Empowering Canadians with Financial Education

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Impact of Financial Literacy in Schools and the Role of Financial Educators

Living in an intelligent world, financial literacy has become a crucial aspect of life. The ability to manage personal finances, make informed decisions, and navigate through a complex economic crisis requires you to be financially literate.

This is why the importance of financial literacy for youngsters, especially students, is gaining popularity. Let us understand the positive impact of teaching financial literacy in schools and the significant role of educators in shaping financially savvy Canadian students.

Teaching Financial Literacy in Schools

Canadian schools are striding to integrate financial literacy programs into the regular curriculum, ensuring that students get the knowledge and learn skills to manage their finances effectively. These programs cover aspects like budgeting, saving, investing, etc.

It empowers students to make informed financial decisions. They learn the value of money, how to save and invest, and the consequences of bad financial choices. This knowledge equips them with the skills to navigate their financial future successfully.

Financial education for students helps them adopt responsible financial habits at a young age. Students learn the importance of setting financial goals, budgeting, and making wise financial decisions. These skills benefit them during their school years and set a strong foundation for their future.

The Role of Financial Educators

Financial educators in Canada are playing a significant role in shaping the economic future of the country's students. Their role encompasses:

Curriculum Development

Finance tutors work on developing the curriculum for financial literacy programs. They ensure that the content is relevant, up-to-date, and tailored to the needs of students at different grade levels. 

Teaching Financial Concepts

These teachers deliver financial education to students using various teaching methods that make the material engaging and understandable. Interactive lessons, real-world examples, and hands-on activities help students understand complex financial concepts.

One-on-One Financial Coaching

Often providing one-on-one financial coaching sessions, these educators use personalized approaches to address individual student's financial goals and challenges. They help students set specific financial targets and develop strategies to achieve them.

Promoting Financial Responsibility

Financial tutors instill the importance of financial responsibility, teach money management and how to avoid debt traps. This emphasis on responsible economic behaviour has had a lasting impact on students' lives for years.

The Impact of Financial Educators

These professional educators play an instrumental role in ensuring the future and financial well-being of Canadian students. Here are some key aspects to bring to light:

Empowering decision-making

Teaching financial literacy in schools empowers students to make informed financial decisions. Through their guidance, students develop the confidence to manage their money effectively, choose the right financial products, and make sound investment choices.

Fostering responsible money habits

Financial teachers’ help students develop responsible habits that extend beyond school life. This makes students more likely to make wise financial decisions throughout adulthood, leading to financially stable lives.

Reducing financial stress

Learning financial management finances effectively reduces financial stress in students. They become less likely to experience money-related anxiety, allowing them to focus on their studies and future goals.

Enhancing career & life prospects

Financial education for students equips them with valuable skills that are carried along to college and university life, as well as to the workplace & post-married life. Those who understand financial concepts become more attractive job candidates and sound life partners in their lives.

The importance of financial literacy and the role of financial educators in Canadian schools cannot be overstated. As the country seeks to develop financially responsible citizens, schools become the critical founding stone in shaping the economic future of these future citizens. The impact goes beyond the classrooms and extends into the lives of these students as they embark on their journey toward financial independence and success.

Final Words

Incorporating financial literacy into the school curriculum through personalized financial coaching can positively change how students manage their money. As a result, Canadian students can become better equipped to make informed financial decisions, develop responsible money habits, and secure a brighter financial future.

This is why hiring Enriched Academy as the financial literacy partner for schools can be the best choice. They are a team of professional financial educators and money coaches who can rightly impact the financial literacy curriculum in schools in Canada.

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Boosting Employee Financial Wellness with a Professional Money Coach.

Enhancing workplace financial wellness is essential. Providing financial literacy for employees through dedicated trainers and educators can make a significant impact. Empowering your workforce with financial life coaching services and guiding them with a professional money coach can promote financial stability and peace of mind.

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Empowering Future Generations: Prioritizing Canadian Financial Literacy

Promoting financial education in Canadian schools is crucial. Effective financial education services play a key role in educating future generations. Teaching financial literacy in schools is the key to empowering students with knowledge and a financially secure future. Prioritizing Canadian financial literacy ensures informed and responsible financial decisions later in life.

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Financial Education Services Drive Workplace Wellness

Workplace financial wellness programs and initiatives can play a huge role in helping employees better manage their money and achieve financial stability. These programs focus on providing learning resources and education to bolster financial literacy and address financial challenges among employees. They have become popular as employers recognize that financial stress can have a significant impact on an individual's physical health, productivity, and job satisfaction. Employees that are preoccupied with financial issues at home are much more likely to be absent, make errors in their work, or have an accident while on the job.

Workplace financial wellness programs are growing in popularity and may address a variety of financial issues and include a number of components — here are the most common considerations.

Employers often provide education seminars, workshops, or online resources to help employees understand basic financial concepts, such as budgeting, saving, investing, and managing debt. Employers can also provide access to budgeting apps or online calculators to help employees track their expenses and set financial goals. Providing access to legal and tax resources can help employees navigate complex financial and legal matters, such as estate planning or tax filing.

Improving financial literacy for employees empowers them to make informed financial decisions and get more out of their paycheque. Employers may also offer a range of employee benefits that contribute to financial wellness like matching contributions to retirement plans.

Employee Assistance Programs have recently been expanded to include financial counseling and financial education services to help employees cope with personal and financial issues that might affect their job performance. It is critical that employers seek out programs specifically designed to improve Canadian financial literacy.  They should clearly show how to take advantage of government programs such as RRSPs, TFSAs, RESPs as well as other tax and legal issues applicable to Canadian residents.

Financial wellness can be integrated into overall workplace wellness programs. This holistic approach addresses both physical and financial health. Employers must maintain open and ongoing communication about financial wellness programs and resources to ensure that employees are aware of the available support.

Some companies use financial health assessments or surveys to gauge their employees' financial well-being and build tailored financial wellness programs. Organizations may provide access to financial counselors or coaches who can assist employees by meeting with them one-on-one and creating personalized financial plans. These plans can address a variety of issues, from managing debt to retirement planning.

Assistance with debt management plays a crucial role in financial wellness programs. Excessive debt can affect all salary levels within an organization and is not a low-income issue. Resources could include online tools and spreadsheets for debt repayment planning, information on debt consolidation and negotiating with creditors, or refinancing options.

Employers can also play a role in promoting savings and investment options such as automatic payroll deductions for savings accounts, pension contribution matching, or access to investment platforms. Encouraging employees to save for emergencies and plan for retirement is a key goal.

Some companies also incorporate financial wellness challenges or competitions that incentivize employees to save, reduce debt, or achieve other financial goals. Prizes or rewards can motivate participation and help get the entire organization involved in making financial wellness an integral part of their workplace culture. As managing our money becomes more complicated and more time-consuming, raising the level of workplace financial wellness offers significant benefits to both employees and employers. Employees are more likely to feel satisfied and focused on work when they have control over their financial lives, and employers can potentially reduce absenteeism and turnover while enhancing overall productivity and morale.

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Empowering Tomorrow's Leaders: Financial Literacy in Schools

A financial literacy program for students will equip your graduates for a successful future. Financial education in school provides essential skills. It's not just about crunching numbers, it's about real-life financial knowledge. Invest in building financial basics today and compliment it with our personalized financial life coaching services down the road.

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Empowering Employees with Canadian Financial Literacy

Guarantee employee satisfaction and increase efficiency with a comprehensive corporate financial wellness program focusing on Canadian financial literacy. Strengthen your company's future and boost the morale and productivity of your team with a financial wellness program for employees!

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Financial Education for Young Adults

As adults, most of us have learned a few harsh lessons from poorly managing our money and know very well how our financial situation impacts our overall happiness and well-being. As parents, we do our best to teach our kids about money and avoid those harsh lessons, but there are plenty of life lessons to teach and personal finance doesn't always make it on our list.

Teaching financial literacy in schools has become more widespread and post-secondary institutions may also offer financial literacy programs for students. But which financial lessons, habits, and tactics should parents try to instill at home on our teenagers, especially if our own money management knowledge and skills may be lacking?

Wants vs needs & cost vs value

Regardless of age, everyone needs to clearly differentiate between wants and needs and prioritize what we spend our money on. For young adults in particular, value and cost are two more important concepts they need to understand. The latest model iPhone or a carbon fiber mountain bike will really impress their friends, but a cheaper version may perform very similarly and provide a lot more value, especially if they are strapped for funds.

Young people face a daily avalanche of marketing messages, and they need to learn to look through the hype and make objective, well-thought-out financial decisions. Plenty of very wealthy people (even billionaires like Warren Buffett) drive some pretty basic cars for a very good reason – it’s all they really need. If your kids have their eye on the newest must-have item, ask them them to explain the value other than being trendy or fashionable. For big-ticket items, make informed decision-making part of your kids’ financial wellness plan — have them to do some research and check out product reviews as well as shop around for the best price.

Introduce basic investing concepts

Financial literacy for teenagers should definitely include basic investing concepts and how to make money with money. Explain the power of compound interest and how investments can grow over time. Buying stocks or other investment products for your teenager is a great way to learn firsthand. There are plenty of teens with parents who took the time to explain stocks and shareholding at a level their kids can understand.

Kids are fans of many large, publicly traded companies. Holding a few shares (in an informal trust account or simply in your name) of Disney, Roblox or McDonalds may not return enough to pay for university, but it will teach them about the risk and return of equities and get them started with the basics of investing.

It’s true that a savings mindset developed early will pay back steadily over the course of a lifetime. However, developing an investing mindset from an early age will pay back HUGE over the course of a lifetime and set your kids up for long-term financial security and wealth building. Opening a tax-free savings account (TFSA) at age 18 is an excellent idea. Even if they can only scrape together $50 or $100 to deposit each month, if they invest it and let it compound until they retire, they are going to have a pretty nice retirement bonus!

Teach the bad (and good) about credit and debt Credit is very easy to access these days and first-year post-secondary students are often able to get a credit card. Responsible use of this first credit card can help establish a credit score and they are very convenient — almost a necessity for some online transactions. On the other hand, easy access to credit cards (with generous spending limits and 20% interest!) and a few spontaneous or poorly thought-out spending decisions can derail a future before it even gets started.

Student loans can also lead to big surprises post-graduation when you realize the amount of the monthly payment or apply for an auto loan or mortgage in the future. Although federally issued Canada Student Loans are now interest free, provincial student loans may still carry interest. Regardless of the interest, your children must be very aware that a student loan isn’t free money and paying it back isn't an option..... it will definitely cause some hardship and tough choices in their post-graduation lifestyle.

Remember that financial education for students is an ongoing process. Encourage openness about money and create an environment where your children feel comfortable discussing money matters with you. Instilling responsible money habits from a young age and being a supportive resource as they build their financial literacy will help your money-savvy kids grow into financially savvy adults.

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A money coach is all your employees need for improved financial wellness

A comprehensive financial wellness program for employees can make a real difference. Partnering with a trusted money coach will help your workforce make the right financial decisions. Expert advice from our financial life coaching services will guide your team towards better financial health and provide the worry-free life they are seeking.

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We are transforming Canadian financial literacy

When it comes to financial education for young adults, there aren’t many good options. However, the Canadian financial literacy market is advancing, and Enriched Academy is leading the way in empowering young adults with fiscal literacy. We are a dedicated financial education provider that’s focused on equipping youth with informed decision-making skills for a brighter financial future.

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The Importance of Employee Financial Wellness

Financial wellness refers to the overall health and stability of an individual's financial situation. It encompasses various aspects such as managing debt, budgeting, saving, investing, and planning for the future. In recent years, employers have recognized the significance of promoting financial wellness. But just how does poor financial wellness affect the workplace?

Financial stress can have a significant impact on an employee's mental and physical health. Data from FP Canada’s 2023 Financial Stress Index found that finances (40%) topped al other sources of stress including health (23%) relationships (17%) and work (16%). By promoting financial wellness, employers can help alleviate this stress and improve overall employee well-being. Financially secure employees experience reduced anxiety and increased job satisfaction, leading to improved productivity and morale within the workplace.

Employees who are burdened with financial concerns are more likely to be distracted, resulting in decreased productivity. Employers providing educational resources and support services like financial coaching can empower their employees and help them address their financial challenges and focus on their work. Engaged and motivated employees are more likely to contribute effectively, leading to increased productivity and organizational success. A 2022 study by Canadian payroll Association calculated that the average employee spends up to 30 minutes daily dealing with their finances costing Canadian employers a combined $40 billion annually!

In today's competitive job market, financial wellness programs for employees can be a significant differentiating factor for employers. Prospective employees are increasingly looking for organizations that prioritize the overall well-being of their workforce. By demonstrating a commitment to financial wellness, employers can attract top talent and retain valuable employees who appreciate the support provided to help them achieve their financial goals.

Employers who invest in the financial wellness of their employees build a culture of trust and loyalty. When employees feel that their employer cares about their financial well-being, they are more likely to develop a sense of loyalty and commitment. This leads to increased employee retention, lower turnover rates, and reduced recruitment and training costs for organizations.

One crucial aspect of financial wellness is retirement planning. By providing financial education services and tools to help employees plan for their future, employers can assist in ensuring their workforce is adequately prepared for retirement. A company benefit like matching RRSP contributions will prove a lot more valuable to employees if they are also taught how to invest and grow the funds in that RRSP. Financially secure retirees are also less likely to rely on social welfare systems and can contribute positively to the economy.

Employees facing financial challenges may be more prone to health issues due to increased stress levels. By promoting financial wellness, employers can indirectly support the overall health of their employees. Improved financial well-being often translates to better financial decision-making, which can positively impact an employee's ability to afford and utilize health benefits effectively. Our financial situation is an important aspect of our overall mental and even physical wellbeing, and employee financial wellness programs can play a critical supporting role.

Education and training to improve financial literacy for employees will allow them to develop crucial money management skills. By equipping employees with the knowledge and tools to make informed financial decisions, employers empower them to take control of their future. This personal development extends beyond the workplace, contributing to improved financial well-being and increased confidence in all aspects of life.

Investing in the financial wellness of employees is a strategic decision that yields numerous benefits for both individuals and organizations. By reducing financial stress, improving overall well-being, and increasing employee engagement, employers create a positive work environment that attracts and retains top talent. 

Financially secure employees are more productive, loyal, and prepared for retirement, while organizations enjoy increased productivity, reduced turnover, and a healthier bottom line. Prioritizing financial wellness is a win-win situation that fosters a thriving workforce and contributes to the long-term success of businesses.

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Drive Productivity with Workplace Financial Wellness

Investing in employee financial wellness is key to workplace productivity! Improved financial literacy for employees leads to intelligent financial decisions, enhanced satisfaction and less stress. Our Workplace Financial Wellness Program delivers financial education and support right to your employees.

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Financial Wellness Starts with a Trusted Financial Education Provider

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How to Measure Your Money Management Skills

There are plenty of methods and techniques you can use to improve your financial standing, but we sometimes overlook the obvious – what's the best way to measure your results?

When you were 19 you could just look at your bank balance, but as you grow older and your finances get more complicated, it doesn't paint the entire picture. If you really want to keep on top of your progress, here are some of the most relevant metrics.

Net Worth

Add up the value of all your significant assets (real estate, cars, cash, stocks, bonds, TFSA, RRSP,) and subtract all your outstanding debts (mortgages, credit cards, LOC, car loans, etc.) and whatever is left over is your net worth. It can be negative or positive, it will definitely fluctuate (how much more is your house worth this year than last?), but it will always be the gold standard for measuring your financial standing. If you are serious about getting an overall measurement of how you’re budgeting, saving, investing and other financial initiatives are working, you should be calculating your net worth on a regular basis.

Monthly Spend

You need to know where your money goes every month before you can focus on how to start saving money. Some expenses are regular (loan/mortgage payments, some utilities, RRSP or TFSA contributions), and can be easily monitored almost to the penny, while others fluctuate depending on the season or your social calendar (food, clothing, entertainment, travel).

The key is to track all your expenses for several months and land on a monthly average spend you can use as a benchmark going forward. You can always dive into your expense tracking details to find specific areas to cut back but keep your focus on the bigger picture of average monthly spend.

High-interest Debt Reduction

Some debt is inevitable and while you may be tempted to attack a low-interest mortgage, it isn’t mission critical if you are disciplined and saving and investing that extra cash. On the other hand, any higher-cost debts (over 5%) like credit cards, LOCs, vehicle loans, student loans, etc. need to be dealt with ASAP.

Fortunately, of all the ways to measure your financial progress, none is more satisfying or inspirational than tracking the month-to-month demise of a long-standing, interest-sucking debt like a credit card balance.

Beyond the stress relief and emotional boost, it also makes a huge impact from a financial perspective. That money previously wasted on interest is now going to steadily flow back into your pocket and can be used to attack another hi-interest loan – or to save and invest!

Credit Score

While you may not agree that your credit score is an accurate picture of your money management ability or financial situation, it is an objective, frequently used 3rd party yardstick that is based on real world data. It is also quite responsive to change, although it may take a few months to catch up due to the lag in collecting data.

If you are responsible (or irresponsible!) with your use of credit, you will very likely see a corresponding change in your score. Also keep in mind that your credit score is key to capitalizing on many opportunities, not just lower interest rates on loans. You should check your score a couple of times each year.

Advisor Fees

Many people are blissfully unaware of how much the fees (like a 2% MER on the mutual funds in a TFSA or RRSP) on their investments are costing them every year, and how these fees are compounding over time to rob thousands from your retirement fund. You should be investigating all the fees (built into funds and any additional fees paid to your advisor or bank) and keeping your total under 1% annually.

There are some very low-cost DIY investing options that are well below 1%, but they may require more time and knowledge than you have. Find a solution that works for you, but always keep a close eye on the cost of your investments.

Reliably and accurately assessing your progress is a must if you are serious about improving your financial situation and want to sustain that improvement over the long-term. Make sure you have some benchmarks and metrics in place to help you focus on goals and keep you motivated.

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Financial wellness now a piece of cake!

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Turbocharge your RRSP returns with financial planning

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Does Your Financial Advisor Pass the Test?

There are good reasons to seek out an expert when it comes to managing your investments. For most of us, it comes down to a lack of knowledge and/or a lack of time.

Whether you work with an investment firm or rely on the services of your local bank, that financial expert is taking care of your life savings. Despite the considerable consequences of their job performance on your financial future, a lot of us spent more time evaluating our mobile phone plan than we do our financial advisor.

If you haven’t given it much thought, why not run through the list below and make sure your financial future really is in good hands.

Do you know which funds you own and their approximate rate of return?

It sounds obvious, but many people can’t answer this basic question. If you have to go searching for a statement only to find you don’t really understand what you are looking at, don’t assume it is due to your lack of financial literacy. Regardless of your financial acumen, your financial advisor has a duty to clearly explain the type of investments you own and keep you up to date on whether or not they are making you any money!

Do you feel the service used to be better, faster or more attentive?

Your financial advisor may have too many clients, your investments may not pay them much, or they may be relying too much on your loyalty or a friendly relationship to keep you as a client. You wouldn’t go back to a restaurant with terrible service even if the food was good, so why would you put up with poor service when it comes to financial advice?

Is it nothing but a sales pitch every time you talk?

The best financial advice at any given time may not be, “buy more financial products”. A good financial advisor should take into account the current situation with your family, career and any other relevant issues before they start recommending more investments. Many financial advisors are commission-based and not fee-for-service based, so it is in their best interest to sell you financial products, especially ones that have higher fees or commissions.

Do you know how much you paid in fees last year?

We seldom buy things without knowing how much they cost, and your investments shouldn’t be any exception! Canada has some of the highest investment fees in the world and they are not always readily apparent. Fees can be added on by your financial advisor for transactions or other services and/or included in the price of a fund (like an MER on a mutual fund). You may have to do some digging to find the true extent of the fees. Many people also don’t realize that seemingly low annual fees can easily add up to tens of thousands of dollars over the lifetime of an investment.

Do they write things down?

Forgetting a few details is excusable, but if it seems you are repeating yourself every time you see your financial advisor, they probably aren’t that interested. You may also consider a financial planner or some sort of financial life coaching services. They take a more holistic approach to your overall financial wellbeing and work closely to build a relationship, not just manage your investments.

Do they contact you more than once a year?

The annual RRSP deadline is like Christmas in February for many financial advisors and it’s normal to hear from them about that little nugget. However, financial advice needs to be timely, and a good financial advisor will be reaching out when the opportunity arises, not just when the season calls. Sitting back and simply relying on quarterly statements to keep the clients up to date is a good signal that your financial advisor doesn’t care.

Are you happy with your returns?

Saving time and professional advice are two areas where self-directed (DIY) investing breaks down, but don’t forget that a financial advisor is paid for exceptional performance. Regardless of what any financial gurus claim, it’s very hard to beat the market. Always monitor your returns (minus the fees of course) and confirm the cost/benefit of your financial advisor matches your expectations.

There are plenty of financial education services to help Canadians who prefer the freedom and lower fees of a self-directed investing approach, but a professional financial advisor can also be a good choice — or use a combination. Regardless of your level of financial literacy or the size of your portfolio, if you’re not getting exceptional service from your financial advisor, it’s time for a change.

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Revamp your employee wellness!

Looking to improve your employee wellness? Our financial life coaching services help Canadian employees develop healthy money habits, improve their financial wellbeing, reduce stress, and enhance their productivity. Contact us to learn more about employee financial wellness in Canada.