Financial literacy is just as critical to entrepreneurship as innovation or risk-taking, says Kelley Keehn, CEO of the Money Wise Institute. Speaking in an interview marking November’s Financial Literacy Month, Keehn said business owners often underestimate how closely money confidence is tied to business confidence, affecting decisions on pricing, hiring and investment.
Kelley Keehn
Keehn noted that many entrepreneurs still rely heavily on instinct, despite evidence that younger Canadians increasingly make financial choices without solid information behind them. She warned that gut-based decisions can lead to costly mistakes, particularly around cash flow — the leading factor in small-business failures.
Common blind spots include underpricing, avoiding investment due to fear, and failing to set aside funds for taxes. Keehn also stressed the importance of separating personal and business finances, and of maintaining both personal and corporate emergency reserves.
To build financial capability, she pointed entrepreneurs to trusted resources such as GetSmarterAboutMoney.ca, the Financial Consumer Agency of Canada, and CIBC’s financial literacy hub. She emphasized starting small with investing, even as little as $100 a month.
Keehn urged entrepreneurs not to fully hand off financial oversight to accountants or bookkeepers, noting that due diligence and regular monitoring remain essential safeguards against errors and potential fraud.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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