians, Millennials exhibit the lowest financial literacy. Even though their parents and teachers have prepared them for a successful career, poor financial literacy could stand in their way.”

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The organization said this concerning pattern also extends to the next generation, with youth exhibiting significant gaps in their awareness of both their financial rights and responsibilities.

But, they add, Ontario’s provincial government recently announced an updated curriculum, which now requires kids to learn about the fundamentals of financial management.

Courtesy of Tav Malhotra

As a result of the new curriculum, Tav Malhorta said a significant number of kids will now walk into their workshops with a better understanding of personal finances.

In 2018, during its second year, TMI funded 22 financial literacy workshops, impacting over 1000 students across the GTA. With the funds raised this year, TMI said it will “now be able to #AddAnotherZero and impact 10,000 youth and set them on a path to success.”

Daily Hive Toronto is a proud community sponsor of Tav Malhotra Invitational

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