Four in 10 Canadians report that money is a daily concern, and a third of low-income Canadians report that they worry about money almost constantly.
November is Financial Literacy Month, which raises awareness of the importance of financial literacy skills. Financial literacy skills have the power to improve confidence around financial decisions. Money Matters is a free program that aims to build these skills.
Here are 5 financial literacy tips from participants of the program:
Ask yourself if the item you “need” is actually more of a want than a necessity. If you still think you need it, wait 14 days before purchasing to see if it’s really that important.
Put some money away. Putting just $50 a month away in an RRSP can make you $500,000 if you start before you’re 30.
Don’t be afraid to borrow. Borrowing money isn’t always bad, especially if you’re using it to buy something like a house.
Talk to people who are more knowledgeable about money. While it might seem daunting to ask people about money, you shouldn’t feel bad about asking simple questions. By asking them why they made their financial decisions, you’ll become more confident in making your own decisions.
You don’t have to put all of your investments in “high-risk” or “low-risk” stocks or mutual funds. You can diversify your investment portfolio.