#FinancialFridays: Money on Your Mind? Talk about it!
November is Financial Literacy Month! It is an opportunity to learn about our own finances and reflect on our goals. The goal this year is to encourage people to talk about money. For most people, talking about money isn’t something they were encouraged to do while growing up and can be considered rude or taboo. At the same time, people don’t feel confident about money topics and issues. How do we learn important information about something we don’t talk about? We don’t… and that is a problem.
67% of people who responded to a major national survey reported carrying some form of debt
36% experience persistent worries about unstable income
28% of Canadians have borrowed money to cover daily expenses over the past year; This figure increases to 40% among people under 35.
43% of those aged 18-34 feel unsure about where to start when it comes to investing.
38% of Canadians rely on friends and family for financial advice.
By opening up about our finances with trusted family and friends, people can learn about what strategies and tips others use to manage their money and then decide if those things may be helpful for them too. Some will be and some will not be. But it is through talking about our finances, our goals, our struggles, and potential ideas to help that people become more confident about how they use their money.
The Money on Your Mind Campaign encourages Canadians to pick one thing they are going to do to help their finances. Ask yourself these questions to start your month off:
- What is worrying me most about my finances?
- What am I doing well when it comes to my money?
- Who do I trust to talk to about my money worries?
And then talk to that person. Talking about our finances can help us make more informed financial decisions.
Talking to financial professionals is also a good way to learn about your options. Caroline, our Financial Literacy Program Coordinator, is available to talk to you about any money concerns you have.
Thanks to the Canadian Investment Regulatory Organization (CIRO) for their latest Investor Survey and the important work they do.