“Money on your Mind. Talk about it!”
Each year the Financial Consumer Agency of Canada (FCAC) dedicates the month of November as Financial Literacy Month. The campaign for 2024 is being promoted as “Money on your Mind. Talk about it.”
Financial Literacy is a forever moving target. Some people are just beginning their journey, while others are bordering on expertise. Either way, you can always learn more about finances. The 2024 campaign is focused on reducing the taboo surrounding speaking openly about money. Stop just thinking about money and start talking about it. Talking with friends, family, and a Financial Advisor will not only help you build knowledge and open you up to ideas and solutions, but it can maybe even help you educate your own kids along the way.
Is Inflation on your mind? The Canadian inflation rate has finally dropped below the coveted 2% and is currently sitting at 1.6%. But this doesn’t mean prices are dropping, this just means the rate of price increases have slowed. If inflation is eating into your finances – or if you just want to learn more about inflation – try talking about it.
A good friend could give you tips and tricks on how to reduce the impact of inflation on your grocery bill. Tips like which stores have the best prices on different products or what day the produce is the freshest to help reduce your food waste. Perhaps if you ask, they would even be willing to share that secret family recipe so you can make the perfect dish at home rather than buying a frozen pre-packaged version.
A work colleague might encourage you to consider asking for a raise or promotion. Have you developed in your role and met or exceeded all your targets? Sitting with your employer and presenting how you have supported the business and asking for an increase may provide fruitful results. Having this discussion can also get your employer thinking more about what their employees need and may generate wage increases or additional benefits for the Team.
A Financial Advisor would happily discuss and explain which inflation metrics they are using in their financial planning software. You can look at your retirement plan together and discuss how inflation impacts your spending in retirement. Are your investments generating enough return to provide an ample after inflation rate of return? Are you contributing enough to your investment accounts to meet your goals?
Maybe its not inflation on your mind. Maybe you are thinking about all the different types of investment accounts, stock market returns, interest rates or how to build a budget.
This November take the time to talk about money. Take the opportunity to learn from friends, family, colleagues and professionals. By sharing some of your concerns you may find that others have similar concerns. It’s important to talk openly and find the solutions together.
If you have any questions about Financial Literacy, reach out to a Financial Advisor at O’Farrell Wealth & Estate Planning. Every question is worth a conversation. Book a complimentary meeting today.
Sources:
Sarah Chisholm is a Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact her at 613-258-1997 or visit ofarrellwealth.com to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization. Insurance products and services are provided through Assante Estate and Insurance Services Inc.
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