FINANCIAL LITERACY MONTH
We are almost at the halfway point in the 10th annual Financial Literacy Month here in Canada. A quick search on Twitter for the term Financial Literacy Month will net you a bevy of resources, comments and links aimed at individuals and the advisory community. Resources on finance, banking and investing are provided by companies like Content Innovo, government bodies and of course, financial institutions.
THE END GOAL
At Content Innovo the end goal in participating in financial literacy month is to see a Canadian population that is financially healthier because they understand how finance, banking and investing work. We believe we live in an age where upward mobility and financial health are achievable through the resources that are readily available.
Next year we’ll be looking for partners to help us take our efforts global. Stay tuned.
ASSESSING PERSONAL FINANCIAL HEALTH
Perhaps you would prefer a financial advisor to run this assessment for you but for a financially literate person, this should be no problem. When assessing your financial health you should look at 6 things: Net Worth, Savings Rate, Debt-to-Income Ratio, Credit Score, Retirement Fund, and Income.
If you’re not familiar with some of these terms check out this article: MEASURE YOUR FINANCIAL HEALTH. The article is aimed at a US audience but the same rules apply.
If you’re interested in digging a little deeper into your financial health, Sunlife provides a more in-depth calculator to help you plot your future.
The bottom line is, the tools to assess your financial health are readily available – but – would you not feel more comfortable negotiating a loan or choosing an RESP if you understood the in’s and outs of those products and the options available?
Being financially literate is as important as a gym membership, a career you can be proud of and a healthy family.
Feel free to use the resources mentioned in this blog to assess your own financial health and share with us any areas that you feel need improving. We’d be happy to connect you with the right resources to improve your financial literacy and ultimately your financial health.