Economic literacy – In our increasingly complex world, being
financially literate is now more important than ever. Simply put, this means to
have the knowledge, skills and confidence to make responsible financial
decisions.
When we say “knowledge”, we mean an understanding of personal as well as broader financial matters. “Skills” refers to the ability to put that knowledge to use in every-day life. “Confidence” means you have the self-assurance to make important decisions.
People’s financial decisions may vary based on age, circumstances, preferences etc. , but with a degree of financial literacy you can make those decisions by relying on your knowledge, skills and confidence to make choices appropriate for your situation.
Financial literacy is important because it is a life skill. Today, it is normal for people to have bank accounts, credit cards and debt, but unfortunately many Canadians, especially younger ones, lack the money management skills they will need as adults.
“The mission of strengthening the financial literacy of Canadians is a shared responsibility among many stakeholders . This mission will not be realized without the combined efforts of individuals, families, governments, educators, financial service providers, employers, labour organizations, businesses and voluntary organizations.”( Task Force on Financial Literacy, December 2010 report.)
Being financially literate is another way of being educated and capable and gives us more control over our lives. No matter what your situation, be it employed, a student , retired, un-employed, under-employed, on assistance, seasonal worker, casual or temporary or contract worker, you can benefit from becoming more financially literate.
Remember, your income can be great, or it can be small, but if you don’t know what to do with it you will face challenges.
Ask your bank or financial institution for more information, or contact literacy organizations such as READ Saskatoon or, if you qualify, speak with an Employment Resource Coach at the YWCA for more information.
When we say “knowledge”, we mean an understanding of personal as well as broader financial matters. “Skills” refers to the ability to put that knowledge to use in every-day life. “Confidence” means you have the self-assurance to make important decisions.
People’s financial decisions may vary based on age, circumstances, preferences etc. , but with a degree of financial literacy you can make those decisions by relying on your knowledge, skills and confidence to make choices appropriate for your situation.
Financial literacy is important because it is a life skill. Today, it is normal for people to have bank accounts, credit cards and debt, but unfortunately many Canadians, especially younger ones, lack the money management skills they will need as adults.
“The mission of strengthening the financial literacy of Canadians is a shared responsibility among many stakeholders . This mission will not be realized without the combined efforts of individuals, families, governments, educators, financial service providers, employers, labour organizations, businesses and voluntary organizations.”( Task Force on Financial Literacy, December 2010 report.)
Being financially literate is another way of being educated and capable and gives us more control over our lives. No matter what your situation, be it employed, a student , retired, un-employed, under-employed, on assistance, seasonal worker, casual or temporary or contract worker, you can benefit from becoming more financially literate.
Remember, your income can be great, or it can be small, but if you don’t know what to do with it you will face challenges.
Ask your bank or financial institution for more information, or contact literacy organizations such as READ Saskatoon or, if you qualify, speak with an Employment Resource Coach at the YWCA for more information.
