According to a 2018 article by World Vision Canada, children are most affected by the cycle of poverty. They are born into it and thus can’t simply pull themselves out. One of the most effective ways to pull children out of poverty is ensuring they have access to education. Knowing how to read, write, and do math are essential skills that can make a big difference. However, to truly make a sustainable impact for an economic recovery that lasts multiple generations, children also need to learn how to break the cycle of economic poverty.
For many underserved communities, generational poverty goes back further than any of us can remember. It has become a way of life. A lack of access to money and resources as a normal occurrence within a household perpetuates as part of that household’s culture down through the generations. The youth begin to believe there is no other way of living and they breathe life into that reality. However, when educated early on different aspects of financial literacy (money management, saving, technology, credit, and investments) and being introduced to entrepreneurship opportunities this cycle can be broken.