November is Financial Literacy Month and here’s why you should take notice. Making the right choices now can you put on the right path to financial success and save you a lot of grief. Try and get a head start, learn how to manage your debt and make smart decisions when it comes to your money and how you spend it. It’s never too late to learn- arm yourself with the knowledge you need to take control of your finances.
Only four in ten Canadians can be classified as having higher levels of financial literacy according to a recent Ipsos poll- meaning this is a challenge for a lot of people.
Managing your finances is difficult at times, but it can get easier! Sure there are more options to choose from, more products and services and more financial institutions out there, but once you feel empowered with the knowledge and skills you need to deal with it all, you can make it work. Our ability to make the right decisions depends on how much we know.
Just 45 per cent of those polled in the Ipsos study, Canadians and Financial Literacy, said they had the skills needed to understand the financial information they require and just 37 per cent of Canadians said they were comfortable investing money on their own. Only 45 per cent said they have a retirement plan and save money specifically for retirement.
Financial literacy isn’t just about investing and planning. It goes back to the basics- it’s about better budgeting, paying bills, managing credit and avoiding penalties and interest payments. It’s about having the confidence to take responsibility and to seek out help when you need it.
The Financial Consumer Agency of Canada has great information and resources about the initiative and there are lots of other agencies and financial institutions that are here to help. If you don’t know the answer- just ask!