November is Financial Literacy Month
Nov 01, 2019
Through the National Strategy for Financial Literacy, November has been declared Financial Literacy Month.
What is financial literacy?
Financial literacy includes the knowledge, skills and confidence people need to make informed choices about money. It enables workers to monitor and improve their personal finances.
Why is financial literacy important?
If you find it intimidating to talk about your personal finances, you’re not alone – millions of Canadians admit that they could improve their financial knowledge. According to the BDO Canada Affordability Index annual report, over half (53%) of Canadians are living paycheque to paycheque and one in four say their debt load is overwhelming. More than one-quarter (27%) don’t have enough for their daily needs.
Financial stress has been identified as a factor in preventing employees from reaching their full potential with increased costs in the form of absenteeism, turnover, and benefits claims, as well as decreased job satisfaction and morale. For many years, the labour movement has worked to promote the importance of physical and mental health education in the workplace. Recently, financial wellness has gained traction as the third component to employee wellness and employers have begun to address this concern by providing in-house financial education, including the addition of a financial wellness portfolio to some Employee Assistance Programs (EAP).
What you can do to increase your financial literacy?
Throughout November, Canadians are encouraged to take charge of their finances by making a budget, having a savings and debt reduction plan, and understanding their financial rights and responsibilities. If you would like to improve your financial literacy, why not celebrate this November by checking out these online resources for tips, tools, and advice:
- Government of Canada: Financial Literacy Month
- Government of Manitoba: Financial Literacy
- Money Smart Manitoba
- International Foundation of Employee Benefit Plan (IFEBP)
Happy Financial Literacy Month!
Probetts is dedicated to helping MGEU members better understand
their pension and benefits plans as the union’s in-house
Pension and Benefits Specialist. She also represents employee
and pensioner members of the Civil Service Superannuation Fund as an appointee
to the Superannuation and Insurance Liaison Committee in