Canadians Are Close to Financial Doom, Warns Shark Tank's Kevin O'Leary

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The economic backdrop for Canada, already grim, is now looking even poorer under the new minority Liberal government, led by a re-elected Justin Trudeau, says Kevin O'Leary, chairman of O'Shares ETFs and star of the hit show Shark Tank.

"What is the definition of leadership if it isn't to unite a country? Here's a guy that's so poor in executional skills, in strategic skills, in any kind of vision and leadership, and if I may be critical, he has destroyed unity in Canada because he doesn't know what it means," O'Leary told Kitco News.

According to economists, there is a 45% chance that Canada may see a recession soon, and a recent Ipsos poll showed that 48% of Canadians are $200 away monthly from being financially insolvent.

O'Leary said the fate of Canadians is a result of a lack of financial literacy nationwide.

"This is a tragedy that occurred twenty years ago because we don't put financial literacy to our curriculum in any province. We have to change how we educate children. We teach them everything about geography, math, reading, but never financial literacy. We never explain what a credit card is, we don't talk about debt with them at early ages," he said. "Florida, for example, has made it mandatory that you give financial literacy classes to high schoolers, so you don't end up in a situation like this."

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.