New financial literacy resource on homebuying addresses key concern of many Canadians [Video]

TORONTO, Oct. 29, 2024 /CNW/ – November marks Financial Literacy Month (FLM) in Canada and this year’s theme is “Money on your mind? Let’s talk about it.” Led by the Financial Consumer Agency of Canada, the goal of the campaign is to destigmatize conversations about money and encourage Canadians to talk about their financial experiences.

It’s no secret that many Canadians are struggling with their finances. Due to inflation, rising prices and an increasing unemployment rate, many are barely keeping their heads above water.

For those with limited financial literacy skills, the situation is likely worse. People who have higher levels of financial confidence tend to have better results with day-to-day money and debt management than those with low levels of confidence. People with lower literacy skills also tend to be lower income, which can exacerbate the issue.

For example, 49 per cent of people with low incomes in Canadacarry debt, and …