Five Tools and Resources for Improving Financial Literacy

You can create a solid financial plan by understanding your needs and choosing the right financial products and services to help you reach your goals. Knowing what is available in the financial marketplace will help you make the best decision for yourself.

Here are the top financial tools and resources we recommend:

Employer-provided financial programs:

Most employers invest in their employee’s well-being by providing access to free financial wellness programs, among other benefits. Check with your employer’s HR department to find out what is available to you.

Financial literacy blogs:

We might be biased, but our financial literacy blog is a staple for anyone wanting to become financially sound. We cover topics like budgeting, saving, borrowing, and investing - pillars of a solid financial plan.

Online calculators:

Calculators help you plan for big financial decisions. Here are some of the calculators we recommend adding to your toolbox:

1. Mortgage and Home Affordability calculators: these are crucial for homeowners and aspiring homeowners. Buying a home is a decision that requires a hefty financial commitment. Using calculators can set you up for success in the long run. It is important to know how much home you can afford and what your mortgage payments will cost to budget accordingly.
2. Loan and Debt Payoff Calculators: use these calculators to determine the quickest and most cost-effective way to become debt-free. Our PayOff Debt Calculator helps you know how much time and money you can save in your journey to debt freedom. There is no right or wrong approach to debt repayment, but these calculators show you the whole picture.
3. Savings and Retirement Calculators: it may be difficult to picture what your financial position may look like in the next 30 years. Savings and retirement calculators show you the power of compound interest and how much you need to invest each month to achieve your goal. Seeing your numbers may be the motivation you need to pursue your financial goals.

Financial literacy programs:

These are educational materials and programs organized to help you increase your financial knowledge and skills. You can find compiled workshops and toolkits on the Government of Canada website. Some financial institutions also offer educational workshops. A good example is the Each One Teach One program which is a series of financial literacy workshops. You can also visit your local library for information on various financial literacy programs.

Speak to a financial advisor:

Learning from a professional is always a good idea. Our financial advisors are experienced and well-trained professionals who can guide your financial wellness journey. Every individual has unique needs; therefore, speaking to an advisor gives you personalized advice to simplify your banking and save you time and money.

Financial literacy means being empowered by knowing your rights and the tools and resources available to pursue your financial goals.