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Financial Literacy

Financial Literacy. Lifelong Learning Centre Wednesdays, October 16 to 30, 2013 7:00 to 9:00 p.m. Gallery Room 106 Dr. Cyril Kesten Education 334, Faculty of Education Cyril.kesten@uregina.ca 306 585 4532 http://finlitllc.wikispaces.com/home. Financial Literacy.

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Financial Literacy

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  1. Financial Literacy Lifelong Learning Centre Wednesdays, October 16 to 30, 2013 7:00 to 9:00 p.m. Gallery Room 106 Dr. Cyril Kesten Education 334, Faculty of Education Cyril.kesten@uregina.ca 306 585 4532 http://finlitllc.wikispaces.com/home

  2. Financial Literacy This three part series will introduce you to the basic ideas of personal financial management. Sessions include: Financial Literacy: What is it?, Debt, Saving and Investing, and Financial Alphabet Soup – TFSA, RRSP, RESP, ETF and more

  3. Financial Literacy • Financial literacy is the set of skills and knowledge that allow you to understand: • The financial principles you need to know to make informed financial decisions, and • The financial products that impact your financial well-being. http://www.getsmarteraboutmoney.ca/managing-your-money/planning/investing-basics/Pages/what-is-financial-literacy.aspx

  4. Financial Literacy • The ability to effectively evaluate and manage one’s finances in order to make prudent decisions toward reaching life’s goals • The understanding of: • Money • Cash flow • Basic economic/financial concepts • Debt/risk management

  5. Achieving Financial Literacy • Five Key Areas of Personal Finance: • Money and income • Money management • Spending and debt • Savings and investments • Risk management

  6. Financial Literacy Means having the knowledge, skills and confidence to make responsible financial decisions Task Force on Financial Literacy, Feb 2010

  7. Are Canadians Financially Literate? 25% of Canadians feel they are weak in: Keeping track of their finances Planning ahead Staying informed about financial matters Making ends meet 70% of Canadians say they are preparing their finances for retirement but a majority can’t describe their plans nor do they feel they will have sufficient resources to live they way they would like to when they retire 65% of Canadians did not know that their investments in the stock market are not insured 57$% of Canadians are not aware of what a credit report reports and a much larger percentage have never seen their own credit report. Only 51% of Canadians report that they have a household budget

  8. People who are more financially literate Plan more Have more household wealth Display responsible financial behaviour

  9. Financially Illiterate Unable to understand or process economic information Don’t understand compounding Can’t figure out fees Fail to comprehend diversification

  10. What prevents good financial decision making? Procrastination, fear, indifference Maintaining the status quo Choice overload Overconfidence and/or optimism Impatience or “present-bias”

  11. MONEY Why don’t you like to talk about money? Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort. You’re not rich until you have something money can’t buy Money is the root of all evil There are no pockets in a shroud. He would sell his soul for filthy lucre Money grubber If you make money your god, it will plague you like the devil.  We live by the Golden Rule.  Those who have the gold make the rules.  ...existence has become an unreasoning, wild dance around the golden calf, a mad worship of God Mammon.  In that dance and in that worship man has sacrificed all his finer qualities of the heart and soul - kindness and justice, honor and manhood, compassion and sympathy with his fellowman.  ~Alexander Berkman http://lateralaction.com/articles/creative-people-money/

  12. Credit Ratings http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html Equifax http://consumer.equifax.ca/home/en_ca Transunionhttp://www.transunion.ca/sites/ca/home_en.page

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