By Jasmin Brown

BDO Debt Solutions

Financial Literacy Month

Nov 15, 2023 | 8:46 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

November marks the 13^th annual Financial Literacy Month.

This years’ theme is “Managing Your Money in a Changing World.” Financial Literacy Month aims to provide Canadians with tips and tools that can help them manage their money and their debt. Canadians are facing some big changes and challenges when it comes to their finances, as we continue to see high inflation and rising interest rates.

Financial Literacy Month is a great opportunity to dedicate some time to improving your financial literacy skills in order to better weather the storm.

Why Improve Financial Literacy Skills?

Nursing

Studying Nursing with the University of Saskatchewan

11h ago

Red Pheasant Cree Nation

Miss Indigenous Canada Pageant contestant Khoniss Wuttunee says 'life promotion' part of her philosophy

12h ago

MVP Finalist

North Stars' Bell joins rarefied air with CJHL nomination

May 07, 2024

There are many reasons to improve your financial literacy skills, some of the most important are:

· Managing and paying off debt;

· Preparing to deal with a financial emergency;

· Knowing and protecting your financial rights; and

· Optimizing your financial health.

How to Improve Financial Literacy Skills

Some of the ways that you can begin to improve your financial literacy skills include:

· Visiting the Financial Agency of Canada (FCAC) website;

· Reading blogs and listening to podcasts – just search the topic that you want to learn about;

· Visiting your local library or bookstore;

· Talking to someone, whether it be friends, family, your bank, financial advisor, or a Licensed Insolvency Trustee.

There is a lot of information available, you just have to take the initiative to find it and learn what you can.

While Financial Literacy Month is a good time to focus on learning more about your money and your debt, it is something that everyone should really do year-round. The more financial knowledge we have, the better equipped we are to make sound financial decisions, and the more resilient we will be when times get tough. Financial literacy should be a priority for everyone. There is always something to be learned.

Unfamiliar Terms

In a recent Debt Stigma Survey completed by BDO, it was made clear that many people are unfamiliar with debt management solutions. The results showed that:

· 51% of respondents were not at all familiar with a Consumer Proposal;

· 58% of respondents were either not familiar with or were only slightly familiar with the concept of bankruptcy.

Both of these proceedings are meant to provide a person struggling with debt a fresh financial start. There are a lot of myths surrounding bankruptcy, that people believe to be true due to a lack of understanding and knowledge. If you are struggling with debt, it is worth your time to learn more about these solutions.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.