5 financial literacy tips from adult learners

November is Financial Literacy Month (FLM), an initiative led by the Financial Consumer Agency of Canada and celebrated by numerous community groups and non-profits to help Canadians improve their financial literacy skills.

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. Financial literacy skills have the power to improve confidence around financial decisions, ultimately giving people the knowledge and empowerment needed to feel more secure about their financial situation.

Money Matters is a free program that aims to build these financial literacy skills. Developed with support of founding sponsor TD Bank Group through the TD Ready Commitment, the Bank’s corporate citizenship platform, the program is written and designed with the adult learner in mind. This means that all activities are approachable and discussion-based, and focus on topics based on extensive research and feedback from learners. The program content is written at a literacy level 2 (grade 6-8 reading level).

Since 2011, Money Matters has reached over 95,000 adults. Here are five financial literacy tips from adult learners who have participated in the Money Matters program.

  1. “Budget” is not a scary word. Don’t be afraid of it.
  2. Reviewing your finances is important in order to have an idea of how you’re spending.
  3. Take some time to reflect on your spending habits – both good and bad.
  4. Be more mindful of small purchases and how much they add up in a year. Be more intentional about planning for leisure spending without guilt.
  5. Ask your bank questions about hidden fees and try to avoid using payday cash loans.