Did you know that November is officially Financial Literacy Month in Canada? You may not know because it is a fairly new initiative, this is Canada's 3rd annual Financial Literacy Month. The Financial Consumer Agency of Canada (FCAC) and the Financial Literacy Action Group (FLAG) (which is 7 non profit organizations), launched this event for the first time in November 2011. Unfortunately, there is a need for this, Canada has one of the highest debt to income ratios (MoneySense), we are struggling financially. In November FLAG and FCAC have organized events all across Canada to educate Canadians about their finances. They have created a calendar of events (most of them are free), you should invest your time wisely and check some out!
According to the The Investor Education Fund (IEF) only 3 out of 10 Ontarians are aware of typical priorities and strategies for long-term saving and even fewer know how financial priorities change with age (IEF). The IEF's website getsmarteraboutmoney.ca provides unbiased programs and tools to help consumers make better financial and investing decisions. They delivered a program early this year at North York Central Library, where they shared the 8 universal truths about your money, the number one truth on the list:
1. Know your money personality.
Everyone has a personality: unique attributes, values, goals, worries, tendencies, likes and dislikes that define their character. These traits also apply to your relationship with money – you have a “money personality.” Knowing your money personality can help you meet your financial goals. For example, if you know that you are a spender, you could make saving a habit by setting up an automatic deposit to your savings account every payday.
They have a lot of other great tools on their website including; a mortgage calculators, a wedding budget spreadsheet, student debt calculators, and a lot more great resources and tips for people in all financial stages of life.
One of the purposes of this month is to help Canadians invest in their future and the future of their children. The Business Department has planned a program to celebrate Financial Literacy Month this November:
Please join us at the North York Central Library for an informative financial literacy session. Learn how to understand the goals and challenges of teaching children about money. This Program is brought to you by Chartered Professional Accountants of Canada.
This program is being held in the auditorium at North York Central Library on Tuesday, November 19, 2013 from 6:30 - 8:00. You can either call 416-395-5613 to register, or just drop in - we'll let you in!
Of course, you can always visit the North York Central Library's Business Department on the 4th floor and check out all of our personal finance, investment and economics books, DVDs, databases and newsletters. The staff at the reference desk are always happy to help you!
Here are some books to help you get started on teaching your kids about money: