November is Financial Literacy month.  According to ABC Life Literacy Canada, financial literacy means having the financial skills and knowledge to help you make better decisions on managing your money. You can apply this in your daily life whether you are at work, at school, with friends or with family. Financial literacy is a life skill and can be taught to anyone regardless of their background and  is very applicable given our Canadian economy and today’s inflation.

Some experts think that financial literacy should be taught in Canadian schools to help children start understanding financial concepts at a young age:

Resources

For educators and everyday Canadians, here are 5 financial resources that provide financial knowledge that can also be taught especially to those who are new to Canada or trying to adapt to the life we have today.

• Canadian’s Financial Well-being: Summary of Financial Consumer Agency of Canada Survey Findings – Financial Consumer Agency of Canada, May 2024
• Canada’s 2024 Financial Stress Index – Financial Planning Standards Council, 2024
• Money Matters Resources – ABC Life Literacy Canada, 2024
• My Money Coach (website), 2024
• Roadblock to Recovery: Consumer Debt of Low – and Moderate – Income Canadian Households in the Time of Covid 19 – Prosper Canada, 2020

Conclusion

Overall, financial literacy is an essential life skill and November is the month where organizations from private, public and non-profit are working with the Financial Consumer Agency of Canada to improve the financial literacy knowledge of all Canadians.