Welcome to Financial Literacy Month! Since 2012, Canada has officially designated every November as Financial Literacy Month. This month is all about helping Canadians better understand and manage their finances, and encouraging financial freedom. Of course, Canadians should make their finances a priority year-round, but right now is a great time to really focus. There are several opportunities to strengthen your financial management skills this month. Here’s how you can make the most out of this year!
What’s the point of Financial Literacy Month?
Financial Literacy Month is an initiative from the Financial Consumer Agency of Canada (FCAC). They collaborate with public, private, and non-profit organizations to provide Canadians with the financial knowledge they need to succeed. The FCAC states that its big goals involve teaching about money and debt management, saving, and financial rights as Canadians. Ultimately, the desire is to help people feel confident in today’s economy and financial landscape. For many people, money is an intimidating topic, and also one that is hard to understand. This is why it’s so important to promote financial literacy throughout the year, and especially this month.
What does it involve?
The FCAC always provides excellent resources during Financial Literacy Month. This year, the theme is “Managing your money in a changing world.” The Canadian economy has gone through rapid changes in the last couple of years, which has had an impact on everything from inflation to interest rates, costs of living, and the housing market. Of course, these are all factors that will have a great impact on Canadians. This year’s theme will address this topic in greater detail. The FCAC has split up each week in November to focus on one particular message. Week one will cover financial health, week two will be about debts, week three discusses financial emergencies, week four reviews money management, and week five promotes financial rights.
As we move through the month, you will see articles, videos, and webinars pop up that focus on some aspect of financial literacy. Again, this might come from a public organization, or a private company. Right now, the FCAC’s website allows you to browse through several articles and tools that promote financial learning. These resources vary in knowledge level and experience, so all Canadians are able to access information they can use.
How does it affect you?
Why should you care about Financial Literacy Month? As a Canadian, you understand that our economy is changing fast, and it can be hard to keep up. Depending on your unique situation, your financial needs may differ from another person’s. Gaining customized resources really puts you on the right path to learning. Whether you are dealing with debt, a mortgage, or saving for the future, it is always worth spending some time reviewing your own finances and financial freedom.
Financial Literacy Month doesn’t have to be boring! If you can target the key areas you want to learn about, this is a good place to start. Take some time to explore issues that matter to you, and take advantage of the unlimited resources available to you. You can even set a goal for something you want to learn before the month is over. If any of your questions or concerns involve homeownership or mortgages, it’s also important to reach out to a broker. We can discuss your goals and form a plan for the best way to meet them.
If you have any questions about your mortgage, get in touch with me!