For 14 years now, Canada has claimed November as Financial Literacy Month (FLM). Each of those years, the Financial Consumer Agency of Canada (FCAC) has laid out the groundwork to support Canadians in educating themselves in all things personal finance.
After just 5 years, it was obvious how important this initiative is to Canadians. This sparked an evolution into the National Financial Literacy Strategy. Its aim is to create collaborative opportunities with businesses and organizations to spread financial education faster and wider. It was a hit! So much so that it dawned a second iteration, National Financial Literacy Strategy 2021 – 2026.
Like many things in our modern-day world, financial literacy is changing so quickly it’s become a moving target. New things like digital currencies and artificial intelligence have changed the financial landscape drastically. This new version of the National Financial Literacy Strategy is geared towards helping Canadians navigate these changes.
This strategy is about making it [financial decisions] a little less overwhelming for financial consumers in Canada. We need to help consumers take individual action, and we need an ecosystem that enables them to surmount adversity and build resilience.
Dr. Supriya Syal, Deputy Commissioner, Research, Policy, and Education.
Why financial literacy?
Financial goals and life goals are intrinsically connected. It’s not often that a goal you want to achieve in life doesn’t involve some sort of financial requirement. It’s also arguable that a person’s well-being is tightly intertwined with their financial well-being. There are lots of studies showing that people stress about money. Whether it’s having the means to put kids through university or just pay rent, finances are one of the biggest stressors people face today.
Managing money well so you know your finances are on the right track leads to a significant reduction in stress. It can also mean eating better quality food and getting to do more of what you enjoy. All of these things are good for a person’s body and mind, in other words, well-being.
While we can’t control everything that happens, there are things we can do to mitigate the effects of life and financial twists and turns. Financial Literacy Month was created to help Canadians learn and put into practice the things that do just that!
This year’s theme
Each year the FCAC centres its Financial Literacy Month efforts around a theme. This year’s theme is “Money on your Mind. Talk about it!”
There’s a centuries-old stigma around talking about money. This theme encourages Canadians to pull back the curtain on their finances and have open discussions about money. While many fear judgment and shame if they talk about money the FCAC says that the exact opposite is true. They’ve found that being transparent about personal finances actually “builds financial confidence, and can lead to better financial outcomes.”
Taking part in FLM 2024
As the saying goes, talk is cheap. So this year the FCAC is asking Canadians for action. They want everyone to choose one thing, just one, to do during Financial Literacy Month to boost their financial confidence. It can be as simple as:
- Getting help making a budget
- Contacting a financial professional to build a debt management plan
- Pulling your credit report
- Cancelling unused subscriptions
- Re-negotiating your recurring bills
Browse more of the Consolidated Credit Canada website for many financial literacy resources like blogs, calculators, booklets, videos and more!
Got my one thing! Got yours? Share it using #MoneyOnYourMind.
