In an effort to help Canadians make better decisions when it
comes to spending and saving their money; the federal government has developed
a Financial Toolkit. The Toolkit is
designed to help Canadians make sense of the many financial questions they face
every day.
With consumer debt at record high levels; the government’s
intent is to promote financial literacy among Canadians. The kit was created in partnership with the
Financial Consumer Agency of Canada, the Investor Education Fund and l’Autorite
des marches financiers.
Available both on-line and in print form; the Toolkit
includes worksheets, questionnaires, quizzes, case studies and educational
videos. The goal is to educate Canadians
so they can make more rational and responsible financial decisions.
On a national basis, the average household debt stands at
152% of disposable income. This means
for every dollar of income brought into the house; after taxes have been paid,
the household owes $1.52 in debt. This is just shy of the 160% debt level both
the U.S. and the United Kingdom reached just prior to the housing market
collapse in 2008.
Economists believe the high level of consumer debt is a
direct result of the low interest rates that have been in place since the 2008
crisis. The low interest rates are part
of the stimulus designed to boost the economy by making it less expensive to
borrow and spend.
No one likes to be told how to spend their money; and I know
some of you find it difficult to talk about your debt, but ignoring it won’t
make it go away. If you prefer to deal with it on your own; check
out the government’s web site at: www.fcac-acfc.gc.ca/ft-of/home-accueil-eng.html and get some ideas.
However, if you prefer a more personal plan designed around
your specific needs; give me a call, I am always happy to help.
Have a great weekend,
Tracey
Source: Advisor.ca
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