Celebrate Financial Literacy Month in November
November is Financial Literacy Month in Canada. Learning how to manage money and navigate the banking system is a crucial element of sound financial management. To help our readers understand the importance of financial literacy, we created a series of blog posts last year to explain the basics. This year, refresh your knowledge by revisiting our five-part financial literacy blog series.
Part One: Why is financial literacy important for Canadians?
In part one of the series, we talked about what it means to be financially literate. This post included many of the reasons that improved financial literacy can translate into individual empowerment. It offered explanations for better managing your credit, benefits of saving for your child’s education, and tools to understand what goes into operating your own business. This post also explained how to finance a home purchase, which involves identifying the right solution for you by working with a mortgage broker. Read part one now.
Part Two: Learn how to get financially healthy
Part two of the series described specific steps you can take to achieve better financial health. The tips included having a budget, developing a plan to pay down debt, and taking the time to learn how credit scores work. Your financial health can affect every aspect of your life, so learning how to manage your money can help keep it from managing you. Read part two now.
Part Three: Teaching young people about financial literacy
In part three, we discussed the importance of starting young when it comes to talking about money. Teaching kids about money and the importance of saving can begin right at the kitchen table, and many simple, teachable moments can set young people off on the right financial path. Parents and guardians can educate children about where the household’s money comes from, how much things cost, how to manage a budget, and model good financial discipline along the way. Read part three now.
Part Four: How to protect yourself against outliving your savings
Outliving the money tucked away in a savings or investment account for the retirement years is a real fear for many Canadians. Part four of the financial literacy series offered practical guidance to help make sure you are prepared for a retirement that could last for many years beyond the age of 65. Read part four now.
Part Five: Intergeneration wealth transfer and what it means
In the next two decades, the largest transfer of wealth in human history, amounting to billions of dollars in Canada alone, will happen as those born between 1946 and 1965 will be handing over a lot of what they have built up to their children and grandchildren. Post five, the final one in the series, discussed wealth distribution and considers the factors that accompany it. Read part five now.
Thank you for taking part in Financial Literacy Month and for learning with us. We hope that by becoming more financially educated, you feel empowered to evaluate your choices to identify the right financial solutions for you and your family. Need more information? Please visit our website or call 1-877-903-2133 to learn how Home Trust can help.
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