BC Council for Families

Family Facts: BC Council Blog

Are You Ready to Give up Your Morning Latte?

Oct 31

by Ruby Banga
Program Coordinator

I bought a Pumpkin Spice Latte 3 times last week! That's nearly $15 a week, which translates to roughly $60 a month. That is something to think about as we enter Financial Literacy Week, starting October 30, until November 5. ABC Life Literacy Canada is encouraging Canadians to learn more about their finances and improve their knowledge about financial literacy.

In a recent poll by Ipsos Reid, conducted on behalf of ABC Life Literacy Canada, just three in ten Canadians 'strongly agree' that their math/money management skills would help them plan for a secure financial future. That's 70% of Canadians that are NOT fully confident!  According to the research, those with less education are less confident that their skills will help them plan for a secure financial future. Further to that, six in ten Canadians agree that they could indeed use some help with their financial management skills. The poll also revealed that 38% Canadians say they are not putting away money on a monthly basis for long term savings. And 38% say that they do not follow a budget.

Understanding terms such as budget and interest and minimum payment does not seem to be a big problem for those that were asked, but when it comes to teaching others (such as their children) about savings and budgeting, they lack confidence.
 
So this Financial Literacy Week, think about the things you can do to improve your financial literacy knowledge and comfort level. It can be something as simple as calculating the savings from bringing your own coffee to work, or packing a lunch for the week. Can you incorporate some of these things into your life on a regular basis? The small steps we take can really add up to some big savings! In addition we are modeling some wise financial habits to our children so that they can be better equipped for the future.

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