Financial Literacy Month 2022 Kick-Off
November 1, 2022
Today, Financial Consumer Agency of Canada (FCAC) Commissioner Judith Robertson launched the 12th annual Financial Literacy Month at a virtual event bringing together individuals and stakeholders dedicated to strengthening financial literacy in Canada. Commissioner Robertson was joined by the Governor of the Bank of Canada, Tiff Macklem, who provided remarks on the economic environment and what Canadians should consider when managing their finances.
Each November, FCAC and its partners in Financial Literacy Month host events and share information and resources to help Canadians increase their financial knowledge, skills and confidence.
This year’s theme, Make Change that Counts: Managing Your Money in a Changing World, reflects a complex and changing financial landscape. In the context of higher cost-of-living, rising interest rates, and record levels of household debt in Canada, FCAC is shining the spotlight on debt management. Throughout the month, FCAC, in collaboration with organizations across the country, will focus on advancing Make Change that Counts: National Financial Literacy Strategy 2021-2026 and helping Canadians manage their debt and achieve their financial goals.
FCAC encourages Canadians to visit Canada.ca/Financial-Literacy-Month for practical tips and tools on managing money and debt.
Each week in November has its own sub-theme related to the topic of managing debt.
November 1-5 Find your financial balance: Find the right balance between daily spending and managing debt
November 6-12 Manage your debt: Make a plan to pay down your debt
November 13-19 Plan for the future: Avoid borrowing money in the future by saving for your financial goals
November 20-26 Borrow money wisely: What to consider before borrowing money and understanding the difference between good versus bad debt
November 27-30 Know your rights: Know your financial rights when borrowing money
The National Financial Literacy Strategy is a framework to create a more accessible, inclusive and effective financial ecosystem for all Canadians. It identifies managing debt as one of the key consumer building blocks for financial resilience.
As a companion piece to the National Strategy, FCAC has published Counting Change: A Measurement Plan for the National Financial Literacy Strategy 2021-2026 - Canada.ca The Measurement Plan is a call to action for stakeholders in the financial ecosystem to monitor and evaluate progress towards achieving the goals of the National Strategy, including assessing the collective impact of helping Canadians build financial resilience
“Financial Literacy Month is a reminder there are many tools available to Canadians to help them with budget planning, paying down debt, and setting financials goals. What is important for us as a government is helping make life more affordable—and good financial literacy is a part of that. I encourage any interested Canadian to take some time this month and learn more about how to manage their money. It is never too late to start a personal financial plan.”
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance
“Financial Literacy Month provides the opportunity to highlight the efforts of the many organizations across the country who work tirelessly throughout the year to strengthen financial literacy and improve outcomes for consumers in Canada. Given the challenges many Canadians are facing in today’s economic environment, this year’s focus on managing debt is timely and pertinent. FCAC looks forward to the continued support of all stakeholders in the financial ecosystem as we launch the Measurement Plan and start counting the change we are making together to help Canadians build financial resilience.”
Judith Robertson, Commissioner, Financial Consumer Agency of Canada
The role of the Financial Consumer Agency of Canada is to protect financial consumers by strengthening the financial literacy of Canadians and supervising the compliance of federally-regulated financial entities, including banks, with their legal obligations, codes of conduct and public commitments.
FCAC and the Financial Literacy Action Group began Financial Literacy Month in Canada in 2011. Today, hundreds of organizations from the private, public and not-for-profit sectors are involved in promoting Financial Literacy Month and organizing events and activities across the country, with the common goal of strengthening the financial literacy of Canadians.
The vision of FCAC’s National Financial Literacy Strategy is a Canada where everyone can build financial resilience in an increasingly digital world. It represents an important shift from focusing on individual behaviours towards addressing the barriers that prevent or limit many Canadians from achieving better financial outcomes.
The National Financial Literacy Strategy’s Measurement Plan was informed by consultations with stakeholders across the country, including community groups, the financial services industry, governments and regulators, researchers, and other key players, to leverage their insights and learn about the measurements they are currently using.
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.
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