November is Financial Literacy Month
What is Financial Literacy Month
November is Financial Literacy Month (FLM). The Financial Consumer Agency of Canada (FCAC) helps coordinate the efforts of, and increase collaboration between, organizations from the private, public and non-profit sectors to strengthen the financial literacy of Canadians and empower them to:
- manage money and debt wisely
- save for the future
- understand their financial rights and responsibilities
Strengthening the financial well-being of Canadians is the vision of the National Strategy for Financial Literacy – Count me in, Canada.
Throughout November, organizations and individuals from across the country are encouraged to host and participate in events and share resources aimed at helping Canadians learn how to manage their personal finances successfully.
A complete list of financial literacy events and resources offered by Canadian organizations is available in the Canadian Financial Literacy Database. During FLM, FCAC promotes the November calendar of events.
What is the theme of Financial Literacy Month 2019
This year’s theme is “Take charge of your finances!”. The goal is to encourage Canadians to take charge of their finances by making a budget, having a savings and debt reduction plan, and understanding their financial rights and responsibilities.
Throughout the month, FCAC will feature weekly sub-themes. They will bring attention to the benefits of basic money management practices with more specific weekly focuses. They are:
Week 1 (November 3 to 9) – Start with a budget
Week 2 (November 10 to 16) – Set financial goals
Week 3 (November 17 to 23) – Be a smart financial consumer
Week 4 (November 24 to 30) – Borrow money wisely
Why is financial literacy important
Financial literacy is important for the financial well-being of individuals, but also for the economy as a whole. Understanding the basics about money is as essential today as numeracy and basic literacy.
Financial literacy research
Financial literacy research is a key part of FCAC’s efforts to improve financial literacy by understanding behaviour and attitudes behind financial decisions. We also need to understand the financial ecosystem within which these decisions are made.
History of Financial Literacy Month
In 2012, the Parliament of Canada proclaimed each November as Financial Literacy Month.
The first FLM was launched in 2011 with the Financial Literacy Action Group (FLAG) to raise awareness among Canadians and stakeholders about the importance of financial literacy in strengthening an individual’s financial well-being. The first FLM brought together 75 organizations to hold 200 events across the country to strengthen financial literacy.
Since then, the momentum has been building as community organizations, volunteer groups, agencies from all levels of government, employers and private companies have become involved in FLM.