Financial literacy

Launch of Financial Literacy Month 2022

OTTAWA (ON), November 1, 2022 /CNW/ – Today, the Financial Consumer Agency of Canada (RAC) Commissioner Judith Robertson launched on 12e Annual Financial Literacy Month at a virtual event bringing together people and stakeholders dedicated to building financial literacy across Canada. Commissioner Robertson was accompanied by the Governor of the Bank of CanadaTiff Macklem, who commented on the economic environment and what Canadians should consider when managing their finances.

Each November, FCAC and its Financial Literacy Month partners host events and share information and resources to help Canadians increase their financial knowledge, skills and confidence.

This year’s theme, Make Change That Matters: Managing Your Money in a Changing World, reflects a complex and changing financial landscape. Against a backdrop of rising costs of living, rising interest rates and record levels of household debt in Canada, FCAC shines the spotlight on debt management. Throughout the month, FCAC, working with organizations across the country, will focus on advancing Make Change That Matters: National Strategy for Financial Literacy 2021-2026 and helping Canadians manage their debt and achieve their financial goals.

FCAC encourages Canadians to visit Canada.ca/Financial-Literacy-Month for practical tips and tools on money and debt management.

Each week in November has its own sub-theme related to the theme of debt management.

November 1 to 5

Find your financial balance: Finding the right balance between daily expenses and debt management

November 6-12

Manage your debt: Make a plan to pay off your debt

November 13-19

Planning for the future: Avoid borrowing money in the future by saving for your financial goals

November 20-26

Borrowing money wisely: What to consider before borrowing money and understanding the difference between good and bad debt

November 27-30

Know your rights: Know your financial rights when borrowing money

The National Strategy for Financial Literacy is a framework to create a more accessible, inclusive and effective financial ecosystem for all Canadians. It identifies debt management as one of the key building blocks of consumer financial resilience.

In addition to the National Strategy, the ACFC published Counting Change: A Measurement Plan for the Evaluation of the National Financial Literacy Strategy 2021-2026. The Measurement Plan is a call to action for stakeholders in the financial ecosystem to monitor and assess progress toward achieving the goals of the National Strategy, including assessing the collective impact of helping Canadians build their financial resilience.

Quotation

“Financial Literacy Month reminds us that there are many tools available to Canadians to help them plan their budget, pay down debt and set financial goals. I encourage all interested Canadians to take some time out this month and learn more about how to manage their money. It’s never too late to start a personal financial plan.

The Honorable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

“Financial Literacy Month provides an opportunity to recognize the efforts of the many organizations across the country who work tirelessly throughout the year to strengthen financial literacy and improve consumer outcomes in Canada. Given the challenges facing many Canadians in the current economic environment, this year’s focus on debt management is timely and relevant. FCAC counts on the continued support of all stakeholders in the financial ecosystem as we launch the measurement plan and begin to count the changes we are making together to help Canadians build their financial resilience. »

Judith RobertsonCommissioner, Financial Consumer Agency of Canada

Fast facts

  • The role of the consumer agency in financial matters Canada is to protect financial consumers by strengthening the financial literacy of Canadians and overseeing the compliance of federally regulated financial entities, including banks, with their legal obligations, codes of conduct and public commitments.

  • FCAC and the Financial Literacy Action Group launched Financial Literacy Month in Canada in 2011. Today, hundreds of organizations from the private, public and not-for-profit sectors help promote Financial Literacy Month and organize events and activities across the country to help common goal of strengthening the financial literacy of Canadians.

  • The vision of FCAC’s National Financial Literacy Strategy is a Canada where everyone can build their financial resilience in an increasingly digital world. This is a significant shift from focusing on individual behaviors to breaking down the barriers that prevent or limit better financial outcomes for many Canadians.

  • The National Strategy for Financial Literacy’s measurement plan was informed by consultations with stakeholders across the country, including community groups, the financial services industry, governments and regulators, researchers and practitioners. other key stakeholders, to leverage their knowledge and learn about the measures they are currently using. .

  • Financial Literacy includes the skills and ability to make informed financial decisions, as well as actions or behaviors that lead to positive financial results. Financial literacy is considered an essential skill, like reading and writing.

  • Financial resilience is the ability to adapt or persevere through predictable and unpredictable financial choices, difficulties, and life shocks.

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SOURCE Financial Consumer Agency of Canada

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