A Paradigm Shift in Financial Literacy During Financial Literacy Month

Consolidated Credit to share resources during Financial Literacy Month

(TORONTO, ON) – Financial Literacy Month is here, and Consolidated Credit Counseling Services of Canada is hoping for a “paradigm shift” in Canadian financial literacy.  The not-for-profit credit counselling organization wants to be “counted in” the national effort to financially empower Canadians.

Now more than ever, we need a paradigm shift in the way we manage money,” says Jeff Schwartz, executive director of Consolidated Credit.  “I have to believe that a large portion of the financial hardship in Canada could be avoided if people had a solid foundation of financial literacy.”

Over the month of November, Consolidated Credit will be sharing free financial tools and resources via Twitter and Facebook using Financial Consumer Agency of Canada’s (FCAC) hashtag #CountMeInCA.

Schwartz points out that Consolidated Credit has helped over 500,000 Canadians tackle their debt, and many times, true success relies on better budgeting and careful financial planning.

Often times our clients simply need to empower themselves to make better use of their income,” notes Schwartz.  “The tools are out there for us to free ourselves from the shackles of debt; we just need to plant that financial literacy seed.”

The #CountMeInCA campaign comes at a time when many Canadians are feeling the crunch:

  • Canadians owe a record average of $1.64 for every dollar they earn.
  • The growth of household debt in Canada is second only to Greece (McKinsey Global Institute).
  • Nearly one in six Canadians could not handle a $500 increase in their monthly mortgage payments (BMO).
  • Forty-four per cent of Canadians say they are “just getting by,” with no savings (Pollara).

Schwartz hopes the FCAC’s efforts will spark a change that will have a generational effect.

I want the next generation to look back at out-of-control debt levels in the same way they will look back smoking sections in restaurants – they’ll wonder how we ever thought it was acceptable.”

 

About Consolidated Credit Counseling Services of Canada, Inc.: 
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.

Financial tools and resources will be shared during Financial Literacy Month on Twitter (@ConsolidatedCA) and Facebook (Facebook.com/ConsolidatedCreditCanada)

For more information or to request an interview with Jeffrey Schwartz, please contact:

Jacob MacDonald, Manager of Community and Public Relations, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 647-390-5253, F: 416-915-5200, E: jmacdonald@consolidatedcredit.ca

Press Inquiries

Shivani Karwal
Media Manager

pr@consolidatedcredit.ca
1-800-656-4120 x 1055