Financial Literacy Month - Personal finances and housing are a concern for Quebeckers

MONTRÉAL, Oct. 30, 2024 /CNW/ - As part of Financial Literacy Month, the Autorité des marchés financiers (AMF) is encouraging Quebeckers to take some time to review their financial situation while giving particular focus to the affordability of homeownership and the responsibilities associated with the different types of housing.

Recent months' movements in inflation and interest rates, combined with mortgage renewals and severe weather associated with climate change, have increased pressure on household finances in Quebec. The AMF is therefore endeavouring to give Quebeckers tools to guide and assist them in making decisions about their homes, whether they rent or own them.

"The AMF wants Quebeckers to be aware of how important it is to take an interest in their personal finances, ask themselves questions and use tools to make informed financial decisions based on neutral, objective information," said Kim Lachapelle, Superintendent, Client Services and Financial Education.

Tools and information for everyone

The AMF website contains a wealth of practical tools and information in plain language to help both renters and homeowners. Topics include:

• Building your financial picture
• Obtaining a mortgage loan
• Purchasing the required insurance: how and why

A number of budget tables and calculators are also available.

Role of the AMF

Anyone buying a home will need the services of one or more parties that require AMF authorization to practise. These include the following:

• Mortgage brokers
• Mutual fund representatives
• Financial planners
• Damage insurance brokers
• Financial security advisers
• Credit assessment agents

Before dealing with any of the above, check the Register of firms and individuals authorized to practise to see whether the firm or individual you plan to do business with has the right to provide the financial advice or sell the financial product that is being offered to you.

About the Autorité des marchés financiers

In its role as regulator, the Autorité des marchés financiers acts to maintain the vitality, integrity and trustworthiness of the financial sector. It regulates, in whole or in part, activities in the following sectors: insurance, securities and derivatives, distribution of financial products and services, deposit institutions, mortgage brokerage and credit assessment.

FURTHER INFORMATION

SOURCE Autorité des Marchés financiers