Financial literacy is important for governments too

By Melissa From, President & CEO, JA Southern Alberta

Understanding the implications of personal and public financial decisions requires a strong background in financial literacy.

On February 28, Alberta’s Minister of Finance, Hon. Travis Toews tabled Budget 2023, showing Alberta will have a healthy $2.4 billion surplus in 2023-24, even as every program across government received operational spending increases, including the Ministry of Education.

Public finance is so closely linked to politics that it is sometimes easy to overlook all of the ways in which government, business, and community decision-making has become so highly integrated. The ways in which the government opts to allocate provincial revenues has a massive impact on our daily lives, but also the lives of future generations.

Because of this vast interconnectedness, it’s never been more important for individuals to understand the implications of public finance decisions made by our government.

Budget 2023 introduces the concept of fiscal frameworks–proposed legislation that will require the provincial government to balance the budget every year, that limits program spending increases to population growth and inflation, as well as setting policies for the allocation of provincial government surpluses–which JA is thrilled to see.

Since the 1960s, JA has been teaching young people the importance of financial prudence in conjunction with important entrepreneurial and career skills to empower them to thrive in a global economy. Seeing concepts we value in personal finance integrated into public finance will set an important example for our students. It reinforces the value in understanding cause and effect relationships between spending, saving, and investing decisions at a personal level, but also at a government level.

As more and more young people receive financial literacy training through the new Kindergarten to Grade 6 curriculum (thanks to the dedication of our committed teachers and support from community partners like JA Southern Alberta), our hope is that the perceived divides between private and public finances will lessen, and more Albertans will feel confident understanding the implications of government decisions

The more we can encourage Albertans to view the financial decisions of governments as consequential as their own personal decisions, the more we can reinforce the value of financial literacy, and engage individuals to participate in the budget process.

This will come as the government, educators, and organizations like JA Southern Alberta collaborate to ensure we’re providing the support required to navigate whatever uncertainty lies ahead.

To learn more about JA Southern Alberta, please visit jasab.ca!

“Of course, baby boomer retirements are a huge factor. And the shortage of new apprentices coming into the trades, during the past 10 years or so.”

According to Jason Gillespie, president of Calgary’s Pathfinder Group, specifically focused on construction and architecture industry recruitment, the urgency is about lots of jobs but not enough people.

“The current job vacancy rate in the construction sector is around 7.2 per cent, higher than it was this time last year. And age is very much a factor. Many skilled trades are retiring from the industry and there are gaps not being filled. The problem is the availability of skilled professionals for construction.

“In the 17 years I’ve been doing this, we haven’t seen this many people leaving the industry altogether, for whatever reasons. Some just wanted a change of pace, maybe get into something more sustainable, something that fits their lifestyle better or they just wanted a change.

“There are lots of reasons why people have left the industry,” he says. “But the long-term impact is that builders and developers may not be able to meet their targets.”

Bill Ferreira emphasizes a double-barreled trades crunch problem. “First, the construction industry must stay focused on increasing domestic recruitment, particularly with underrepresented in the construction sector, such as women working onsite and Indigenous people.

“Women in onsite trades account for only 7.5 per cent of Alberta’s construction labour force, with a slightly higher share of women working in the residential construction sector. Indigenous workers accounted for 6.7 percent of Alberta’s construction workforce, higher than the overall share of Indigenous workers in the broader labour force.”

Ferreira also urges for more construction workers from abroad, adding the undisputed fact that Canada’s population is aging and, over the next decade, newcomers will make up an increasing share of the overall labour force.

“Newcomers are essential,” he says. “Currently, they account for 26 percent of the total labour force, although in the construction sector, they account for only 19 percent. Newcomers are crucial to supplement construction’s domestic recruitment efforts.”

The capital investment is ready. The projects and the work are ready. And the BTA’s Terry Parker is blunt. “We must prepare now, for the construction industry’s labour shortage. Waiting for the industry to correct itself during projects, could be disastrous for the economy.”

University of Calgary (UCalgary) is more than a collection of buildings on campus; it’s the unique experiences of the people inside them and the vibrant community that they create together. When UCalgary created West Campus Development Trust (now University of Calgary Properties Group) in 2011 to develop land west of the University, it was imbued with strong principles of community and connection to optimize the return on land for the benefit of the University’s academic mission.

“It was important for the University to make sure that the activities of the development were conducted in a manner that befitted the University of Calgary,” says James Robertson, outgoing President and CEO of University of Calgary Properties Group (UCPG). “We have a fantastic team here that is passionate about the vision for the community.”

UCalgary was modelled after University of British Columbia (UBC) and is the first university in Alberta to set up a real estate trust designed to oversee the development and management of university land projects. This bold and innovative approach to investment allows the University to realize the financial potential of its land holdings while at the same time ensuring that the developments complement the University’s mission and vision.

There is no one better to manage this endeavour than University of Calgary Properties Group, which has become an award-winning