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Description: Did you know that November is Financial Literacy Month in Canada? This year marks the tenth anniversary. The Financial and Consumer Agency of Canada is co-sponsoring a November 19 event with the Canadian Bankers’ Association called It’s your money – Make it count!. The event is targeted towards students, so check it out at https://live.webcastcanada.ca/webcast/registration/be14267d-a885-418c-8645-128eb3be7dd6. This has been a stressful year on the finances of many Canadians, so the advice on managing personal cash flow is timely.

Date:  November 6, 2020

Source:  canada.ca

 Link: https://www.canada.ca/en/financial-consumer-agency/news/newsletters/november-2020.html

Discussion points:

1) Did you know there was even such a thing as Financial Literacy Month? How is your own financial literacy?

2) What section of the newsletter did you find the most interesting? Why?

3) Early on (page 1-2) in Wiley’s Financial Accounting: Tools for Business Decision-Making we learn about a number of Canadian accountants with careers in diverse areas. Have you ever thought about a career in promoting financial literacy?

7 Responses to “Financial Literacy Month”

  1. Weiting Li, Xiaoming Li, Wenting Zhang, Naikang Chen

    1) Did you know there was even such a thing as Financial Literacy Month? How is your own financial literacy?
    – None of us were aware that such an event exists before. In terms of financial literacy, some of us are more experienced in the field of economics as upper-year students, others are somewhat conscious of our financial situations and had thought of future planning as commerce students.
    2) What section of the newsletter did you find the most interesting? Why?
    We found the section that talks about ways of managing cash flow during the pandemic most interesting. As students, even most cash flows went to tuition and living expenses, it is new and still important for us to understand our minimum needs and plan for access to emergency funds. Big money starts small, therefore it is still meaningful to develop financial literacy as students.
    3) Early on (page 1-2) in Wiley’s Financial Accounting: Tools for Business Decision-Making we learn about a number of Canadian accountants with careers in diverse areas. Have you ever thought about a career in promoting financial literacy?
    – Promoting financial literacy could be a field with many potentials indeed. One of our group members’ parents work as an accountant, but other than usual accounting duties, his office also hold regular lectures for customers that educate the importance of financial literacy and secure investments. Even as a side job, many people still benefit from such events. In the long term, and an economically conscious group of citizens could for sure contribute more to the overall economics.

    Reply
  2. Dylan Corkum, Chacha Dominion, Adrianna Dewar

    1) We were not aware that there was such a thing as financial literacy month. We would say we are reasonably financially literate. We have savings accounts and know the basics, but we would not say we are experts with our money.
    2) Our group found the Cash Flow section of the newsletter most interesting. It made us think about saving for and investing in our future and made us think about our eventual retirement funds that we will contribute to. The cash flow calculator is also very useful for figuring out how much disposable income we have after bills and payments we have to make for the month.
    3) Our group has not thought about promoting financial literacy too much as we did not have a lot of knowledge about it prior to reading through this article and learning about financial literacy month. Dylan, however, wants to be an investment fund manager someday and so we think that this career would somewhat promote financial literacy by helping clients. Chacha also thinks that promoting financial literacy would be a very interesting career to give back to the community and provide mentorship to young people.

    Reply
  3. Justin LeBlanc

    1) Did you know there was even such a thing as Financial Literacy Month? How is your own financial literacy? I was not aware that there was such a month, however I certainly wish that I would have known of it sooner. Being an entrepreneur, having lived in many large cities in Canada independently and held high profile corporate jobs, the responsibilities forced me to become literate and be able to manage and invest my money with care.
    2) What section of the newsletter did you find the most interesting? Why?
    The ways of managing cash flow during the COVID-19 pandemic was hands down the most interesting. It resonates the need for having emergency funds (as I have been taught all my life) and makes you think of what are your bare essentials.
    3) Early on (page 1-2) in Wiley’s Financial Accounting: Tools for Business Decision-Making we learn about a number of Canadian accountants with careers in diverse areas. Have you ever thought about a career in promoting financial literacy?
    Frankly I had no knowledge of careers in financial literacy promotion, however after being enlightened on the topic it would still not be a field of interest as Real Estate investment and developing as well as the premium automotive field are my main fields of experience and interest.

    Reply
  4. Justin LeBlanc

    1) Did you know there was even such a thing as Financial Literacy Month? How is your own financial literacy?
    I was in fact not aware that such a month existed prior to now. In terms of personal financial literacy, having the work experience and investment experience from a young age as I do certainly helped me get to a more advanced level on the matter.
    2) What section of the newsletter did you find the most interesting? Why?
    Certainly the section about cash flow management during the pandemic was the most interesting. As I have learned all my life, it is important to have an emergency fund for situations out of our control and learn what to do when you need to live on the very basics, therefore it was an interesting read.
    3) Early on (page 1-2) in Wiley’s Financial Accounting: Tools for Business Decision-Making we learn about a number of Canadian accountants with careers in diverse areas. Have you ever thought about a career in promoting financial literacy?
    I previously did not know that there were career options in financial literacy promotion, however that would not be a path of interest to me. Real estate investment and development, corporate or premium auto sales would be my primary fields of experience and interest.

    Reply
  5. Andrew Warner, Emile Wold, and Katie Waller

    1) We did not know there was a financial literacy month. We are all rather financially literate as it falls into one of our interests and hence why we are interested in commerce.

    2) The idea that FCAC is launching a challenge “2021 Building Better Financial Futures Challenge” to encourage students to be better with their money is quite fascinating as well as the section on Covid-19s impact on the workforce and how it is impacting the lower-income bracket more than anyone else. Also how covid 19 has shown the importance of financial literacy. It is fascinating that there are so many resources that are free that we don’t know about.

    3) Working in the field of accounting, financial literacy outreach is a really easy way to give back. It’s a big part of what Katie wants to do as a social work graduate and we all feel that it is a very useful skill to have not only for ourselves but for helping those around up. Not necessarily as a career solely focused on promoting financial literacy but as a part of it.

    Reply
  6. Keara Mahaney, Xinyi Li, Liv Lopez

    1. None of our group members knew that Financial Literacy Month existed.

    2. The part we found most interesting was the impact of Covid-19 on working Canadians and all of the free available resources out there.

    3. Two group members have not thought about a career in promoting financial literacy; they didn’t even know some of those jobs existed. Another did not know promoting financial literacy was only a job available on social media.

    Reply
  7. Hugo Power

    1) we did not know there was such a thing as financial literacy month. we are all comfortable with financial literacy. We are all commerce majors thus, financial literacy is an interest to us.

    2) the part surrounding Covid-19 was most interesting to our group. Especially the cash flow management aspect of the pandemic. It really showed the importance of having an emergency fund.

    3) Since we want to work in the accounting field, we all have thought about promoting financial literacy. We did not know financial literacy was a career option, however, having reading about it, we would all consider working in this field.

    Reply

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