In Canada, November is recognized as Financial Literacy Month, making it an ideal time to dive deeper into what you know and where you can improve. As we approach the end of 2024, it’s the perfect time to reflect on financial learnings from the year. Money can be a complex and daunting topic for many but remember, it’s never too late, or too early, to further your financial knowledge. There’s no shame in the game of wanting to learn more!
Asking questions is key to being more certain and confident about your financial future. In this blog, we will explore the foundation of gaining financial literacy and provide some valuable resources to help you boost your knowledge, but we promise to keep it light!
Let’s look at three key areas where financial literacy can have a positive impact…
1. Empowering Your Decision-Making
Strengthening your financial literacy can empower you to make informed decisions about your future. This can reduce your reliance on those around you and foster a greater sense of independence in your choices.
2. Intergenerational Impact
Whether you're expecting to receive an inheritance or planning to pass one down, fostering financial literacy is key to building lasting financial stability and instilling strong money habits for future generations.
Ever heard of the Shirtsleeves-To-Shirtsleeves' Curse?
This curse refers to how family wealth often doesn’t last beyond three generations: the first generation builds wealth, the second maintains it, and the third loses it, returning to the starting point. It’s a cycle driven by poor financial education and mismanagement. Let’s get ahead of this cycle by equipping younger generations with the tools and skills needed to make informed decisions.
3. Improving Your Long-Term Planning
Financial literacy encourages individuals to think about their long-term financial future. With a solid grasp of financial principles, individuals are empowered to ask the right questions and engage in informed conversations about their future. This knowledge supports planning for life’s major milestones—like buying a home, funding a child’s education, or enjoying a comfortable retirement.
There are a variety of resources for enhancing your financial knowledge that can provide you with more confidence for your future.
Have questions? Our team is here to review your plans and help you gain the clarity you need to feel confident about your financial future.
Resources
The Clark Howard Podcast
https://podcasts.apple.com/us/podcast/the-clark-howard-podcast/id207724573
Get Good with Money: Ten Simple Steps to Becoming Financially Whole
Your Money or Your Life
The Psychology of Money
https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681
