Financial Literacy Month – It Pays to Know!

Happy Financial Literacy Month! This is one of the most important awareness campaigns of the year! I can picture you rolling your eyes at me. Financial literacy is important to all Canadians and most people know less than they should and even less than they think they do.

Most people’s relationship with money can be described as – managing your money or letting your money manage you. Saving and investing puts you in the drivers seat. That is how I see this year’s theme. You need knowledge and confidence to be in that drive’s seat.

A few stats about Canadian financial literacy really struck me:

    31% of women consider them financially literate

    43% of men consider themselves financially literate

    65% of households contribute to an RRSP, RPP, or TFSA

    36% of Canadian’s know that applying for a credit card can negatively impact credit

    Canadian’s owe $1.68 for every dollar they earn

It sounds like we still need to improve to make sure all Canadian’s are financially literate. Over the next month I will continue to post articles about topics that will inform you and empower you to take control of your finances.

If you are just getting started this on your financial journey I suggest starting by tracking your expensesand contributing to your TFSA.

What do you want to learn during Financial Literacy Month?

Sources:

New facts about financial literacy in Canada, 2014

Survey of Household spending 2015

Income in Canada, 2016 Census of Population

When it comes to financial literacy, Canadians really overestimate their knowledge

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