Financial Literacy Newsletter – November 2023

Check up on your financial health

A few words from FCAC

It’s November! This month, we celebrate Financial Literacy Month in Canada. It’s an opportunity for you to take stock of your financial knowledge, identify any gaps, and take steps to manage your money effectively.

Building on the momentum of last year’s campaign, Financial Literacy Month is focused on managing debt. We encourage you to take time this month to “check up on your financial health” and your progress in paying down your debt.

We know the past few years have been financially challenging for many Canadians. The increased cost-of-living and higher interest rates have affected each of us differently. Many of us feel less financially secure than we did just a few years ago. With the recent increases to mortgage rates, homeowners can feel especially vulnerable. Just like a regular visit to a doctor, regular check-ups on your financial health can help reduce stress and give you an idea of where you might need to focus your efforts to improve your financial situation—and FCAC has the tools and resources to help.

At FCAC, we are committed to helping Canadians improve their financial well-being through our National Financial Literacy Strategy 2021-2026. The National Strategy is designed to make the financial ecosystem – which is made up of banks and other financial services providers, government, community organizations and others – more accessible, inclusive and effective for all Canadians.

While taking the first steps toward better financial health may start with you, you are not alone on your journey. From understanding interest rates to getting through a financial emergency, in this issue of the Financial Literacy newsletter you’ll find helpful tips and resources on how to manage your money and debt in today’s changing world. This issue also includes contributions from many of our Financial Literacy Month partners, who offer valuable information to help you make a plan to manage your debt and achieve positive financial outcomes. We also encourage you to visit the Financial Tools and Planners section of the FCAC website for help with budgeting, choosing a credit card and more.

If you think your friends and family might benefit from the information in this newsletter, please share it with them. You can also follow FCAC on Facebook, Twitter/X, Instagram, LinkedIn and YouTube to learn more about managing money all year long.

We hope you have happy Financial Literacy Month 2023!

5 behaviours that can optimize your financial health

By: Financial Consumer Agency of Canada

We are living through difficult economic times and unexpected situations such as a rise in interest rates and the cost of living and increasing debt levels can lead to financial difficulties. One proactive way to set yourself up for success is to optimize your financial health. You can do this by looking for and then making small improvements in how you manage your money.

Here are five behaviours that can optimize your financial health:

Behaviour #1: Learn the difference between good and bad debt

Knowing the difference between good and bad debt will help you borrow money and use credit more wisely.

Good debt is an investment in something that creates value or produces more wealth in the long run.

Bad debt is borrowing to buy something that goes down in value or that you can’t repay on time and in full, thus incurring interest charges and more debt.

Learn more about what to consider before borrowing money.

Behaviour #2: Create and review your budget to manage your money and debt

A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses.

Reviewing your budget can help you repay your debt faster. When reviewing it, put needs before wants and try reducing your expenses. You’ll be able to cut some expenses that are not necessary. This way, you’ll have more money available to repay your debts.

Learn how to make a budget.

Use the Budget Planner to manage your money and improve your finances.

Behaviour #3: Shop around and compare your options to select the financial products and services that are right for you

Financial institutions offer many types of products and services. Before you get a new product or service, make sure it meets your financial needs. Research and compare the products and services that financial institutions offer. Make sure you understand the terms and conditions.

Learn more about choosing financial products and services that are right for you.

Behaviour #4: Set up an emergency fund for unexpected expenses

An emergency fund is money you set aside to pay for unexpected expenses.

Setting up an emergency fund helps you to:

• handle an unexpected expense without getting into debt
• avoid high-cost loans (such as a payday loan or a credit card cash advance)
• have financial control
• have peace of mind

Learn how to set up and manage an emergency fund.

Behaviour #5: Learn the basics about choosing and renewing a mortgage

When you shop for a mortgage, your lender or mortgage broker provides you with options. Make sure you understand the options and features. This will help you choose a mortgage that best suits your needs.

Learn more about choosing a mortgage that is right for you.

When your mortgage term comes to an end, you have to pay off your mortgage in full or renew it. This is a good time to review your mortgage needs and make sure you have the right product.

Learn more about renewing your mortgage.

FCAC expects banks to help individuals who are identified as consumers at risk of mortgage default. These consumers may be struggling to pay their mortgages due to exceptional circumstances.

These expectations also apply to other federally regulated financial institutions offering mortgages.

Learn more about paying your mortgage when experiencing financial difficulties.

Quiz: Test your knowledge of interest rates

By: Financial Consumer Agency of Canada

Taking the time to understand how interest rates work will help you to make a more effective plan to manage your debt and find solutions to your financial situation.

Take our quiz to see how well you understand interest rates. To see the correct answer, click on the drop-down arrow.

1. An interest rate is:

1. your monthly mortgage payment
2. the amount a bank is interested in loaning you based on your salary
3. the rate that your lender uses to calculate how much you need to pay to borrow money
4. all of the above

2. You may be impacted by a rise in interest rates if:

1. you have a mortgage with a variable interest rate
2. your mortgage is up for renewal
3. you don’t make your credit card payments on time
4. all of the above

3. A variable interest rate is:

1. an interest rate that adjusts according to your income
2. an interest rate that stays fixed for the term of your loan
3. an interest rate that may increase or decrease over the term of your loan
4. none of the above

4. Some of the factors that can impact the mortgage interest rate that a lender gives you when you borrow money to purchase a home include:

1. the length of your mortgage term
2. your credit history 
3. the type of interest you choose (fixed or variable)
4. just a and c
5. a, b and c

5. When a financial institution lends you money at a fixed interest rate, they must provide the following information in an information box:

1. the principal (amount that you borrow)
2. the annual interest rate
3. the date on which they will start charging interest
4. all of the above

6. You have a mortgage of $300,000 with a variable interest rate and a 25-year amortization. How much will your monthly payment go up if your interest rate is currently 5% and it goes up to 6.5%. (Tip: Use the FCAC mortgage calculator to calculate)

1. your mortgage payment will go from $1,745 to $1,749. An increase of $4 a month
2. your mortgage payment will go from $1,745 to $1,809. An increase of $64 a month.
3. your mortgage payment will go from $1,745 to $2,009. An increase of $264 a month.
4. None of the above

7. When interest rates rise, and your variable rate mortgage payments only cover your interest payment and not any of your principal (the amount you have borrowed) you have reached your:

1. annual percentage rate
2. trigger rate
3. prime interest rate
4. none of the above

8. If you are struggling to pay your mortgage due to exceptional circumstances FCAC expects banks to:

1. provide you with tailored support
2. proactively provide you with access to mortgage relief measures based on your circumstances and financial needs
3. provide you with information on mortgage relief measures so that you can make timely and informed decisions
4. all of the above

How to get through a financial emergency

By: Financial Consumer Agency of Canada

Financial emergencies may happen to anyone at any time. They may be the result of family illness, job loss, urgent home repairs, or a natural disaster to name a few. Whatever the source, financial emergencies can be stressful for you and your family.

Emotional situations can lead to poor financial decisions. Be sure to get the help you need during an emergency. Take the time to get the right information and advice to help you make the best decisions for your needs.

If you’re having financial issues, try the following tips to help improve your situation:

Contact your financial institution

You may have questions or concerns about the impact of difficult times on your financial products.

Your financial institution might be able to help you. Contact your financial institution to find out what options are available to you.

Mortgage relief options

If you’re experiencing financial difficulties due to exceptional circumstances, consider your options now.

Read your mortgage contract and speak to your financial institution about your options. FCAC expects financial institutions to offer relief measures that are appropriate for you. You may be eligible for one, or a combination of the options they offer. The earlier they understand your situation, the more options could be available to you. Keep in mind that if you make changes to your mortgage contract, you may have to pay fees.

Find out more about mortgage relief options.

Consider payment holidays on your credit card

Your credit card issuer may offer you a payment holiday. This means they will let you skip a payment. However, you'll still pay interest. Payment holidays should not negatively affect your credit score.

Learn more about payment holidays.

Ask to lower your credit card interest rate

Your financial institution may be able to temporarily reduce the interest rate on your credit card.

Terms and conditions may vary depending on the financial institution. Contact your financial institution to see if this option is available to you.

Get help

Seek advice from reliable and trusted sources to explore your financial options. Contact a financial professional, such as a licensed financial advisor or an accredited credit counsellor, to discuss a plan.

Find out what you should know before choosing a financial advisor.

Be cautious when searching for the right professional to help you. Some companies offering to help to pay off debt or fix bad credit may be providing misleading information.

Find out what you should know before getting help from a credit counsellor.

Find out what you should know before getting help from a licensed insolvency trustee.

Gamified courses teach Canadian teens about debt and managing money

By: Financial Consumer Agency of Canada

Finding an interesting way to teach financial literacy to youth can be challenging. How many teens do we know that find managing money and taxes riveting subjects? However, having a good understanding of these topics increases youths’ knowledge and confidence and equips them with important life skills. So, how do we connect with them?

Make it fun!

The Financial Consumers Agency of Canada (FCAC) and the Canada Revenue Agency (CRA) offer the following free, gamified online courses for students from grades 6 to 12:

• Money Management Foundations: an introduction on topics such as credit cards, budgeting and saving.
• Money Management After Highschool: Students learn the options for funding post-secondary education such as student loans, and what to expect when they get their first job.
• Learn About Your Taxes: an overview of what taxes are, how to do them, and what is in it for you.

Using a ‘seek and find’ approach, students answer questions by visiting the linked real-world resource on the FCAC and CRA websites. The activity can be done in class or at home, and it is self-marking so teachers can easily monitor progress. Students earn points as they progress through the modules, which can be used to enter draws for prizes or donated to charity. The modules are interactive, and each student can track their progress with a dashboard. All courses are accessible through Chatterhigh.com, an online engagement platform. FCAC research shows that students who have successfully completed FCAC’s money management courses on ChatterHigh have reported significant improvements in their financial knowledge and a considerable increase in their confidence in budgeting and money management.

To learn more on how your student(s) can take part:

FCAC Money management modules: Gamified Financial Literacy Course for Teens | ChatterHigh

CRA’s Learn about your taxes modules: Learn about your taxes - Canada.ca

Words from our collaborators

FinLit U helps Black mothers take proactive steps to reduce their debt

By: Black Moms Connection

Black Moms Connection launched FinLit U in 2020. It is an 8-week financial literacy masterclass designed for Black mothers and is led by Black financial professionals.

The goal of FinLit U is to strengthen the financial health and literacy of Black mothers facing systemic racial barriers by enhancing their ability to navigate financial systems, improve their confidence and awareness, and get better access to financial supports and systems.

FinLit U provides practical guidance on topics such as budgeting, saving, investing, and credit management. It also covers important topics such as taxes, wills & estates, and retirement planning.

FinLit U is facilitated by a team of experienced Black financial professionals who understand the unique challenges facing our community.

Program leaders consult with consumers and financial professionals from the Black community to ensure a highly tailored approach that aims to improve confidence and rates of inclusion in the financial system. We use qualitative and quantitative feedback to assess consumers’ access and use of financial products and services, as well as to get a sense of the kinds of negative experiences that Black consumers may face. We believe that our approach, which is rooted in cultural competency and understanding, will make a meaningful difference in the lives of many.

Adopter of Financial Consumer Agency of Canada’s (FCAC) Measurement Plan

Black Moms Connection is also a proud Adopter of FCAC’s Measurement Plan in support of the National Financial Literacy Strategy 2021-2026. We worked with FCAC to identify, and share, 6 measures to track and share the impact of our work. We ask our FinLit U participants many questions, before and after their experiences in the program. This helps us better track the impact of our program. For instance, using the six measures we developed with FCAC, participants reported more frequently paying their bills on time, being more proactive on their debt reduction, and actively seeking help with money when compared to before they had completed the masterclass program.

The use of simple measurements allows us to track and share the impact of our work. We’re glad to also be able to contribute to the goals of FCAC’s National Financial Literacy Strategy.

Learn more about Black Moms Connection’s FinLit U.

Learn more about FCAC’s Measurement Plan.

Learn more about FCAC’s National Financial Literacy Strategy.

How to avoid paying unnecessary fees on your debt

By: Office of the Superintendent of Bankruptcy

If you’re trying to pay down debt and need help, it can be tempting to work with someone who promises to fix the issue fast. But be careful – some debt advisors charge hundreds or even thousands of dollars for debt relief solutions they aren’t authorized to provide or that you don’t need.

This “quick fix” can end up costing you a lot more money, without chipping away at your debt. Instead of turning to an unregulated, unlicensed debt advisor, consider speaking with a Licensed Insolvency Trustee (LIT).

LITs offer independent, unbiased advice about dealing with debt. They are required to assess your financial and personal situation and to discuss all options available for solving financial difficulties, including insolvency and non-insolvency options. And you can know that you’re dealing with someone who has proven they have the knowledge, experience and skills to be granted a licence from the Office of the Superintendent of Bankruptcy.

LIT services are available across the country, even in remote locations. Usually the first consultation is free, so you can get reliable advice with no commitment and no upfront fees.

If you’re struggling with debt, don’t wait too long. Be proactive and seek help sooner rather than later.

Learn more and find a LIT at canada.ca/debt-solutions.

Building credit from the ground up: A program for newcomers to Canada

By: Credit Canada

Canada has a rich history of welcoming newcomers from across the world, providing high quality opportunities for prosperity and stability. However, Canada’s newcomer population is extremely diverse, with each person facing their own unique challenges. Finding employment and a home to rent are just some of the first obstacles newcomers have to overcome, all while adjusting to a different culture, building a new community, and perhaps learning a new language.

In addition, there are many complex hurdles newcomers face when it comes to navigating the financial system in Canada. A very common issue is accessing credit – this may be because the newcomer has a limited credit history, or one that isn’t recognized across borders, or because their level of financial literacy is low. These issues can make it more difficult for them to establish a financial foundation upon which to build their new life.

While there are many initiatives available to support newcomers when they arrive, there are few resources offering education in navigating the Canadian credit landscape that are tailored to the immigrant experience and offered in their preferred language.

To thrive and grow in Canada, it is important newcomers have the information, tools and resources available to help plan how to manage their debt and achieve their financial goals.

On November 1, 2023, in alignment with the FCAC’s Financial Literacy Month focus, non-profit credit counselling agency Credit Canada launched a free online learning program developed for newcomers to Canada so they can better understand and improve on their financial health.

Through various modules, the program will cover:

• Why it’s important to know about credit in Canada
• How to build your credit history in Canada
• How to improve your credit score as a newcomer
• What to do if you run into problems with credit

Each module takes approximately 10-15 minutes to complete and features case studies and quizzes in an easy-to-navigate online format. The modules are available in eight languages including English, French, Arabic, Farsi, Hindi, Spanish, Simple Chinese and Tagalog.

The goal of the program is to provide newcomers with the knowledge and skills to make informed decisions about their finances and build a strong credit foundation in Canada.

By the end of the program, the learner will be able to explain what credit is and why it is important in Canada, including how it affects their life quality and opportunities, take the necessary steps to qualify for credit, build a good credit score, and identify potential pitfalls when it comes to their credit and take actions to address such risks, as needed.

Just like other aspects of your well-being, it is important to regularly check up on your progress when it comes to managing finances and paying down debt. If you need guidance and support with budgeting, debt repayment or any other credit inquiries, Credit Canada offers free credit counselling services from certified credit counsellors to support you through various debt-relief channels.

Contact one of our certified non-profit credit counsellors today.

Access Building Credit from the Ground Up: A Program for Newcomers to Canada.

About Credit Canada:

Credit Canada is Canada’s first and longest-standing credit counselling agency. For more than 50 years, Credit Canada has been helping Canadians get out of debt and back into life through financial education and debt resolution. As a national, non-profit organization, Credit Canada has helped thousands become debt-free and achieve financial wellness.

Is your debt keeping you awake? If so, time to deal with it

By: Canadian Foundation for Economic Education

Research is showing a strong correlation between financial health and mental health. Prolonged periods of financial stress and anxiety can negatively impact one’s mental health. Therefore, it is important to retain control over your money. Feeling out of control, and experiencing the stress that comes with that, can significantly impact your overall health and well-being.

If you currently feel that your financial affairs are out of control, or heading that way, what can you do to regain control? Let’s look at the signs that you may have, or be headed towards, debt problems and, if so, what can you do about it.

Signs That You May Be in Debt Trouble

You may be heading for debt trouble if you find you are:

• Finding it difficult to save any money at all
• Continually short of money
• Using your savings to pay debt costs
• Near your credit limit on all or most of your credit cards and accounts
• Missing payments or due dates for your bills
• Always making only the minimum payments on your credit cards and accounts
• Worrying a lot about money – your debts are always on your mind – you are having trouble sleeping
• Borrowing money to pay off past debt costs and
• Having to borrow money to meet your week-to-week or month-to-month living expenses

What To Do If You Have a Debt Problem

• Know how much debt you can afford and don’t go over that limit.
• Set up a budget so you know how much debt you can afford.
• Don’t borrow to that limit – leave yourself some room in case something comes up.
• Most importantly, face up to your problems and start to do something about them.
• Don’t try to handle it all alone. If you have close personal friends or family, seek their help and advice. They can also help you deal with what may be a bad situation. You will probably be surprised at how many people will understand and will try to help see you over a rough period.
• Contact your creditors. Don’t simply start missing payments. Most of those who have loaned you money will try to help you get out of the hole you are in. After all, they have an interest in helping you – they hope to get their money back. Work out a new payment schedule with them. You will probably be surprised at how co-operative most creditors will be.
• Put all of your credit cards away to avoid getting into worse trouble. In fact, stop all further borrowing. No sense digging a deeper hole.
• Consider a consolidation loan for your debts. A consolidation loan is one loan you take out to pay back your other loans. In this way you can turn a number of payments for a number of different loans into a single payment for one loan. The monthly cost may be less than the total monthly cost of all other payments combined. If you are carrying debt on credit cards, the interest you will pay on a regular loan will usually be much lower than that on a credit card balance.
• Cash in some investments or savings, if you have them, to lower your debt position. The costs you pay on your debt will often be greater than the interest you earn on your investments.

Learn more about the Canadian Foundation for Economic Education.

Managing your mortgage in a changing world

By: Canada Mortgage and Housing Corporation

Mortgage debt is the most common and significant type of debt held by Canadians.

Managing it properly is more important than ever – with the ongoing impact of inflation and higher interest rates.

Here are 6 tips from Canada Mortgage and Housing Corporation (CMHC) to help you manage your mortgage like a pro:

1. Plan your mortgage out in advance. By making informed housing finance decisions, you’ll save money and be better prepared to deal with any financial setbacks.
2. Borrow less than you’re allowed. Take on a smaller mortgage so that your housing costs stay within your means.
3. Prepare for higher interest rates. An increase in the interest rate will increase your future monthly payments.
4. Pay your mortgage faster. By paying more now, you’ll save money in the long run and you’ll build a financial cushion.
5. Seek help right away if you can’t make your payments. Your lender can help you deal with financial setbacks. Don’t wait. Let them know if you’re having financial issues.
6. Use a homebuying calculator. Easy to use mortgage tools to help you establish your financial situation, determine how much house you can afford and the maximum price that you should be considering.

Access CMHC Homebuying Calculators.

Learn more from CMHC.

Credit and debt and domestic intimate partner violence

By: Financial and Consumer Services Commission

Financial abuse through consumer credit can happen to anyone. Intimate and romantic partners often have access to our financial lives and information, and it can be easy to miss the red flags of financial abuse.

Take, for example, the story of Nancy. Nancy is a professional who earns a decent salary and has established good credit history over the period of her adult life. She has been in a relationship with her partner for over a year and they recently moved into an apartment together. Nancy’s partner wants to buy a new vehicle but cannot get approved for the loan due to poor credit history. Nancy’s partner asks if she will put the vehicle loan in her name but promises to make the payments. Nancy agrees. After a couple of months, the relationship turns physically abusive, and Nancy wants to leave. However, her partner threatens to stop making payments on the vehicle if she does. Nancy cannot afford to make the payments herself and feels forced to remain in the relationship.

While the story of Nancy is fictional, financial abuse is extremely common in relationships. Financial or economic violence is often one of the main reasons a survivor chooses to stay with or return to an abusive partner.

Financial abuse can come in many forms — being coerced into opening accounts or taking on debt, withholding funds or important documents such as a birth certificate or passport, or failing to pay debts in the partner’s name. Those living through financial abuse may feel trapped because they have no means to financially support themselves or their children, are being physically threatened, or have been manipulated to believe they have no better options.

The Financial and Consumer Services Commission and Women’s Equality of New Brunswick will be hosting a free event, Building Financial Resilience: Understanding Credit and Debt and the Role it Plays in Domestic Intimate Partner Violence, to educate Canadians about debt and credit and how they impact financial resilience. You are invited to join the webinar to learn more about the signs of financial abuse, how abusers use debt and credit to perpetuate cycles of violence, and the role financial literacy can play in a survivor’s empowerment. The event will include personal accounts from survivors of financial abuse and resources available that offer debt and credit support.

Register for Building Financial Resilience: Understanding Credit and Debt and the Role it Plays in Domestic Intimate Partner Violence

Understanding your unique inflation rate with the Personal Inflation Calculator

By: Statistics Canada

Statistics Canada’s Consumer Price Index (CPI) is our country’s official measure of inflation. It offers a big-picture snapshot of price changes across the entire country that Canadians are currently experiencing day-to-day, whether it is filling up at a gas pump, shopping at the supermarket or paying a utility bill.

An initial and important step in managing debt is to understand how your spending is impacted based on your specific factors and situations. One tool to help with this is Statistics Canada’s Personal Inflation Calculator — an interactive tool that allows you to estimate your personal inflation rate based on your household expenses to compare to the official measure.

Each Canadian household will have their own unique experienced inflation. Consumers, understandably, are more likely to notice and attach greater importance to price changes for the things they buy frequently. Price changes may also differ depending on where you live, your preferences, and your particular household type. For example, different expenses could include being a homeowner or a renter; having younger children in daycare, older children attending post-secondary school or no children; and owning a personal vehicle or using public transit.

Learn more about the CPI and inflation.

Supercharge your education savings—not debt—with the Canada Learning Bond

By: Canada Education Savings Program

Are you 18 or 19 and dreaming of pursuing your passions and seizing opportunities that come your way? We've got some exciting news that could make those dreams even more attainable.

Introducing the Canada Learning Bond (CLB) - it's your golden ticket to supercharge your education savings, and the best part? It's absolutely free.

The CLB can help young adults like you, born in 2004 or later, kickstart your journey towards higher education. Whether you're planning for college, university, or a specialized program, this benefit can make a real difference.

Here's how it works: by opening a Registered Education Savings Plan (RESP), you could, if eligible, receive up to $2,000 in CLB money - and that's just the beginning. Imagine the possibilities when you combine this with your own savings.

Ready to take the first step towards your educational goals?

1. Learn More: Visit Canada.ca/education-savings to understand how the CLB works, who is eligible, and how it can benefit you.
2. Get Started: Opening an RESP is easy. Reach out to a trusted financial institution to begin your journey.
3. Spread the Word: Tell your friends and family about this fantastic opportunity - because dreams are meant to be shared.

Your future is full of potential, and the CLB is here to help you unlock it. Don't let this opportunity slip away. Start your education savings journey today and watch your dreams become reality.

Learn more about the Canada Educations Savings Program.

Supporting financial literacy as a life-long learning experience

By: Canadian Bankers Association

Financial literacy is an essential life skill, no matter your age. It helps us reach our goals, prepare for emergencies and can help us prevent mistakes. With so much changing in the world around us, it’s important to approach financial literacy not as something that you learn once but as a life-long learning experience.

Canada’s banking sector has long recognized that it has a central role to play in helping improve the financial health of Canadians. That’s why the Canadian Bankers Association (CBA), along with our members, share information and resources on how Canadians can strengthen their financial knowledge, keep their money safe, avoid fraud by spotting scams and where to get help if they need it.

With millions of people across Canada turning to banks every day for services and advice, individual banks in Canada are engaged in strengthening the financial well-being of Canadians through a variety of ways. This includes:

• Providing support for a variety of financial literacy programs run in communities across the country by educational and not-for-profit groups
• Creating their own financial education programs and services for clients and the public
• Providing support for the important work that not-for-profit credit counselling agencies do in local communities across Canada

In addition, the CBA offers two free, non-commercial financial literacy programs in communities across Canada: Your Money Students and Your Money Seniors. Developed in collaboration with the Financial Consumer Agency of Canada, these programs are available across Canada in English and French and are presented by current and recently retired bankers volunteering their time and expertise.

Your Money Seniors

Meeting the needs of seniors and protecting them from the latest circulating scams has always been a priority for banks in Canada. Your Money Seniors is available at no cost and consists of three, one-hour seminars designed for older Canadians. The seminars are presented across Canada by bankers who volunteer their time and expertise in their community. Seminars cover three topics:

• Fraud Prevention – how to identify and protect yourself from frauds and scams targeted at seniors
• Financial Abuse – what it is and how to avoid it, with an emphasis on avoiding risks associated with Powers of Attorney and Joint Accounts
• Cash Management – how to prepare yourself financially if you’re in or nearing retirement

Your Money Students

Developed in collaboration with the Financial Consumer Agency of Canada, Your Money Students is a one-hour seminar designed for Grade 10-12 high school students to help them develop an understanding of financial basics as they prepare their transition to postsecondary education and entering the workforce. This seminar in addition to the Lifestyle Reality App, provides youth with the fundamentals of:

• Budgeting – choosing your goals and working towards them
• Saving and investing – the benefits of compound interest and saving for the future
• Responsible use of credit – how to manage credit and avoid credit traps
• Keeping money safe – recognizing fraud in our increasingly digital world and how to avoid it

What’s new

Financial Literacy Month activities, resources, tools

Education Savings Week

Education Savings Week takes place from November 13-17, 2023. The campaign encourages you to start saving early for post-secondary education.

Learn more about Education Savings and the Canada Learning Bond

OSC launches Investing Academy during Financial Literacy Month

Investing Academy by GetSmarterAboutMoney.ca has free courses designed to help people take action in ensuring a safe and secure financial future. It includes three modules for learners of any age: Investing 101, Managing your Money 101 and Planning for the Future.

Visit GetSmarterAboutMoney.ca

FLM resources and events from the Autorité des marchés financiers (AMF)

Quebec’s AMF is celebrating Financial Literacy Month with the following activities:

• Publishing the results of a survey on Quebecers’ financial resilience 
• Launching a new financial resilience quiz
• Holding a webinar called Financial Literacy of Quebecers: Issues and Resources Available to Support the Practice of Representatives

Prosper Canada publishes new online tool to support Financial Literacy Month

“Making the most of your money” is a free online course to help individuals and families living with low incomes learn about money in an accessible way. Module 3 covers topics related to debt management such as: how my values affect my money priorities, how to get rid of debt, what debt to pay off first and an action plan for debt management among others.

Visit Making the most of your money.

Prosper Canada will also be promoting the following resources during FLM:

• “Benefits wayfinder” is a simple, easy to use, plain language tool to help you find and track benefits if you have a low or modest income.
  Use the Benefits wayfinder.
• The “Disability Benefit Compass” helps people with disabilities to find 4 key disability benefits in the province or territory they live in.
  Use the Disability Benefits Compass.
• Dealing with Debt is a booklet that provides a set of activities to help you manage your debt, identify your money priorities, calculate what you owe and strategize how you can pay your debt back.
  Download Dealing with Debt.

Consolidated Credit Canada and Knowledge of Financial Education (KOFE) celebrate FLM with free webinars

Register today for:

• Attain Budget Success: Spend Wisely and Save November 14 & 17 | Registration
• Approach with Caution: Your Financial Rights and Protections November 21 & 22 | Registration

Vantage One Credit Union announces publication of financial literacy book for children

“The Adventures of Cashman and Supersaver” introduces children to the basic financial concepts of earning, spending and saving. The book was written by two Vantage One employees, Kristine Lidstone and Kirsten Regel, local Moms with a combined 50+ years of experience in the financial industry. Kids can practice what they have learned with interactive fun learning worksheets. Portions of the sale of these books will go towards Vantage One’s Financial Ability BOO$T Program to improve financial literacy.

Get The Adventures of Cashman and Supersaver by Kristine Lidstone | The FriesenPress Bookstore

Webinars and workshops

Each One, Teach One financial literacy workshops

Empowering Canadians to take the reins of their financial futures, the Each One, Teach One (EOTO) program stands as a beacon of financial literacy and empowerment. Originating in 2008 by Vancity and now managed by the Canadian Credit Union Association, this initiative aims to equip Canadians with the necessary financial knowledge and skills, fostering confidence in managing their personal finances.

Central to EOTO's success is its grassroots approach. Workshops are held across Canada and are conducted by over 400 certified trainers affiliated with 92 credit unions and partner organizations. These workshops, developed by industry professionals and updated with the latest financial information, offer unbiased, product-free financial education in straightforward and easily understandable language.

EOTO's modules cover a diverse array of financial topics, including but not limited to RRSPs, budgeting basics, and home ownership. With over 10 years of expertise, the program's longevity is a testament to its effectiveness. Since 2017 alone, these workshops have reached over 24,000 Canadians.

Recognizing the digital age, EOTO also offers free online modules, ensuring Canadians can access this crucial information at their convenience and preferred pace.

Access EOTO workshops and free online modules.

New video series on investment biases

Kelly Keehn (Money Wise Workplaces) and Dr. David Lewis (BEworks) co-host a video series that looks at financial management and investing through a behavioral lens.

Watch Empowering Your Finances: Beating Investment Biases with Smart Decision-Making

Pro Bono Financial Planning

The Financial Planning Association of Canada (FPAC) is providing information on how to access free, unbiased financial guidance for those who need it.

Learn more about Pro Bono Financial Planning

Learning resources and tools

New retirement planning tools

Service Canada launched the Retirement Hub, a new, user-friendly tool to help you understand the process of planning, applying for and receiving federal public pensions.

Access the Retirement Hub.

Access the Old Age Security Benefits Estimator.