November is Financial Literacy Month
November 1, 2024, marks the 14th anniversary of Financial Literacy Month in Canada. This initiative, started by community groups, not-for-profits, and governing bodies like the Financial Consumer Agency of Canada (FCAC), seeks to improve Canadians’ overall financial literacy.
Did you know that nearly half (45%) of Canadians reported that rising prices were greatly affecting their ability to meet day-to-day expenses*?
Over the next month, Westoba will provide some resources through our social channels for you and your family to use to boost your confidence and increase your skills around financial decisions.
About this year’s campaign from FCAC
“Money on your Mind. Talk about it!”
Talking about money remains a taboo for many Canadians. People can find it difficult to discuss financial matters, such as personal debt, with family and friends. Many feel shame or embarrassment or are worried about being judged.
Research shows that talking about money builds financial confidence and can lead to better financial outcomes. This is especially true for women.
This November, FCAC is launching its Money on your Mind. Talk about it! campaign aimed at destigmatizing conversations about money by encouraging Canadians to share their financial experiences and ask questions.
FCAC wants Canadians to take action in November by “doing one thing” to boost their financial confidence, such as checking their credit score, talking to a friend about budgeting, or asking questions to a trusted financial professional. During the campaign, Canadians can also engage in conversations on social media with the #MoneyOnYourMind challenge.
“As we celebrate Financial Literacy Month, it’s important to recognize the incredible work done by organizations nationwide including our fellow CUs to enhance financial literacy and improve outcomes for Canadians. In today’s challenging economic climate, managing debt has become more crucial than ever. This year’s focus on debt management is both timely and relevant,” says Matt Worobec, Manager of Marketing and Communications at Westoba. “At Westoba, we hope to continue to empower Manitobans with the knowledge and tools they need to achieve financial fitness.”
Balance Your Budget
Inflation and higher interest rates signal that you may need to adjust your budget to find the right balance between daily spending and paying down debt. To start balancing your budget today for financial success in the face of these challenges, download our Budgeting Workbook.
Download the Budgeting Workbook
Financial Literacy Resources
As we launch Financial Literacy Month, here are some great resources for you to leverage to better understand your finances:
- Unbiased and vital information and tools to help build confidence and tackle some of the money issues that many Manitobans may face in their day-to-day lives: moneysmartmanitoba.ca
- Government of Canada resource that provides everything from mortgage calculators to how to set up an emergency fund: Canadian Financial Literacy Database – Canada.ca
- Free, non-commercial resources from CPA Canada to help manage your finances and provide you with the tools you need this year: Financial literacy resources – CPA Canada
If you have questions about your finances and need a consultation, visit the link below and let’s get you in for a chat.
* https://www150.statcan.gc.ca/n1/daily-quotidien/240815/dq240815b-eng.htm
