November is Financial Literacy Month across Canada. Financial literacy is a set of skills that a person needs to make informed decisions about their personal finances with the resources available. Household debt is currently at an all-time high and Canadians simply aren’t saving like they used to. It’s no secret that financial problems can also be a source of stress and some studies even show that it can cause physical pain.
In 2014 the Canadian government completed the “Canadian Financial Capability Survey.” This survey was made up of 14 questions relating to banking fees, debt, inflation and other basic questions about personal finances. The average grade scored on the survey was 62%, with less than 3% of those taking the survey scoring a perfect grade. Sadly, the results weren’t much of a surprise since at the time financial literacy was generally not taught in schools.
Luckily, there is now change on the horizon as the Quebec government implemented a financial literacy course in the fall of 2017. While this is a good first step, it will only help those who are currently in the school system. Thankfully for the rest of us, resources are available through the Government of Canada, as well as ABC Money Matters. Remember, it’s never too late to learn!
If you are interested in hosting a financial literacy workshop, please contact the staff at Literacy Unlimited 514-694-0007.
Written for LU by Samantha Star.
(The photo credit goes to Raven Marie Reid, age 2).