Here’s why Financial Literacy Month matters

Financial Literacy Month is here! For many Canadians, November is the perfect month to do a review of their finances and refresh themselves on what financial literacy means. The holidays are approaching and a new year is on its way, so there’s no better time to make sure you have a good handle on your money. In this post, we’ll go into more detail about why Financial Literacy Month matters to you as a Canadian, and how you can go about improving your own literacy. Let’s dive in!

What is Financial Literacy Month?

In 2011, the Financial Consumer Agency of Canada (FCAC) introduced Financial Literacy Month. Every November is Financial Literacy Month, and the FCAC’s goal is to improve Canadians’ financial knowledge and well-being. With this in mind, they work with organizations and businesses in the public and private sectors to provide Canadians with resources and information to help them with their finances. Financial Literacy Month is especially important as COVID-19 still lingers, given that many Canadians have lost or switched jobs, and had their savings impacted. As this is the second pandemic year of Financial Literacy Month, FCAC is bound to have tons of information for Canadians on handling their personal finances and debt.

Why is it important for you?

If you’re a home owner, have debt, pay rent, or have any expenses or assets, Financial Literacy Month matters. This means most people would benefit from understanding their finances! About 70 per cent of Canadians have debt, according to Statistics Canada, which is one of the highest rates worldwide. Unfortunately, FCAC says that Canadians don’t tend to have the best savings or plans for managing their debt. This combination can be dangerous, so it’s essential to stay on top of your finances to avoid making any incidents of debt worse.

Stay on top of your finances!

There’s endless ways to monitor your finances, and continue to learn about how to manage your money. From books to social media accounts, here are some suggestions for places you can seek additional information.

Listen to podcasts

There are podcasts for every subject imaginable, including finances! If you like learning on the go, or you don’t love reading, this could be an ideal option for you. Some good financial podcasts include Real Money Talk, where the hosts interview experts about common money issues facing millennials, and Simple Money, a quick-hit podcast about understanding the economy. 

Attend events and webinars

Live events can be a great way to gather real-time information while interacting with experts. These are generally more hands-on, as they involve audience participation and you get to learn in the moment. Some great webinars come from My Money Coach, with topics ranging from saving on household costs to retiring without debt.

Follow social media accounts

Social media can be a great resource to connect with people and organizations who post valuable information about finances, such as the Canadian Real Estate Association (CREA), the Bank of Canada, banking institutions, real estate companies, or individual professionals you may know. Between LinkedIn, Facebook, Instagram, and Twitter, you can find lots of accounts that post information, articles, blogs, and more! Plus, you can learn about topics you probably never even thought were relevant to you. 

Read financial literature

If you love reading books or articles, there’s tons of financial information out there for you. Pretty much any account you can find on social media also has a website with blogs and helpful articles. However, you can also turn to books. A quick Google search for “personal finance books” will turn up thousands of results and options for you. Some good examples are The Wealthy Barber, The Millionaire Next Door, and Worry-Free Money: The Guilt-Free Approach to Managing Your Money and Your Life.

Contact a professional

If you’re hoping to get involved in real estate and don’t think your financial literacy is quite up to scratch, get in touch with a broker for help understanding the home buying or mortgage process. We can guide you through everything you need to know while ensuring you have an understanding of your finances.

Financial Literacy Month matters to everyone and has some kind of impact on all of our lives. Even if finance isn’t your top interest, it never hurts to improve your understanding of your money.

If you have any questions about Financial Literacy Month, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.