Peterborough’s main problem is the above average literacy problems faced by the inhabitants of this city. More than forty percent of the adult population does not possess the relevant literacy skills required to live a good life (Committee, 2008).
As services are transferred to the Internet, literacy is creating even more issues as internet requires the people to read and write if they want to use services over the internet.. Illiteracy also creates a negative impact on the younger generation. Poor literacy skills affects the people and their community adversely as a whole, and leads to reduced choices in employment, healthcare, primary and higher education and most importantly, personal finances. With the inception and rampant usage and availability of e-banking, the problems related to literacy have escalated.
Inadequate financial literacy of the population directly impacts the economic well being of not only the individual, but also of the city and country as a whole.