The Financial Consumer Agency of Canada (FCAC), in collaboration with the Bank of Canada, launched the 8th annual Financial Literacy Month (FLM) this morning.
We know that Canadians feel overwhelmed by debt, but certain behaviours can make a difference. The results of a recent international survey by FCAC revealed the most important behaviour, which has the biggest impact on people’s financial well-being, is being an active saver – for example, regularly saving money for unexpected expenses. We will be releasing preliminary results of this survey later this month.
The goal of FLM is to encourage Canadians to take control of their finances and reduce financial stress by making a budget, having a savings and debt reduction plan, and understanding their financial rights and responsibilities.
This year’s FLM theme is, “Invest in Your Financial Well-Being.” Each week of FLM also has a specific sub-theme:
- Week 1 (November 1 to 3) – Invest in your financial well-being: Research shows that achieving financial well-being often leads to reduced stress, and greater mental and physical health.
- Week 2 (November 4 to 10) – Have a plan to pay off your debt: Making a budget and sticking to it makes it much easier to pay off your debt.
- Week 3 (November 11 to 17) – Make informed decisions: Consumers in this country have rights, but they also have the responsibility to know about their obligations as depositors and borrowers.
- Week 4 (November 18 to 24) – Start good habits early: Financial literacy is an essential life skill. You can never be too young to learn some of the basics.
- Week 5 (November 25 to 30) – Take control of your finances: Having control over your day-to-day and month-to-month finances can help you absorb financial surprises, meet your financial goals, and gain financial freedom.
To find events in your area, FCAC has created an event calendar for #FLM2018.
Among the many events planned for the month, FCAC and the Behavioural Economics in Action at Rotman program– also known as the BEAR – will co-host the National Research Symposium on Financial Literacy at the University of Toronto on November 26-27, in partnership with FCAC.
FLM was first established by the Financial Literacy Action Group (FLAG) with FCAC in 2011, to help galvanize members of Canada’s financial literacy networks, and to build Canadians’ awareness of and interest in strengthening their financial knowledge, skills and confidence. Every November since then, FCAC and the growing number of stakeholders and networks across Canada host and participate in events, and share resources aimed at helping Canadians learn how to manage their personal finances successfully.