Start Your Financial Literacy Journey Today

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As Canadians start to grapple with higher prices and record setting household debt due to the Covid-19 pandemic, financial literacy is becoming something of a buzzword.

The problem is, schools do not place great importance in teaching people about personal finance. This means we have to teach ourselves. Luckily, the Financial Consumer Agency of Canada has been stepping up their online efforts to help raise the financial literacy of Canadians by providing the resources below. Even so, financial literacy is very much a do-it-yourself kinda deal. It’s important to do self-research to find out more about new financial ideas when you encounter them.

The resources below cover all the major areas of financial literacy. Research has shown that people’s greatest financial regret, even for those who are financially successful, is not starting to save and invest for retirement earlier. So start your journey now regardless of your age and don’t wait to find things out on your own. If you would like more insights than what these resources can provide, you should google it.

So first, why not test yourself to see how your financial literacy stacks up? It is not just about budgeting and saving. Most people will be surprised at how much they don’t know:
Financial literacy Self Assessment quiz

Want to plan your budget to help decide how to best spend your money while reducing debt?
Budget Planner

Want to see how you can pay down debt and reach your savings goals?
Financial Goal Calculator

Want to invest in stocks and bonds to save for retirement?
Savings and Pension Plans
Wealthsimple’s Ultimate guide to RRSP vs TFSA
Wealthsimple’s Investing Masterclass

Want to purchase property? Find out if you can qualify for a mortgage based on the property you want, your income and your expenses:
Mortgage Qualifier Tool

Want to Calculate your mortgage payments and see how you can save money by making prepayments?
Mortgage Calculator

Want to compare the costs of financing or leasing a vehicle?
Vehicle Lease or Buy Calculator

Want to Compare credit cards using their interest rates, annual fees, rewards and other features?
Credit Card Comparison Tool

Want to see how long it will take to pay off your credit card and explore options to pay it back faster?
Credit Card Payment Calculator

Want to compare bank accounts using their interest rates, monthly fees, transaction fees and services?
Bank Account Comparison Tool

Want to calculate what your retirement income will look like based on your pensions and other sources of income?
Retirement Income Calculator

These are just a sample of the resources available to you, but don’t limit yourself to these only. There’s so many great resources at your fingertips. If you want to do your own search, here are the main topics that should all be covered to achieve an adequate level of financial literacy:

  • Budgeting
  • Saving
  • Investing
  • Managing debt and credit
  • Mortgages and loans
  • Retirement planning

More Resources

Financial Literacy