Understanding Your Finances has Never Been More Important
November 2020 marks the 10th anniversary of Financial Literacy Month across Canada. Led by the Financial Consumer Agency of Canada, this year’s campaign aims to help Canadians learn how to manage their finances in challenging times. Financial literacy means not only having the knowledge and skills, but the confidence to make informed financial decisions right for ourselves and our loved ones.
When asked about financial literacy, Kristin Kraus, an instructor with the School of Global Access, says, “It is even more important for newcomers since they may have very different money systems in their home countries. They also face additional barriers of language, lack of confidence due to class barrier perceptions, and the specialized lingo around money and banking.”
The COVID-19 pandemic has shown financial stress can negatively impact our mental health. Raeanne Cruickshank, a learner in the Pharmacy Technician Diploma program, found herself unemployed due to the pandemic only 1.5 months after starting a new job. Since joining the Matched Savings Bursary Program this fall, Raeanne has become more aware of her spending and is saving with the purpose to pay down debt. “Every class has something new,” says Raeanne.
Investing in programming to increase financial literacy education and empowerment for our learners is crucial now more than ever. “Financial Literacy promotes independence and self-esteem that will help carry Indigenous students into their future,” says Kent Nicol, Addictions Studies Diploma program, about the Indigenous Matched Savings Bursary Program.
Learners who are feeling stressed about their finances are encouraged to book an appointment with our in-house Financial Coach or visit the Financial Consumer Agency of Canada website for tips and tools to manage their finances. Up for a challenge? Check out Momentum’s QUBR savings app.