Financial literacy has been increasingly recognized as an important life skill in many societies. Not only is financial literacy important to individuals and families, but having adequate knowledge, financial awareness, skills and good spending habits can help people make better financial decisions and manage money better than those without these skills. According to the Financial Consumer Agency of Canada 2017 survey, however, only 45% of Canadians are considered financially literate, and six out of 10 Canadians say they worry about their financial future. This indicates that as people continue to struggle and worry about their finances, and while their spending and debt continues to rise, they find it more difficult to save money.
The government at all levels is now beefing up its campaign to include financial literacy in schools and supporting various non-profit organizations to provide the communities access to financial literacy services. In Toronto, the Woodgreen Community Health Centre is currently providing financial literacy services through its Financial Empowerment program. WoodGreen’s Financial Empowerment Services provide free information, counselling and support to low-income members of the community who have financial challenges. The program empowers clients with the knowledge and skills to manage their finances and make informed decisions about their financial futures. They also provide the Do-It-Yourself Tax Helpline, Income Tax Clinic, and Financial Empowerment Workshops.To learn more about their services, visit their website at www.woodgreen.org or call at (416) 645-6000.