Welcome to Financial Literacy Month!

November has arrived, which means Financial Literacy Month is back! This month is an annual reminder for Canadians to have a closer look at their finances and ways to improve. We all have different financial goals, whether those involve building savings, managing debts, purchasing a home, or anything else. Financial Literacy Month brings you tons of resources to help you achieve these goals sooner and improve your financial knowledge. Here’s a quick review of what this month is all about, and how it can help you as a Canadian!

What is Financial Literacy Month?

Financial Literacy Month launched back in 2011, introduced by the Financial Consumer Agency of Canada (FCAC). The goal of this month-long program is to help Canadians improve their financial well-being. The FCAC partners with several public and private organizations to provide Canadians with helpful resources designed to boost their financial confidence and understanding. Financial literacy has become even more important in recent years, thanks to major economic impacts like the COVID-19 pandemic, inflation and record-high interest rates, and the chaotic housing market. Canadians have endured several storms that have affected jobs, savings, and credit. The goal of this month is to give Canadians the tools they need to navigate the financial landscape with confidence. 

Why does it matter to you?

Financial Literacy Month is for you, no matter if you are a home owner, a renter, trying to pay off debt, or just looking for ways to be financially responsible. According to Statistics Canada, about 70 per cent of Canadians carry debt in some form. This means nearly everyone can benefit from learning more about their finances. A lack of financial literacy can lead to further issues with debt, credit, and income. It’s essential to understand how to manage money, build savings, and keep debt at bay. Taking part in Financial Literacy Month can help you stay on top of your financial responsibilities and make informed decisions.

The biggest topics to develop financial literacy

So, what are the major areas you can focus on to help develop your financial understanding? Some important topics to learn about include debt management, saving strategies, and the mortgage industry, if you are considering purchasing a home. Starting with debt management, it’s essential to learn how you can manage and reduce your debts. High debt levels are common in Canada, but understanding interest rates, repayment options, and debt consolidation can help you stay on track. When it comes to savings, there are endless ways to save, and a huge number of things to save for. You may be looking to save a down payment, go on a big trip, or send a child to college or university. Things like automated savings or high interest savings accounts can boost those funds, and proper budgeting makes all the difference as well. Finally, if you’re considering buying a home, financial literacy will be part of every step you take. Understanding the mortgage process, interest rates, and costs of homeownership will be essential for your success. 

How can a broker help you?

Navigating financial decisions can be complicated. A mortgage broker is your valuable resource in guiding you through the process, ensuring you understand your options and how your finances align with the market. Whether you are a new home buyer, hoping to refinance, or preparing to downsize, we can provide services tailored to your goals. For us, financial literacy is a year-round focus.

Financial Literacy Month is all about improving your financial knowledge however it will serve you best. To build your financial literacy, consider different resources like podcasts, webinars, social media, or live events. You can check out this blog for some more information on some of the best resources we recommend! Plus, be sure to contact a broker if you’re interested in homeownership. We can help you evaluate your options and guide you through the market.

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