Speaking about money builds financial confidence, FCAC says
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November marks the 14th annual Financial Literacy Month and the goal of this year’s campaign is to get people to talk about the taboo subject of money.
Financial Literacy Month is led by the Financial Consumer Agency of Canada (FCAC), the government agency that supervises federally regulated financial organizations and protects the rights and interests of consumers. In 2021, the FCAC launched its National Financial Literacy Strategy, a five-year plan that aims to create financial resilience in today’s evolving digital world — including increasing financial literacy among Canadians.
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“Canadians face an increasingly complex and digital financial marketplace. The global pandemic has magnified economic challenges and disparities for many people,” according to the FCAC’s strategic plan. “This historic event also exposed the fact that financial vulnerability can affect anyone — regardless of income, background, or education.”
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“Money on your mind? Talk about it!” is the theme of this year’s campaign. The FCAC say that speaking about money builds financial confidence.
“Talking helps us connect and learn from each other, and is an important way to share information,” said Werner Liedtke, the interim commissioner for the FCAC, in a news release. “Having conversations about money with people you trust can build confidence and open the door to positive financial outcomes.”
According to a recent survey by Edward Jones, 59 per cent of Canadians did not receive any financial education in school. Of those people, 41 per cent rated their ability to manage their personal finances as “okay” at best. The survey also found that millennials were the generation most likely to believe they would benefit from the help of a financial advisor, at 80 per cent.
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Just in time for Financial Literacy Month, a new platform from Co-operators Group Limited seeks to cater to that very cohort, by offering insurance advice to younger Canadians.
“While we often turn to our friends or family for financial advice, they might not have all the answers when it comes to insuring your first mortgage or protecting your growing family,” said Jessica Baker, executive vice president of retail wealth for Co-operators. “This new platform has professional insurance advice, tailored to the young Canadians who need it during life’s biggest moments.”
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The platform provides financial information and advice on planning for the future, including resources for people who are entering the workforce, buying their first home, or having children.
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