The Value of Knowledge

As we recognize Financial Literacy Month this November, the value of financial knowledge has become ever more apparent as we navigate a challenging economic recovery.

What began as a threat to our health quickly created economic impacts unlike any time in recent memory. As we continue on our winding path forward, Nova Scotia’s economy will continue to be impacted by factors here at home and beyond while countries around the world strive to control COVID-19. Not only has the pandemic directly impacted the financial situations of many Canadians, it has led many others to ask how they can be better prepared for ongoing financial uncertainty and unexpected events in their finances or the broader economy.

While no single solution exists, having the tools and knowledge necessary to make thoughtful and effective financial decisions benefits everyone. Surveys of Canadians have for years shown the value of improved financial literacy on our well-being, whether from the effects of personal budgeting to the impact on our financial goals from saving at a young age. Arming ourselves with knowledge about how the economy works and how to manage our own finances even has a direct impact on our confidence in the future. In fact, Canadians with self-described high financial literacy levels or those who have worked with experts to make a financial plan feel much more confident about managing their finances (77%) through a potential second wave of COVID-19 than others (50%).

The Government of Canada has recognized the broad benefits of financial knowledge and in 2015, launched its National Strategy for Financial Literacy to mobilize stakeholders and engage Canadians of all ages and walks of life. Organizations across the country have since implemented successful educational programs and tools, but additional work remained even before the pandemic — in a 2019 survey, only 40% of respondents indicated they took recent steps to improve their financial knowledge or confidence. Ensuring Canadians have access to information and are actively encouraged to take charge of their financial well-being will be key to ongoing enhancements of the Strategy.

When you’re looking to learn, it can start with a trusted source that is experienced in financial matters. We’ve taken financial literacy to heart at CUA, providing information and tips on managing your finances including the basics like our Money Matters education hub and more comprehensive information through our CUAdvice series. And, when it comes to putting that knowledge to work, we encourage members to connect with one of our expert financial advisors who can provide guidance to help you make decisions around your individual needs and circumstances.

If you have questions about your finances, let’s talk. Our team can provide the trusted information and expert guidance to help you take the next — or first — step along your financial journey. As always, I encourage you to reach out to us at 902.492.6500 or info@cua.com to learn more.