Financial Literacy Newsletter – November 2024
Financial Literacy Month Edition
A few words from FCAC
Welcome to the 2024 Financial Literacy Month edition of the Financial Consumer Agency of Canada’s (FCAC) newsletter!
Before we share with you all the exciting plans that we have for Financial Literacy Month, some important news:
New Commissioner
We are pleased to announce the appointment of Shereen Benzvy Miller as FCAC’s new Commissioner. She will begin her role on November 7, 2024. As FCAC Commissioner, Ms. Benzvy Miller will play a leading role in advancing the rights and interests of financial consumers, and she has expressed a deep commitment to strengthening the financial literacy of Canadians. Please join us in welcoming Ms. Benzvy Miller to FCAC and Canada’s financial literacy community.
Learn more about FCAC’s new Commissioner.
Financial Literacy Month 2024
November is a special time of year in Canada because it is Financial Literacy Month (FLM). Here at FCAC, this presents a unique opportunity to connect with Canadians and collaborate with stakeholders across the country in support of this important national campaign.
The goal of this year’s campaign is to break the taboo against talking about money. Throughout November, FCAC will be encouraging Canadians to ask questions and share their financial experiences with family and friends.
Many Canadians find it difficult to discuss money and finances. Fear of being judged is one of the main reasons people give for why they avoid these conversations, but open and honest conversations about money can change your financial situation for the better. Research shows that talking about money increases financial confidence, which can lead to more positive financial outcomes. You can also learn about tools and resources that can help you achieve your financial goals.
Research shows that talking about money can be especially helpful for girls and women. FCAC recently conducted a study with Carleton University, which showed that providing space for women to talk about finances was enough to help them feel more financially empowered. FCAC also found a significant boost in the confidence of girls who participated in gamified financial literacy courses developed by the Agency.
How can you help break the taboo against talking about money?
This November, do one thing to improve your financial knowledge and talk about it using #MoneyOnYourMind and #FLM2024.
If you’re looking for inspiration, you’ve come to the right place! To support you during Financial Literacy Month, FCAC offers information and tools to help you talk about money, manage your finances, and achieve positive financial outcomes. Read our article about the “loud budgeting” trend, which encourages people to manage their finances with the support of friends and family. You can also watch our video and hear from fellow Canadians about why talking about money can be challenging, but also why it is important. We also share tips on how to talk about money with your kids — they are never too young for these conversations.
Learn more about money and finances.
You can also access the stakeholder participation guide for Financial Literacy Month. It provides information and resources to help you promote this year’s campaign, including ideas for activities and #MoneyOnYourMind graphics and sample social media posts.
Visit the FLM guide for stakeholders.
Finally, we invite you to join FCAC’s social media challenge:
- Share your answer to this question on your favourite social media platform: "What’s the BEST or WORST decision you’ve made on your financial journey, and what lessons did you learn?"
- Tag 3 friends to join in and keep the conversation going.
- Use the hashtags #MoneyOnYourMind and #FLM2024.
You can follow FCAC’s “Money on Your Mind? Talk About It!” campaign on Facebook, Instagram and LinkedIn.
We look forward to talking about money with you during Financial Literacy Month!
Video: FCAC talks to Canadians about why they think it’s important to break the taboo against talking about money
By: Financial Consumer Agency of Canada
Fear of judgement and being treated differently are just two of the reasons Canadians shared with FCAC to explain their reluctance to talk about money. Watch our video and learn more about why Canadians find talking about money challenging and why they think it’s important to break the taboo…
Watch the video "Street Interviews: Are you comfortable talking about money?"
7 steps to “loud budgeting”
By: Financial Consumer Agency of Canada
When we get together with family and friends, not everyone feels comfortable talking about money. But a new trend is trying to change that. “Loud budgeting” is all about breaking that taboo and encouraging people to talk about their financial situations. If this makes you feel a bit uneasy, you are not alone!
Here are 7 things to know about loud budgeting and how to make it work for you:
#1. It’s all about transparency: Be honest about your financial situation—with yourself and with others. You can openly share your budget, spending limits, and financial goals with friends and family.
#2. Find a community to support you: By discussing your budget openly, you can gain support from others who understand your goals and can help you stay on track. Being open about your finances can also help reduce the pressure of keeping up with other people’s spending habits. For example, people might be more understanding if you refuse an invitation to go out to eat or go shopping if they know you’re trying to save or pay down your debt.
#3. Consider finding an accountability partner: Try partnering with someone who has similar financial goals, so you can keep each other motivated. This is the same idea as finding a gym partner. Some people may find it easier to stick to a plan when they’re doing it with someone else.
#4. Shift the narrative to feel more empowered: Instead of telling yourself or others “I can’t afford this,” try saying “I choose not to spend on this because it’s not a priority for me.” Reframing things this way empowers you to make financial decisions based on your values.
#5. Set clear goals: Define what you want to achieve with your budget before you communicate your goals openly. Financial goals can include paying off debt, saving for a home, or even saving for a trip of a lifetime.
#6. Start small: Begin by discussing your budget with close friends or family members. It can be less intimidating to start this way.
#7. Get social: Some people share their budgeting journey on social media platforms like TikTok or Instagram, to connect with others who practice loud budgeting. If this is of interest to you, remember to never share any personal and banking information that could put you at risk of fraud.
Whether or not you feel loud budgeting is for you, setting a budget is key to achieving your financial goals and managing your money responsibly. You can also take advantage of online financial tools such as the FCAC’s budget planner. It lets you create and save a budget online and shows how your spending and saving habits compare with the average Canadian. Get next steps with suggestions and useful links, earn badges, and share your success story!
How to turn everyday moments into financial lessons for kids
By: Financial Consumer Agency of Canada
Teaching kids about money doesn’t have to be a daunting task. In fact, everyday moments offer perfect opportunities to impart valuable financial lessons. Here are some practical ways to turn daily activities into teachable moments for your children.
1. Grocery shopping: budgeting basics
Next time you head to the grocery store, bring your kids along. Give them a small budget and let them choose items while staying within that limit. This hands-on experience teaches them about budgeting, making choices, and understanding the value of money. Make sure to discuss price comparison and how to make cost-effective decisions. Help them understand the difference between needs and wants.
2. Saving and spending: the piggy bank approach
Introduce the concept of saving by giving your child a piggy bank. Encourage them to save a portion of their allowance or money they receive as gifts. Set a goal, like saving for a toy or a special outing, and track their progress together. This practice instills the habit of saving and the satisfaction of reaching a financial goal.
3. Chores and earning: work ethic and rewards
Assigning chores in exchange for a small allowance can teach kids the value of earning money through work. It helps them understand that money is earned through effort and responsibility. Discuss different chores and their corresponding rewards, emphasizing the importance of hard work and diligence. Once they get a little older, they may also earn money by doing basic chores or getting a part-time job.
Teaching children how to manage money will help them throughout their lives. If you start early, you can build on their knowledge as they grow. Talk about money with and around your children so they are familiar with financial terms and concepts.
Learn more about teaching children about money.
What’s new at FCAC
Events
Register for the Financial Literacy Month virtual launch event on November 4
Join FCAC and our guest speaker, Olympic gold medallist Bruny Surin, for the launch of this year’s Financial Literacy Month campaign.
Announcements
Canadians now have a single external complaints body for banking
On November 1, 2024, the Ombudsman for Banking Services and Investments (OBSI) assumes its responsibilities as Canada’s single external complaints body (ECB) for federally regulated banks. As the single ECB, OBSI will be responsible for providing a fair and impartial external process for consumers whose complaints have not been resolved to their satisfaction or not been dealt with in a timely manner by banks.
Learn more about Canada’s new single external complaints body.
Launch of FCAC’s corporate newsletter
We are excited to announce that FCAC is launching a corporate newsletter in early 2025. The newsletter will offer more than a fresh look: You can expect engaging content about the wide range of activities that FCAC undertakes to protect financial consumers, all in one easy-to-read format. This includes information about our work supervising financial institutions and our research and education initiatives to support financial literacy in an increasingly digital world. The corporate newsletter will connect you with everything FCAC is doing, in a more dynamic and meaningful way.
The corporate newsletter will replace the Financial Literacy Newsletter. If you feel like an FCAC newsletter is no longer for you, you can unsubscribe using the link in the footer of this newsletter.
FCAC’s national student paper competition is back!
Post-secondary students are invited to submit a paper that proposes a solution that could improve financial outcomes for consumers, to FCAC’s 2025 Building Better Financial Futures Challenge. The theme of this year’s student competition centres on the National Financial Literacy Strategy’s "Consumer Building Blocks," which have been proven to help consumers develop the skills, capacity, and behaviours that lead to financial resilience. The deadline to submit papers is April 30, 2025. Share this news with the students and academics in your network!
Learn more about FCAC’s Building Better Financial Futures Challenge.
FCAC publishes its 2023–2024 Annual Report
FCAC is pleased to announce the publication of the Agency’s 2023–2024 Annual Report. The report highlights FCAC’s activities and achievements in fulfilling its vision to be a leader and innovator in financial consumer protection.
FCAC resources
FCAC’s Consumer Information Centre
The Consumer Information Centre (CIC) helps consumers and merchants by responding to enquiries about rights and responsibilities when dealing with financial institutions. This includes providing information about the complaint-handling process (CHP) at your financial institution. Please note that while FCAC provides CHP information to financial consumers, the Agency does not resolve individual disputes and does not provide redress or compensation.
Contact FCAC’s Consumer Information Centre.
Housing costs on your mind? FCAC campaign promotes free tools and resources to help you manage your home finances
With today’s cost of living, many Canadians are worried about their financial futures. Whether you are renting, considering buying a home, or renewing a mortgage, when you have housing costs on your mind, it can be hard to focus on anything else. But having information you can trust, understanding your financial rights and knowing your options can help you refocus and make informed decisions.
If you’re renewing or applying for a mortgage or want to better manage your rent payments, FCAC has resources that can help.
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