Talking about cash builds monetary confidence, FCAC says
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November marks the 14th annual Monetary Literacy Month and the aim of this 12 months’s marketing campaign is to get folks to speak in regards to the taboo topic of cash.
Monetary Literacy Month is led by the Monetary Shopper Company of Canada (FCAC), the federal government company that supervises federally regulated monetary organizations and protects the rights and pursuits of shoppers. In 2021, the FCAC launched its Nationwide Monetary Literacy Technique, a five-year plan that goals to create monetary resilience in immediately’s evolving digital world — together with rising monetary literacy amongst Canadians.
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“Canadians face an more and more complicated and digital monetary market. The worldwide pandemic has magnified financial challenges and disparities for many individuals,” in line with the FCAC’s strategic plan. “This historic occasion additionally uncovered the truth that monetary vulnerability can have an effect on anybody — no matter revenue, background, or training.”
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“Cash in your thoughts? Speak about it!” is the theme of this 12 months’s marketing campaign. The FCAC say that talking about cash builds monetary confidence.
“Speaking helps us join and be taught from one another, and is a crucial approach to share data,” mentioned Werner Liedtke, the interim commissioner for the FCAC, in a information launch. “Having conversations about cash with folks you belief can construct confidence and open the door to constructive monetary outcomes.”
In accordance with a current survey by Edward Jones, 59 per cent of Canadians didn’t obtain any monetary training at school. Of these folks, 41 per cent rated their capability to handle their private funds as “okay” at greatest. The survey additionally discovered that millennials had been the technology most certainly to consider they’d profit from the assistance of a monetary advisor, at 80 per cent.
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Simply in time for Monetary Literacy Month, a brand new platform from Co-operators Group Restricted seeks to cater to that very cohort, by providing insurance coverage recommendation to youthful Canadians.
“Whereas we frequently flip to our dad and mom for monetary recommendation, they may not have all of the solutions relating to insuring your first mortgage or defending your rising household,” mentioned Jessica Baker, Co-operators’ government vice-president of retail wealth. “This new platform presents recommendation that’s completely different from what mother and pop would possibly say and tailor-made to the younger Canadians who want it throughout life’s greatest moments.”
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The platform offers monetary data and recommendation on planning for the longer term, together with assets for people who find themselves getting into the workforce, shopping for their first residence, or having kids.
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