November is Financial Literacy month (FLM) in Canada, but why not make part of every month for financial literacy in your family? As Canadians get married and start their building their family unit they should start to think about their financial future.
We need to heighten the importance of financial literacy awareness and education in our school systems at an early age. It is never too young for children to learn about mathematics and focus on basic financial literacy principals and theory’s.
Parents can start teaching their children by example as well in their day to day interactions. The Financial Consumer Agency of Canada defines financial literacy as “having the knowledge, skills and confidence to make responsible financial decisions.”
Learning to manage your personal finances more efficiently and effectively will help you in the long run when it comes time to buy your first home. A consumer’s financial savviness will reflect in their high credit rating and strength and as well in how much savings and investments they have built up throughout the years up to the point that they are ready to provide down payment for their mortgage, and still have extra savings left over to cover other expenses in life.
To start your educational process in financial literacy we recommend you visit the web site for the Financial Consumer Agency of Canada http://www.fcac-acfc.gc.ca where you will find a tremendous amount of resources regarding the subject of financial literacy.