Financial (Il)literacy or Financial Inaccessibility?

“Financial literacy”

It sounds great..

Empowering.

Practical.

Even urgent.

But in my opinion the word carries a certain weight, but not the kind that uplifts.

When we think about literacy, we may also think about (often without naming it) the assumption that if you don’t know the terminology or were never given the tools, perhaps you are then illiterate.

 And that feels disempowering.

 It feels like judgment.

The exact opposite of what financial literacy is meant to represent.

Just yesterday I had a powerful conversation with a woman I was recently introduced to by a good friend in one of my coaching circles. She is a successful Certified Financial Planner (CFP) and her practice is unique in that it is grounded in education, access, and equity. 

Within minutes, we were off talking about our respective work, the emotional weight people carry around money, and the invisible barriers that keep so many from accessing quality financial advice.

She told me about a woman who came to her with $4,000, money she had worked incredibly hard to save over the past few years. She was ready to invest, to begin building something more for herself. But before finding her, she had been turned away multiple times by other financial advisors because she didn’t meet the $250K (or in some cases, even $500K) investment threshold required just to start a conversation.

This woman was seeking guidance and was met with a barrier.

A closed door.

And sadly, that’s not a one off story.

It happens often.

This is one of several areas where there remains quite a bit of work to be done. Not just because of investment firm policies and account minimum requirements, but because of a culture that treats “financial literacy” as something you either have or lack rather than a space you are invited into with compassion and nonjudgment.

I believe in financial education, but I also believe we have to be more thoughtful about how it’s positioned.

Education should feel like a door opening, not a private gate you have to prove yourself worthy of entering.

Financial wellness is a right, not a reward.

And access shouldn’t hinge on the size of your investment portfolio.

Not having been handed the tools doesn’t make you “illiterate”, especially when you have been navigating it with the knowledge that you acquired on your own.

Other parts of the world are recognizing this somewhat proactively and with a vision. 

Earlier this year, The Financial Times reported on Finland’s national effort to become the most “financially literate” country in the world by 2030. One of their standout programs is Yrityskylä, where middle-school aged students are immersed in a simulated society for hands-on learning about personal finance and entrepreneurship. 

It’s a model for recognizing financial education as essential to our well-being, not something reserved for the privileged few. 

No wonder Finland continues to top global rankings as the happiest country in the world! 

When you create access and agency early, everything else starts to shift. 

If you are interested, you can read the article here.

Canada is taking a long-view approach with its National Financial Literacy Strategy (2021–2026), focused on making financial literacy more accessible, inclusive, and relevant for people from all walks of life. The initiative emphasizes reducing barriers to access, especially for marginalized groups, recognizing the structural barriers to financial education that inherently exist. 

What I love is that their initiative focuses on systemic change, not just individual responsibility.

 On a global scale, the United Nations launched the Principles for Responsible Banking Commitment to Financial Health and Inclusion just a few years ago. The initiative urges financial institutions worldwide to prioritize the financial well-being of the people they serve, not just their stakeholders. 

Although there is still so much work to be done, these efforts highlight that maybe, just maybe, we are inching closer to a world where financial wellness is becoming more accessible for us all, even amid the chaotic and uncertain times that we are living in.