According to this article that I recently read, Canadians know more about diets than investing. I found that shocking until I started thinking about the reasons that Financial Literacy Month was created. On average, Canadians still need to do some work when it comes to financial literacy. This November marks the fourth annual Financial Literacy Month in Canada.
When it comes to our financial literacy, the majority of Canadians (94 per cent) give themselves a passing grade, according to a recent survey conducted by Pollara. Of those with a passing grade, 56 per cent give themselves an “A” or “B” grade, compared to 45 per cent last year. Improvement is good. What I also thought was interesting is that this article revealed that most Canadians (56 per cent) feel they would benefit from an introductory course covering personal finance basics. Based on that fact, it sheds light on why most people feel hesitant to discuss personal finances with their children since they might feel uncertain or ill equipped to do so. To me, this says that more financial education is still needed. It is hard to make great financial decisions when you are lacking the knowledge on which to base them upon. This is clearly illustrated by the fact that the article references the fact that most Canadians expect to fall short on retirement planning.
Considering that we are bombarded with ads telling us that Christmas is just around the corner and that now is a good time to get shopping, it is probably a good idea to think about how you are going to spend your money. Unquestionably, shopping can be expensive, particularly when you add it to your grocery bill for the Christmas season and other holiday expenses. Especially when you consider that all of these Christmas expenses are on top of your normal expenditures. Setting some spending limits and then sticking to them is important. Besides, this might offer you the opportunity to get more creative. Maybe instead of having a gift exchange with friends, you want to agree to have a fun dinner party and enjoy your friends’ company. Really, the options are endless. Budgeting might not be a lot of fun, but it can help you avoid worse fates.
All this said: are you are looking for more financial information? Members are always welcome to come in and meet with our Bow Valley Credit Union staff, who will be more than happy to chat with you about what we have to offer.