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November was Financial Literacy Month in Canada, a time for all Canadians to focus on better management of our individual financial goals. Credit plays an important role in living a focused and healthy financial life. Having good credit will help you qualify for a loan, mortgage, or credit card.
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CPA Canada released a Summer Spending Followup Survey, which revealed that 42 per cent of those surveyed were essentially on-budget this past summer. What does this have to do with holiday spending? Quite a bit, actually. Those who fared better followed a few basic principles we might all want to remember.
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My firm belief is that if my kids are to become financially savvy young adults, they must have diverse and varied experience with handling money as soon as they can understand what it represents. If this education is absent, there are some clear dangers in navigating life's money minefield.
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According to the Canadian Anti-Fraud Centre (CAFC), mass marketing fraud is an enormous business that consistently claims victims who have not taken the time to verify with whom they are dealing. In fact, the CAFC says the surest way to avoid fraud is to verify, verify, verify.
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Canada is second only to Greece in terms of growth of household debt, relative to income, since the Great Recession. Our debt-to-income soared to record heights in September to a debt-to-income ratio of 164.6 per cent. We owe $1.65 for every dollar we earn. Simply put, we're stretched incredibly thin.
The fact many Canadians are living beyond their means and are vulnerable to economic shocks highlights the importance of Financial Literacy Month (FLM), which takes place each November in Canada. This year, FLM aims to use the national strategy as a springboard to rally support across the country in the effort to help Canadians become better money managers.