Does Financial Literacy lead to Financial Independence?

One the philosophies of the MERI$TIC Financial Literacy Center is “that most people with a formal education are able to grasp the core concepts of financial literacy and apply them over time in their daily lives which would lead them to financial independence.” HOWEVER these headlines may suggest differently.

Half of working Canadians living paycheque to paycheque: poll

Canada’s household debt is now bigger than its GDP, for the first time

Canadians are just $200 away from being overwhelmed by debt, new survey finds   

76 million Americans are struggling financially or just getting by.

Some 46% of adults say they can’t cover an unexpected $400 expense or would have to borrow or sell something to do so.

Is the answer to overcoming these headlines in knowing more about the “Money Trap” created by our economic societal norms alongside being formally educated in financial literacy?

Does the MERI$TIC Approach©” to financial literacy education and training hold the key to unlocking the financial independence dilemma?