This month marks the fifth anniversary of Financial Literacy Month in Canada. It is an important time to take stock of all the helpful tools and links that are available to Canadian workers and employers. Remember the familiar saying, “Knowledge is power”? This is especially true when it comes to financial matters. Yet so many Canadians continue to avoid making their financial affairs a top priority.
According to ABC Life Literacy Canada, 38 percent of Canadians say they aren’t putting any money away on a monthly basis for long-term savings and the same percentage of respondents said their household doesn’t follow a budget. Of those who had a budget, only 12 percent stayed within the budget. In addition, nearly 50 percent of Canadians struggle with simple tasks involving math and numbers. With these results in mind, I invite you to complete the self-assessment quiz to test your financial literacy skills and find out how they compare to other Canadians. This 30 question test should take no more than 8 minutes to complete and will test your knowledge about keeping track, making ends meet, planning ahead, staying informed, and choosing products.
Take the test now.
I’ve also included a list of free resources you may wish to explore in greater detail or make available to employees.
Financial Consumer Agency of Canada
Strengthening financial literacy in Canada
Preparing your will
Planning your retirement
10 Important financial lessons every person should know
It is always a good time to talk about financial literacy with just-in-time prompts for employees. Increasingly, wellness programs and employee assistance programs include programs and support related to debt management, budgeting and financial preparedness. Reminding employees of the free resources that are available to them through their employer and other reliable providers is a meaningful way to reinforce the message that the more they are aware of their financial situation and needs, the more they will be in the financial driver seat -- knowledge is power.
Aside from the resources I’ve mentioned, I also encourage you to reach out to us for additional support. We are focused on helping employers and their employees develop more robust financial literacy toolkits. We’re always here to help so you can focus on what you do best.
Dave Dickinson, B.Comm, CFP, CLU, CHFC
Experienced Benefits Specialist ready to optimize your group benefits and pension plans.