Financial literacy is defined as the knowledge, skill and confidence to make informed financial decisions. People with financial literacy skills make better financial decisions and manage money better than those without these skills. If you feel like you don’t have strong financial literacy skills, you’re not alone.
- 4 in 10 Canadians report that money is a daily concern, and a third of low-income Canadians report worrying about money almost constantly (Canadians and their Money – Financial Planning Standards Council, 2016).
- Less than half of Canadians (46%) have a budget (Managing Money and Planning for the Future: Key Findings from the 2014 Canadian Financial Capability Survey – Financial Consumer Agency of Canada, 2015).
- Nearly 6 out of 10 Canadian adults (59.6%) do not have a good idea of how much money they need to save to retire when and in the way that they want (Financial Literacy and Retirement Well-Being in Canada: An Analysis of the 2014 Canadian Financial Capability Survey – Financial Consumer Agency of Canada, 2017).
- People who have higher levels of financial confidence tend to have better results with day-to-day money and debt management than those with low levels of confidence (The link between financial confidence and financial outcomes among working-age Canadians – Social Research and Demonstration Corporation, 2016).
Source: ABC Life Literacy Canada
Financial Literacy Month
Financial Literacy Month takes place every November, and Credit Counselling Services of Atlantic Canada is proud to be a participant each year. During Financial Literacy Month, the Financial Consumer Agency of Canada (FCAC) engages with Canadians and works together with organizations from the private, public, and non-profit sectors to help strengthen the financial literacy of individuals and families. Throughout the month, organizations from across the country are encouraged to host events and share resources aimed at helping Canadians understand their finances and empowering them to manage their money and debt wisely, save for the future and understand their financial rights and responsibilities.
Improving the financial literacy of Canadians
Credit Counselling Services of Atlantic Canada aims to improve the financial literacy of Atlantic Canadians through free resources, our blog and presentations. If you are currently struggling with debt and need help, contact us at 1-888-753-2227 or by email at [email protected]. We can help get you on the right track through financial education.