OTTAWA, Nov. 26, 2019 /CNW/ - Today, the Financial Consumer Agency of Canada (FCAC) launched its new Budget Planner tool, which will help Canadians manage their financial goals. This evidence-based tool uses behavioural insights, enabling users to tailor their budget to their needs. FCAC's Budget Planner offers instant personalized feedback, customizable budget templates, guidelines and reward badges to help Canadians easily prioritize their spending and take control of their finances.
The Budget Planner also provides suggestions and useful links. Users can view charts that show them where their money is going and compare their budget with those of other Canadians in similar life situations. This budgeting tool provides an exceptional level of personalization and customization.
Other key features of the Budget Planner allow users to:
- Budget anywhere, anytime and online
- Save and update their budget via a unique link
- Earn badges and share their success stories via social media
- Download an interactive spreadsheet that provides similar functionality to the online tool
- Print a budget report
- Encouraging Canadians to make and follow a budget is an area of focus of the National Strategy for Financial Literacy – Count me in, Canada and of the National Research Plan for Financial Literacy.
- Research demonstrates that budgeting is a behaviour strongly associated with financial well-being.
- Budgeting helps people prioritize their spending and is particularly effective when someone is facing financial stress.
- A budget can help Canadians lay out their sources of income and monthly expenses to determine their needs versus wants, set priorities for making purchases and commit to a spending plan.
- Canadians are increasingly turning to digital or online financial tools to manage their money.
"Our research shows that a household budget can be the foundation of financial well-being. Making a budget is the first step every Canadian should take toward managing their financial future. FCAC's new Budget Planner is a free and highly effective tool Canadians can use to take charge of their finances!"
Judith Robertson, Commissioner, Financial Consumer Agency of Canada
- Budget Planner
- National Strategy for Financial Literacy – Count me in, Canada
- National Research Plan for Financial Literacy, 2016–2018
SOURCE Financial Consumer Agency of Canada
For further information: Media Relations, Financial Consumer Agency of Canada, 613-941-4168, [email protected]