Once again November is here, meaning one thing: Financial Literacy Month in Canada. If you are not too sure what Financial Literacy Month means, it is an initiative organized by the Canadian government each November. Now into its fifteenth year, Financial Literacy Month is all about empowering Canadians by providing the knowledge, expertise, and tools for efficient money management. By offering citizens this knowledge, Canadians like you can expect to manage their finances with confidence, and can work towards a brighter future.
What is Financial Literacy Month?
Every November is Financial Literacy Month, when the Financial Consumer Agency of Canada (FCAC) works with a number of organizations to educate Canadians. Financial literacy is the development of knowledge, skills, and confidence to make responsible financial decisions. By sharing the expertise of a number of different businesses, it is an opportunity to build on the financial literacy status of Canadians, no matter the condition of their finances. Throughout November, different companies and organizations host events to help Canadians with their money management, as well as sharing a number of resources. The aim of these activities is to allow people to improve their money management, get saving, and understand their financial rights. You can gain access to these events and resources through the Canadian Financial Literacy Database.
How is this year’s Financial Literacy Month different?
The theme of this year’s Financial Literacy Month is Managing Your Money in a Changing World. ‘What does this mean?’ you might be thinking. It is all about adapting to a world where we face fresh challenges each year – for instance, a rising cost of living and increasing interest rates linked to global reasons like technology, inflation, war, and even climate change. By educating Canadians on how to adapt, we can all be better prepared for the changes the world (and life!) bring to each of us. In support of this theme, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is running a number of financial literacy activities to help educate Canadians. Both CAIRP and the Office of the Superintendent of Bankruptcy (OSB) are also helping Canadians identify and avoid debt relief scams, something which is unfortunately all too common. If you have concerns about your own financial challenges or debt relief scams, reach out to Spergel, and our expert Licensed Insolvency Trustees will assist you with urgency.
What is the goal of Financial Literacy Month in Canada?
A lack of knowledge about finance and money management can lead to poor financial decisions, like overspending or borrowing too much. As Canada now has the highest household debt in the G7, financial education has never been so important. Not knowing how to manage your money can lead to financial stress and mental health problems – especially if you are unable to meet your monthly expenses. For this reason, Financial Literacy Month is intended to help you learn good financial habits. There are a few key goals:
- Helping you to ensure you can provide financially for both your needs, and those of your family;
- Teaching you money management skills so that you can invest in both yours and your family’s future; and
- Helping you to understand your rights and obligations as a consumer and a borrower.
How does Spergel support Financial Literacy Month?
At Spergel, we have fully supported the Financial Literacy Month for years. In fact, we celebrate the initiative all year round – you can find plenty of resources and money management support for your finances in our Learning Centre. Financial Literacy Month is a great opportunity for Canadians to focus on their finances and money management before the spending of the holiday season is upon us. It is the perfect chance to get a clearer idea of tracking expenses, saving and budgeting to help you keep on track throughout the festive period. At Spergel, we have been helping Canadians gain debt relief for over thirty years, and our reputable Licensed Insolvency Trustees can help with all personal finance matters, including the following:
- Creating a budget. We can share the resources to enable you to do so, so that you can better understand your finances. Budgeting will also help you to determine if you have the means to save and invest, and to ensure you have an emergency fund in place.
- Gaining debt relief. Last year’s focus for Financial Literacy Month was debt. Unfortunately, more and more Canadians are finding themselves saddled with debt, and at Spergel we are here to help you on the pathway to debt relief. We can help you to live life more comfortably financially, ease financial worries, and help you to be able to save for the future.
- Understanding your consumer rights. The Financial Consumer Agency of Canada (FCAC) requires banks to follow certain procedures in order to protect individuals. This includes sharing clear information on products and services, and having appropriate complaints procedures in place. It is important to know your rights should you encounter any situations, and at Spergel we can help to empower you should you need advice or support.
What is a Licensed Insolvency Trustee?
You may be wondering what a Licensed Insolvency Trustee is, and how they fit into Financial Literacy Month. Also known as bankruptcy trustees, Licensed Insolvency Trustees are the go-to professionals when it comes to handling debt and gaining debt relief in Canada. In fact, they are the only professionals legally able to file all methods of debt relief, including consumer proposals and bankruptcy. They are incredibly important when it comes to making financial decisions for your future, and are experienced in all kinds of debt problems. You can learn more about the role of Licensed Insolvency Trustees, and book a free consultation with a Spergel trustee to discuss your financial situation today.
How can Financial Literacy Month help you?
With so many events and resources in light of Financial Literacy Month in November, there are plenty of ways you can get involved. Taking advantage of the resources available during Financial Literacy Month is a good way to understand your money better while learning money management skills. At Spergel, we have several ways in which you can participate in order to get your finances in order. Here are some examples:
Explore the Canadian Financial Literacy Database
To assist with Financial Literacy Month, the Canadian government features a whole range of resources as a one-stop source for citizens on its Canadian Financial Literacy Database. Here, you can gain helpful information on budgeting, saving, investing, preventing fraud, and so on. The database is made up of resources from third party organizations, including Spergel, so you can gain insights and advice from financial experts. Our resources include helpful documents including the difference between bankruptcy and consumer proposals, and our debt calculator.
Learn if you need debt relief
Part of gaining financial literacy is understanding the warning signs of insolvency, and needing debt relief. Many people do not expect to find themselves in a situation where they are overwhelmed by debt and money troubles. Being able to recognize the signs associated with spiralling debt is helpful should you or a loved one ever encounter a similar situation. This can mean you are well prepared for action should your situation ever become unmanageable and ensure you know which subsequent steps to take for a quick turnaround. Discover more about spotting the signs of money problems.
Read our financial how-to guides
For most Canadians, getting into debt often coincides with major life events like medical bills for an operation, or putting your children through university. Even getting married can incur huge costs that may not always be anticipated. Buying a home or getting divorced are other common life events that can result in money troubles and sometimes crippling debt. No matter what the scenario, you should remember it is always possible to gain debt relief. Our Licensed Insolvency Trustees are able to help you get back on track in every instance. Our helpful guides can also prepare you for managing money during key events:
- How to help ageing parents through financial difficulties
- How to deal with tax debt
- How to deal with debt collectors
Check out our money tips
Money management is such a key skill of life, and one that every single one of us need to learn. Financial Literacy Month is the perfect opportunity to recap on some money tips and to keep check of ways all of us can improve. Whether you are wanting to avoid debt or dig yourself out of it, a little budgeting can go a long way. In the following resources from Spergel, we share some helpful tips for how to manage your spending and savings year-round:
- Holiday spending tips
- Grocery budget tips
- Budgeting tips for post-secondary students
- Summer vacation money tips
- Tips for saving money with an irregular income
You can also catch more money tips and success stories over on the Spergel YouTube Channel.
Use our debt freedom calculator
If you have debt, you are likely wanting to know how you can gain debt relief. You probably also want to know how long different methods of debt relief will take you to become financially free. This is where our debt freedom calculator will do the math for you quickly and easily so you don’t have to crunch the numbers. You can simply input the amount of debt you have, and it will show you how much each method of debt relief could cost you. It will also show you the different options you have, some of which you may not have considered. It is a great starting point when it comes to handling the debt you have.
Book a consultation with a Licensed Insolvency Trustee
Financial Literacy Month is the perfect opportunity to become reacquainted with your finances and your financial knowledge. If you have debt, it is a great time to tackle it head on. If you are concerned about money management, there is no time like the present to tap into useful resources to learn more. Of course, nothing compares to speaking to a professional who is well versed in all the legal forms of debt relief in Canada. Licensed Insolvency Trustees will work with you to review your financial situation and advise you as to your best options.
At Spergel, our trustees have helped over a hundred thousand Canadians gain debt relief, and we are here to help you too. If you have more debt than you can manage, you can book a free consultation with one of our trustees today – you owe it to yourself.