Hon. Tony Loffreda: Honourable senators, November is Financial Literacy Month. This year’s theme, Managing Your Money in a Changing World, is all about making Canadians more financially resilient, and providing them with the tools to adapt and persevere through both predictable and unpredictable financial difficulties.

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Those financial difficulties have been amplified by the pandemic, and Canadians are under considerable stress due to rapid economic changes and the rising cost of living.

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About 15% of Canadian adults believe they have strong financial literacy skills, while 39% rate their knowledge as poor. That means that two in every five Canadians feel they do not have the knowledge and skills to make informed and responsible decisions about their finances.

Becoming more financially literate and successfully building financial resilience are important steps that can help alleviate the anxiety many Canadians have about money management. The Government of Canada has launched many initiatives to support lower-income adults. One such project is the Canadian refugee initiative in Montreal which proposes to financially empower racialized immigrants and refugees — using a series of tailored workshops, annual tax clinics and coaching to ensure financial wellness. This is a significant initiative, especially considering that recent immigrants are reported to have lower financial literacy scores than the Canadian-born population.

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The Union des consommateurs has also received federal government funding to provide financial empowerment activities and services to over 25,000 low-income Quebecers to improve various aspects of their financial well-being.

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In recent weeks, much has been said about hard-to-reach populations, which is why it is increasingly more important to engage Canadians through various means, including easy-to-read, credible and simplified digital resources offered in a multitude of languages. Indeed, statistics show that young adults are more likely to seek financial advice using the internet than any other medium.

Although financial literacy is an important skill for all Canadians to have, I want to particularly emphasize the value of an early start to financial education for our youth. They are the future of this country. We must supply them with the right tools in order to form healthy banking habits and to grow their financial confidence so they can become financially resilient and responsible adults.

Honourable colleagues, during Financial Literacy Month, it is important that we destigmatize and encourage conversations about money. This will help relieve a significant burden for many Canadians, and it could have the added benefit of helping them get on the path to building financial resilience. Thank you. Meegwetch.

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