The Saskatoon Business College this week will become the first school in Saskatchewan to require that all students take a mandatory money management class.
'We have evolved into a next-shiny-object kind of society.' - Bruce Croxon, former 'dragon'
It's an online course called Enriched Academy, and it finds its roots in CBC's Dragon's Den.
Kevin Cochran is a co-founder, and in an interview with CBC Radio's Saskatoon Morning, he said people may know how to make money, but not how to live within their means.
"They are not in debt because of what they make; they are in debt because of what they spend."
Promoting financial literacy
Bruce Croxon is a former cast member of Dragon's Den and is a backer of Enriched Academy.
"It's very basic, engaging, and done with humour," said Croxon.
Croxon knows what he's talking about. He was an early adopter of digital media founding Lavalife, an Internet dating site with millions of users. In Enriched Academy, Croxon saw an opportunity to help people grapple with a big problem.
"We have evolved into a next-shiny-object kind of society," he said. "The level of financial illiteracy is quite high, surprisingly high, and this covers a lot of the basics to save, and keep you out of debt."
Since Cochran pitched the idea to the 'dragons' about four years ago, it has grown into one of the most successful deals ever made on the CBC program.
Cochran said he hears often about how the program has changed people's lives.
"I wouldn't want to nail it on one or two; I probably get about 20, 30 emails a week."
Both Cochran and Croxon are expected to be on hand in Saskatoon when the Saskatoon Business College officially launches the program on Wednesday.