November is Financial Literacy Month in Canada – a significant time of the year when the focus is on spreading awareness among Canadians about various financial matters, which will empower them to better manage their personal finances. The objective of Financial Literacy Month is to help educate Canadians about the importance of long-term savings. Individuals who are more informed can make better credit and investment decisions, and provide for themselves and their families in a way that builds a stable financial future.
Financial Literacy Month in Canada is organized by FLAG, the Financial Literacy Action Group, working together with Financial Consumer Agency of Canada (FCAC), the federal government body. FLAG is a coalition of seven non-profit organizations. The Financial Literacy theme for 2014 is “Strengthening Financial Literacy through Collaboration,” thus emphasizing the importance of different organizations coming together to educate the community on a wide range of financial matters.
Many programs are planned for FLM, targeting an audience across all demographics in Canada. While the programs are far reaching, they also aim to keep in mind the unique needs of young adults and senior citizens. The subject matter covers almost all professional categories such as students, educators and entrepreneurs. Additionally, there are specific programs for low-income groups, the differently abled, women and the unemployed.
The introductory and advanced training topics and objectives cover almost all life events and include many common topics such as “Financial Awareness for Your Family” geared to the general public to more specific ones like “Starting Your First Business in Canada” for entrepreneurs. Listed below are some of the topics incorporated in the different seminars, workshops, one-on-one sessions, conferences, webinars and podcasts:
- Retirements and Pensions
- Banking, Savings and Investments
- Mortgages and Loans
- Rights and Responsibilities
- Fraud
- Budgeting and Money Management
- Credit and Debt Management
- Taxes
- Insurance
- Financial Basics
- Estate Planning and Settlements
The agenda also includes a photo contest entitled “My Financial Literacy Selfie” that is open to all Canadians. The contest encourages engagement by asking individuals how they use their financial skills or spread financial awareness in society.
A study of Ontarians by IEF, Investor Education Fund, found that only 3 out of 10 were aware of their financial priorities and the importance of savings, thus revealing the need for an aggressive financial literacy program across Canada. The financial crisis of 2008 challenged many families and brought to the fore the importance of educating children on money matters. Hence, many sessions designed for parents have also been structured to guide them in teaching their children how to save and manage money from an early age. Although a host of schools and colleges now offer stimulating classes that teach students practical financial concepts that they can use daily, parental involvement is key in getting kids started early with these crucial life lessons.