Financial Literacy Month 2021: Make change that counts!

November 8, 2021

By Dr. Supriya Syal, Deputy Commissioner of Research, Policy and Education

Financial Literacy Month (FLM) is a time when FCAC and stakeholders across Canada share information and resources to help Canadians build financial resilience. In a world where we are bombarded with all sorts of information every day, those decisions are becoming increasingly complex and sometimes overwhelming.

This year’s theme is Make change that counts!, which aligns with the theme of our renewed National Financial Literacy Strategy that was launched last summer. The National Strategy offers a vision of a Canada where everyone can build financial resilience in an increasingly digital world. It provides a framework for stakeholders to work together to build a more accessible, inclusive, and effective financial ecosystem for all Canadians.

This week’s sub-theme is Managing debt. Consumer debt levels have never been higher in Canada, and according to our recent COVID-19 Financial Well-Being Survey, about 1 in 3 Canadian households who had debt increased their debt since the start of the pandemic.

Managing debt is one of the 5 key consumer building blocks we identified in the National Strategy that will help consumers develop the skills, capacity, and behaviours that lead to financial resilience. The other 4 building blocks are:

  • navigating the financial marketplace
  • building just-in-time knowledge and confidence
  • managing expenses
  • managing savings

To build financial resilience, Canadians need a financial ecosystem that works for them. The renewed National Strategy invites stakeholders to try out different strategies, educational approaches, and engagement tactics that align with these building blocks, and expand on those that have the best outcomes for the communities they serve.

Over the coming months, FCAC will continue to engage with stakeholders, publish measures of success for use by the ecosystem, and identify initiatives that will advance the goals of the National Strategy.

This November let’s focus our collective attention on a common goal, which is to help make positive changes in the financial lives of Canadians. Throughout FLM, we encourage organizations to host events and share resources and promote them in the CanadianFinancial Literacy Database, a great resource that Canadians can access now, and throughout the year.

FCAC also has its own resources and tools to help Canadians manage debt, such as the Budget Planner. Make sure to check them out and visit the FLM web page to learn more about this year’s activities and how you can get involved.

Together, let’s make change that counts!

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