A cautionary tale about what happens when you don't understand your own finances and a woman on a mission to help Canadians become financially literate.

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PART TWO

Financial Literacy - Dave Carr

I've given out a lot of my own money over five seasons of CBC's Dragon's Den. There are a lot of reasons why I can do that. I think I have good instincts about investing in people's ideas. I've worked hard over the years and made a good living doing what I do.

But one of the most important reasons is that I understand my money ... how it works and how to spend it. Financial literacy is not everyone's strong suit, Dave Carr knows that all too well. He lives in Toronto and is a recovering credit addict.

Financial Literacy - Ursula Menke

It's stories like Dave Carr's that led the federal government to create a department to help Canadians better understand their own finances. In 2001, the Financial Consumer Agency of Canada was established. Ursula Menke is the Agency's commissioner. She was in Ottawa.

As she mentioned, there is a federal program called The City. It's aimed at high school students. And The Current visited a classroom at Sir Wilfrid Laurier Collegiate Institute in the east end of Toronto where students were learning how to control their own finances ... today and, hopefully, in the future.

The Office Clip

Bankruptcy and budgeting can elude even the best of us ... and the funniest. We aired a clip of Michael Scott, from the Office, trying to manage his money.

Music

Artist: Simply Red
Cd: Simply Red: 25 The Greatest Hits
Cut: # 9, Money's Too Tight to Mention
Label: Simply Red
Spine: SRA 006

Other segments from today's show:

• Women in Boardrooms
• Innovation in Canada