Avoid stereotypes and improve your financial literacy!

Financial literacy can be achieved without a degree

TORONTO, ONTARIO, April 05, 2017 – Canadians it’s time to pull up your socks and get serious about your financial literacy! A new study by Statistics Canada revealed the more education one has – the greater their understanding of financial literacy will be.financial literacy

The study examined the relationship between education, financial literacy, savings and also wealth. The research determined those with a higher level of education had a higher degree of financial literacy than those who were less educated. Despite the findings Consolidated Credit Counseling Services of Canada is encouraging Canadians to ditch the results from the study and be proactive in respect to their financial literacy and not fall into the stereotype. Financial knowledge is power and it will give consumers the tools they need to stay on top of their finances and debt. The reality is Canadians are shouldering record debt levels and for many consumers, their debt is too much to handle.  As a result, we are seeing increased numbers of insolvency filings when compared to 2016:

  • Saskatchewan up 33.5 per cent (y-o-y January 2017)
  • Alberta up 31.9 per cent (y-o-y January 2017)
  • Newfoundland and Labrador up 30.5 per cent (y-o-y January 2017)
  • Manitoba up 21.4 per cent (y-o-y January 2017)
  • Nova Scotia up 15.7 per cent (y-o-y January 2017)
  • New Brunswick up 2.4 per cent (y-o-y January 2017)Ontario -0.4
  • Quebec down -1.3 per cent (y-o-y January 2017)
  • Prince Edward Island down -3.5 per cent (y-o-y January 2017)
  • British Columbia down -5.9 per cent (y-o-y January 2017)

“It’s no secret; many Canadians are carrying enormous burdens of debt. If more Canadians took the time to increase their knowledge of financial literacy – it would help them to manage their finances more efficiently,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.

“Having a better understanding of how you became buried in all this debt, makes it easier to get out.  Making wise financial decisions will give you back control instead of your debt controlling you,” says Schwartz.

What is financial literacy? An increase in personal financial literacy is the cornerstone to personal financial success. To help Canadians better their chances with their money management, Consolidated Credit recommends the following:

Get in the habit of reading

Go online or grab a newspaper to get your fill of what is going on in the world of finance. Zero in on the Business / Personal Finance section. Let’s face it, the more you know about personal finance – the less intimidating it will be.

Enjoy the ride!              

Let’s be real, it will take some time and patience to be financially literate. Some concepts will take some time to grasp while others will be easy to follow. Whatever the case – don’t lose sight of your end goal of achieving financial literacy. Be persistent!

Go back to school

Well sort of. Contact a non-profit credit counselling organization to see what kinds of free seminars are available to expand your knowledge of financial literacy. After all, the more you know, the more you’ll grow!

Stop with the excuses

Getting a grip on your personal finances can be tough at first especially if you have a fear of managing your money in the first place. It’s time to ditch the excuses and get serious. Take the time to learn healthy money management concepts.

Get advice

Despite all of the free financial tools available, some Canadians may still feel intimidated by the amount of information at their fingertips. Sometimes dealing with your finances as well as your debt management can get overwhelming. When in doubt, don’t be scared to talk it out with a trained credit counsellor. They can help you to get your personal finances back on track often in just one phone call.

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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.

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

Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: ncarr@consolidatedcredit.ca

Press Inquiries

pr@consolidatedcredit.ca
1-800-656-4120 x 1064