Financial Literacy Matters – More Than Ever!

It’s Financial Literacy Month! We’re sharing this post from 2020 with updated statistics. For more about Financial Literacy Month, check out the website.

Financial literacy helps us make informed financial decisions. It helps us manage our money when times are good and during crises.

What is financial literacy?

Financial literacy is having the knowledge, skills and confidence to make responsible financial decisions. It includes understanding and being able to work with money and transactions, planning and managing finances, risk and reward, and the financial landscape. Financial literacy is supported by literacy, basic numeracy and the ability to apply financial knowledge to everyday decisions and actions.

Why is financial literacy important?

Financial literacy is important for financial well-being. It helps us:

  • set goals
  • make a plan for spending and saving
  • make the best use of our financial resources
  • access government programs and systems
  • navigate the financial marketplace and evaluate financial products
  • evaluate financial advice
  • avoid financial fraud and scams

The job losses, economic downturn and uncertain future that accompanied the COVID-19 pandemic and beyond have created financial stress both individually and nationally. Financial literacy is a tool that can be used to optimize available financial resources, minimize hardship, and make a plan to rebuild financial health.

Did you know?

Learn more at Financial Literacy in Canada, from the Financial Consumer Agency of Canada.

Where can I find help?

If you or someone you know would like to build stronger financial literacy skills, contact the Literacy Outreach Coordinator or literacy organization in your BC community. Use this map to find them.

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