OTTAWA, ON, Nov. 1, 2024 /CNW/ - November is Financial Literacy Month. This year, the Financial Consumer Agency of Canada (FCAC) is launching a Canada-wide campaign to destigmatize conversations about money.
Many Canadians find it difficult to discuss money and finances with family and friends for fear of being judged. To overcome this taboo, FCAC is encouraging Canadians to share their financial experiences with family and friends, ask questions, and consult with trusted financial professionals.
Research shows that having conversations about money builds financial confidence, and that can lead to better financial outcomes. This is especially true for girls and women. For example, FCAC's research with Carleton University (to be released later this month) shows that providing space for women to talk about finances was enough to help them feel more financially empowered. Conversations about money can also help people learn about resources that can help them improve their financial situation and achieve their financial goals.
This November, FCAC is asking Canadians to do one thing to boost their financial knowledge – such as checking their credit score, talking to a friend about budgeting or using FCAC's free tools and resources – then share their experience and encourage others to do the same. FCAC reminds people to protect their personal financial information such as their bank account number and credit card details.
Canadians can visit the Financial Literacy Month campaign page for more information and for free financial tools and resources. FCAC also has a promotional toolkit to help stakeholders get involved in this year's campaign.
Financial Literacy Month is an important opportunity to advance FCAC's National Financial Literacy Strategy, a 5-year plan to create a more accessible, inclusive and effective financial ecosystem for Canadians. This year's campaign supports the priorities of the National Strategy by helping Canadians build financial confidence and navigate the financial marketplace, as well as enhancing access to trustworthy and affordable financial help.
On November 4, FCAC will host a virtual event to launch Financial Literacy Month. The event will feature Olympic gold medallist Bruny Surin, Sara Weller, Chair of the U.K.'s Money and Pension Service, and other special guests. Registration is now open.
Quote
"This year, FCAC and its Financial Literacy Month partners across the country are harnessing the transformative power of conversations. Talking helps us connect and learn from each other, and is an important way to share information. This Financial Literacy Month, let's break the taboo against talking about money. Having conversations about money with people you trust can build financial confidence and open the door to positive financial outcomes. This November, we hope that Canadians from coast-to-coast-to-coast will join us in talking about money and take steps to build their financial knowledge and confidence."
Werner Liedtke, Interim Commissioner, Financial Consumer Agency of Canada
Quick facts
- The Financial Consumer Agency of Canada's (FCAC) mandate is to strengthen the financial literacy of Canadians and supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments.
- FCAC's "Money on Your Mind? Talk About It!" campaign was inspired by the United Kingdom's Talk Money Week.
- Financial Literacy Month in Canada began in 2011. Each November, hundreds of organizations from the private, public and not-for-profit sectors promote Financial Literacy Month and organize events and activities across the country, with the common goal of strengthening the financial literacy of Canadians.
- The vision of the National Financial Literacy Strategy is a Canada where everyone can build financial resilience in an increasingly digital world. It recognizes that helping Canadians build financial resilience is a shared responsibility and requires collective action to support better financial outcomes for Canadians through changes in the financial ecosystem.
- Financial literacy includes the skills and capacity to make informed financial decisions, as well as actions or behaviours that lead to positive financial outcomes. Financial literacy is considered an essential skill, like reading and writing.
- Financial resilience is the ability to adapt or persevere through both predictable and unpredictable financial choices, difficulties, and shocks in life.
Related products
- VIDEO: FLM 2024: Money on your mind. Talk about it!
- VIDEO: Make Change that counts: Introducing FCAC's National Financial Literacy Strategy
Associated links
- Financial Literacy Month campaign page
- Promotional toolkits for financial literacy and consumer protection
- Financial literacy in Canada
- Make Change That Counts: National Financial Literacy Strategy 2021-2026
- Counting Change: A Measurement Plan for the National Financial Literacy Strategy 2021-2026
- About FCAC
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SOURCE Financial Consumer Agency of Canada
Contacts: Media Relations, Financial Consumer Agency of Canada, [email protected]
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