A financial literacy fable

Thursday’s Financial Post and subsequently on my Wealthy Boomer blog, a controversy arose over articles I’ve written about the financial industry’s true commitment to financial literacy, or what some call FinLit.

In the course of revisiting this topic, I linked back to a little “fable” I wrote about a year ago after the Investment Funds Institute of Canada (IFIC) announced what it was doing to “promote” financial literacy.

I was skeptical then, just as I’m currently skeptical about Investors Group’s wrapping itself in the FinLit flag even while its fees remain near the highest in the country that studies have shown have pretty much the highest MERs (Management Expense Ratios) in the world.

For those who missed it first time, here is the fable about FinLit Frank and his efforts to instill financial literacy in his daughter, MERry. Who knows, maybe Frank is an Investors Group executive?

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