This text is part of the special Personal Finance section
There is no age to be interested in economics and finances… nor to continue learning about the subject. This is what many organizations and institutions working in the field are emphasizing, which promote the importance of good financial literacy, especially in times of instability.
Do Quebecers have a good level of financial literacy? “It’s like literacy, there is always room for improvement,” summarizes Antoine Bédard, senior director of customer assistance for the Financial Markets Authority (AMF). “We can never say that we are satisfied with the level of financial literacy of Quebecers… It is work that is ongoing,” he explains. Carl Thibeault, senior vice-president for Quebec and the Atlantic at IG Wealth Management, is of the same opinion: “It is certain that we can never do too much! »
The Canadian wealth management company notably launched two new financial literacy programs at the end of 2023, in collaboration with the Canadian Foundation for Economic Education (CFEE) and Prosperity Canada. One aims to increase the financial knowledge of seniors, the other to better serve Indigenous communities.
The latter is in fact the expansion of two projects established in 2022 in 10 Indigenous communities in Ontario and Manitoba, to now affect 35 other First Nations communities. Among other things, it offers assistance with filing income tax returns and submitting benefit applications.
It is in a way an extension of the program Young people and money. A Guide to Financial Literacyestablished more than 25 years ago, and 750,000 copies of the manual have been distributed in Canadian schools, according to IG Wealth Management.
The program Money and you. Seniors Edition, for its part, is a digital resource that comes in several components to improve seniors’ knowledge of financial literacy: establishing a budget, borrowing or even sources of government pension income. CFEE notably organized discussions in retirement homes and set up a podcast where seniors were invited to share their stories, says its vice-president, Brian Smith.
“Some people think that money is a subject that only affects rich people, but that’s not the case,” he explains. There are all kinds of programs that can benefit low-income people. » Mr. Smith also cites the example of situations where an elderly person finds themselves destitute after the death of their spouse, who has always made all the financial decisions.
Better coordinate the “ballet”
These programs are just a few examples of numerous strategies deployed by different institutions, particularly to strengthen the level of financial literacy of Quebecers and Canadians. “It’s an important social value, financial literacy. […] There’s a little bit of everything being done, almost everywhere. But we realize that the ballet is perhaps not as coordinated as we would like. We want to work better together,” notes Antoine Bédard.
It is for this reason that the AMF launched its Quebec Financial Education Strategy a few years ago, with the collaboration of Revenu Québec, Retraite Québec, the Office of Consumer Protection and the Commission des standards, equity, health and safety at work (CNESST). As part of its 2023-2026 Action Plan, the AMF invites stakeholders from the private, public, community and university sectors to share their financial literacy initiatives, to better cover the entire ecosystem. After this consultation stage, an action plan should be published in May.
“Quebecers have a relatively average level of financial literacy, which is comparable to OECD countries,” says Mr. Bédard. But in a context of inflation and market turbulence, we realize that financial education is a good defense against financial anxiety, he continues. Investing in literacy better prepares consumers to manage their things well. »
In fact, the AMF sees this need a bit like the Société d’assurance automobile du Québec (SAAQ) did in the 1990s, when it made Quebecers aware of the importance of buckling up in cars. .
“The authority wants to raise awareness among Quebecers: spend time talking about finances with your children, taking care of your personal finances, evaluating your investment and retirement planning strategies. There is an awareness to be made to bring back this discourse in a slightly more democratized way, and to bring down the famous taboo of money… It is a long-term task,” believes Mr. Bédard.
This content was produced by the Special Publications team at Duty, relating to marketing. The writing of the Duty did not take part.