By Kirsten Stark
It’s Financial Literacy Month.
November is Financial Literacy Month in Canada - the perfect time for Canadians of all ages to strengthen their financial know-how.
During Financial Literacy Month, the Cariboo Chilcotin Partners for Literacy (CCPL) is encouraging people to participate in activities designed to increase their financial knowledge and help them reach their financial goals.
Week 1 challenge
Start with a budget. A budget can be as simple as tracking money coming in and going out. Budgeting is a first step to understanding our day-to-day priorities. A budget provides a picture of our financial situation and helps us manage money and debt today. Budgeting will help you plan and save for tomorrow.
Why is budgeting so important?
According to a recent report from Prosper Canada Where have all our nest eggs gone?, in just 20 years we have turned from a nation of savers to spenders - and not just spenders, big spenders!
In 1982, Canadians saved an average of 20 per cent of their yearly income; in 2005, we hit a low of one per cent and today we have crept back to about four per cent.
We have also become big borrowers and carry a huge load of household debt at an average of 167 per cent of our yearly income.
These two factors combined put many Canadian households on the top of the cliff of financial stability. A job loss, a change in income level or interest rate rise could tip many families over the edge into severe financial difficulty or even bankruptcy.
For more information on Financial Literacy, workshops and one-to-one financial coaching sessions, e-mail Lory at lory@caribooliteracy.com in 100 Mile House, or Kirsten at kirsten@caribooliteracy.com in Williams Lake.
Check out CCPL’s banner ads in the 100 Mile House Free Press newspaper for financial literacy tips.
Kirsten Stark is a CCPL Literacy Outreach Worker.