What does that mean?
Halloween is over, Remembrance Day is the focus and Christmas, well, it’s around the corner and creeping into our stores, social media accounts and ads. But did you know it’s also Financial Literacy Month? (affectionately known as FLM). Ok that is a stretch but FLM exists and the fact is this: it is important to all of us to prioritise our personal finances. This dedicated period is a chance to focus on enhancing the financial well-being of Canadians. In this article, we’ll talk about the definition, history, and importance of Financial Literacy Month, emphasising the role it plays in shaping a financially informed and empowered society.
What is financial literacy and why is it important to you?
Financial Literacy Month is an annual initiative aimed at promoting awareness and understanding of financial matters among Canadians. It serves as a reminder that financial well-being is a cornerstone of a secure and prosperous life. Throughout this month, various activities, events, and educational programs are organized to equip individuals with the knowledge and skills needed to make informed financial decisions.
History
The roots of Financial Literacy Month can be traced back to the early 2000s when countries worldwide recognised the need for comprehensive financial education. Parliament of Canada officially designated November as Financial Literacy Month in 2012, designating November as Financial Literacy Month. Since then, the month has evolved into a nationwide effort, garnering support from government bodies, financial institutions, and non profit organisations.
Importance
Take control of your Finances
Financial literacy empowers individuals to take control of their financial destinies. By understanding budgeting, saving, investing, and debt management, Canadians can make informed decisions that align with their long-term goals.
Strengthening Our Communities
A financially literate population contributes to the overall strength of communities. Families equipped with financial knowledge are better positioned to weather economic uncertainties, reducing the strain on social services and fostering community resilience.
Enhancing Economic Stability
Financial literacy is not just a personal matter; it has broader implications for the economy. Informed consumers make sound financial choices, contributing to the stability of the financial system and promoting economic growth.
Breaking the Cycle of Poverty
Financial education is a powerful tool in breaking the cycle of poverty. By providing individuals with the skills to manage their finances effectively, Financial Literacy Month plays a crucial role in creating opportunities for economic mobility.
Online Resources and Free Courses:
To make the most of Financial Literacy Month. Here are some valuable agencies and links:
Government of Canada – Financial Literacy explores resources provided by the Financial Consumer Agency of Canada, offering tools and information on budgeting, saving, investing, and more. You can access it [here]
Credit Counselling Society offers comprehensive resource offering articles, tools, and free online courses to help Canadians make informed financial decisions. To learn more about their offerings visit their website [here].
Ontario Securities Commission provides practical tools and resources to enhance financial literacy, covering topics such as investing, retirement planning, and debt management. To learn more about their offerings visit their website [here] .
Money Mentors is an Alberta-based, non-profit credit counselling agency that is a resource for credit counselling and money coaching, as well as retirement planning and community financial literacy. Check out their website [here] to access their resources.
Conclusion
As Financial Literacy Month unfolds, let’s celebrate its importance in helping everyone understand and take charge of their finances. There are tons of free online resources and courses out there, so Canadians can start their journey toward financial well-being. This sets the stage for a secure and prosperous future. Let November be the month when you equip yourself with knowledge and make informed choices for a better future.