November is Financial Literacy Month. A month for CPAs to share their unique skill set. A month for CPAs to help Canadians better understand their finances.
This year’s theme, Managing Your Money in a Changing World, encourages Canadians to consider the increasingly complex and constantly changing financial marketplace and the importance of checking up on their financial health, particularly regarding managing and paying down debt.
According to the latest numbers from Statistics Canada, nearly three in four Canadians report that rising prices affect their ability to meet day-to-day expenses. Household debt relative to income is also on the rise. Canadians now owe $1.85 in credit market debt for every dollar of household disposable income. Canada currently has the highest level of household debt in the G7, making our economy vulnerable to a global economic crisis. Certainly, not all debt is bad and understanding the ever more complicated world of personal finance is the first step toward assessing the extent of the problem.
CPAs are uniquely positioned to help Canadians better understand their finances. CPA Canada’s Financial Literacy program partners with schools, non-profits, and community organizations to help teach kids and adults about finance, credit card debt and more. Financial Literacy volunteers are CPAs who receive online and classroom training and the presentation materials required to deliver an effective session.
At these sessions, CPAs draw upon their expertise to help people become better money managers. There are more than 40 session topics aimed at people in various life stages, including titles such as Ten Healthy Habits of Financial Management; How to Teach Your Kids About Money; Effective Tax Strategies; and Planning for Your Retirement.
Now more than ever, every Canadian, young and old, needs the opportunity to understand their financial decisions better. You can help by becoming a Financial Literacy volunteer. To learn more, click here.