Financial Literacy Month its here !!!

Are you literate Part 2

 

Statistics Canada released the results of a survey done in2011 on financial literacy. Of the 14 multiple choice questions we got 67%correct . The quiz included questions on inflation, interest rates,  credit reports, stocks and risk, insurance,taxation, debts and loans, and banking fees.
A similar study by the Task Force on Financial Literacy found only about 25% of Canadians surveyed were competent in all five key areas of financial capability. Record high household debt is another indicator of Canadians coming up short in the area of financial know how.
So how to get more fluent in financial terms and concepts so you can
make better decisions?  Help is out there
.

The Financial Consumer Agency of Canada (FCAC) has developed
and launched a comprehensive tool kit program to help consumers .The FREE  resource can be accessed online or obtainedhardcopy. Designed to apply financial ideas and concepts to a range of peoples personal situations the tool kit is flexible and can provide valuable
information for people of all ages and stages , rich or poor. A self assessment
tool will help users select one or several of the 11 modules and tools for
their particular needs.  The modules offer worksheets, quizzes, educational videos and case studies.

The toolkit is based on many of the topics covered by the
Investor Education Fund  web site

( www.getsmarteraboutmoney.ca)  which it
is itself a great source of information on a variety of financial
topics.

You can access the kit
and a trainers toolkit which was designed for teachers or someone in a
work place or community to provide financial literacy training  at  www.fcac-acfc.gc.ca

Check out both sites
and learn the basics whether it be taxes, insurance, investing,
financial planning or how to pick an advisor.

 

This article is for information purposes only Heather
Lang/CedarlaneFinancial Consulting/FundEX Investments Inc are not responsible
for any actions beyond this point.

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