New financial literacy resource on homebuying addresses key concern of many Canadians

TORONTO, Oct. 29, 2024 /CNW/ - November marks Financial Literacy Month (FLM) in Canada and this year's theme is "Money on your mind? Let's talk about it." Led by the Financial Consumer Agency of Canada, the goal of the campaign is to destigmatize conversations about money and encourage Canadians to talk about their financial experiences.

It's no secret that many Canadians are struggling with their finances. Due to inflation, rising prices and an increasing unemployment rate, many are barely keeping their heads above water.

abcmoneymatters.ca

For those with limited financial literacy skills, the situation is likely worse. People who have higher levels of financial confidence tend to have better results with day-to-day money and debt management than those with low levels of confidence. People with lower literacy skills also tend to be lower income, which can exacerbate the issue.

For example, 49 per cent of people with low incomes in Canada carry debt, and those who do, spend an average of 31 per cent of their income on debt payments, according to Prosper Canada. Furthermore, 12.5 per cent of lower-income households experienced difficulties in accessing financial help programs or services (compared to 7% of households overall).

ABC Life Literacy Canada is helping Canadians improve their financial skills to better manage today's difficult economic climate. Through its Money Matters program, adults can access free resources on money management, including workbooks in various languages and adaptive formats, activities, videos, and online courses.

Starting in FLM 2024 and over the next few months, ABC Life Literacy will begin to add several new resources to the program, including:

• a new workbook on building credit and homebuying;
• financial literacy tips video lessons;
• a new course about building credit and homebuying on the ABC Skills Hub – a free online learning platform.

Money Matters is a free introductory financial literacy program that has been delivered to Canadians since 2011 and has reached more than 100,000 adults. It was developed by ABC Life Literacy Canada with the support of founding sponsor TD Bank Group, through its corporate citizenship platform, the TD Ready Commitment.

In the newest workbook, Building credit and homebuying, participants will learn whether buying a home is right for them, how much they might need to save, how to build or improve credit, and how to get ready to apply for a mortgage.

"Based on what we've heard from the community, we know the housing crisis is a top concern, which is why our newest workbook aims to help people understand whether buying a home is right for them, and the next steps they can take to be ready to buy," says Alison Howard, Executive Director of ABC Life Literacy Canada. "We thank TD Bank Group for their continued support of the Money Matters program and encourage those looking to upgrade their financial literacy skills to take advantage of these free resources."

Money Matters is also available to organizations that are interested in providing financial literacy training or workbooks to their learners or clients. Workbooks are used in communities across Canada and are full of activities that have been adapted according to the needs of individual groups, such as Indigenous populations and people with diverse abilities. Workshops can be facilitated by the group delivering the program, or with the optional support of local TD Bank Group volunteer-tutors.

"TD aspires to work with community organizations that provide access to tools and programs that support financial education. That's why we are proud to support ABC Life Literacy Canada and their work to increase access to free financial literacy education and provide opportunities for people to gain the skills needed to understand the homebuying journey." Said Marieke Vandekolk, Manager, Philanthropy Canada, Sustainability and Corporate Citizenship, TD Bank Group.

For more information about Money Matters, to book a workshop, or to access free financial literacy resources, visit abcmoneymatters.ca.

About ABC Life Literacy Canada

ABC Life Literacy Canada is a national charitable organization that champions literacy by empowering adult learners, raising awareness, and supporting the adult learning sector. We develop and support the use of foundational learning materials and help to build the capacity of the sector by convening and connecting the adult literacy community, and advocating for skills programming. We envision a Canada where everyone has the skills and opportunities to fully participate in learning, life, and work. For more information about literacy in Canada and ABC Life Literacy Canada's programs, visit abclifeliteracy.ca.

SOURCE ABC Life Literacy Canada