“Count Me In, Canada” – A New Financial Literacy Plan
Many options exist for those Canadians looking to find financial support, including loans. At UrLoan, we strive not only to help our customers find access to the money they need, but to be transparent and informative about how financial products work for different consumers and their role in a broader approach to financial stability. Canadians are poised to receive an additional boost to the availability of critical financial literacy information as of the government’s announcement of a suite of new programs, a national financial literacy strategy collectively named “Count Me In, Canada.”
Studies by Canadian financial literacy leader Jane Rooney have found that 60 per cent of Canadians don’t know how much they need to save for their retirement, and 55 per cent of people are not using a household budget.
According to a press release, the National Financial Literacy Strategy:
…is relevant for all Canadians, while also recognizing that individuals have diverse experiences and circumstances, particularly at different stages of life. Saving for an education, buying a first home, managing household credit and planning for retirement are only some of the many financial turning points in Canadians’ lives. The strategy notes it is at such crucial moments that individuals are particularly open to improving their financial knowledge and skills.
In total, fifty-two programs have been initiated with the support of banks, non-profits and governmental organizations. This being the 21st century, there’s also a clever hashtag with which you may access any and all of the discussion online surrounding the new plan: #CountMeInCA.
While composed of a broad range of initiatives, “Count Me In, Canada” boils down to a few major policy goals that will allow Canadian financial institutions to help consumers save money, plan for the future and remain protected against fraud.
- Encouragement of Collaboration
- Use of Plain Language
- Reaching and Engaging Canadians
In this blog’s humble opinion, that second point is of particular interest. The language and advertising copy used by many lenders (especially those such as payday lenders) may not fully disclose the longer-term effects of taking on a loan or other financial responsibility. This can lead to challenges with repayment or even struggles with collections. We believe that customers should be fully informed: as you can see in our FAQ, we are up front about such key information as APR, lack of additional fees, and repayment schedule.
You can certainly count us in for support for increased financial literacy and education! We’re happy to help you learn more about what options exist to get your financial plan back on track.