EP218 Financial Fitness All Year Round
November is Financial Literacy Month in Canada, and there is no better time to talk about financial fitness and why it is so important to be financially fit all year round. It is increasingly crucial that Canadians have the knowledge, skills, and confidence to make informed decisions about their finances as the financial marketplace grows increasingly complex.
In this episode, I’m breaking down what it means to be financially fit and diving into where Canadians see themselves in terms of financial ambitions as a result of the pandemic. Listen in as I discuss high-interest rate credit products, including why you should avoid them and what you can turn to instead if you find yourself in need of some quick cash.
“Find out the answers to the questions before you take any action and borrow any funds.” – Tracey Bissett
This Week on Young Money:
- The themes of this year’s Financial Literacy Month.
- How the pandemic has affected Canadians’ financial fitness.
- Why you should avoid high-interest rate credit products.
- The questions to ask yourself before taking on a high-interest rate credit product.
Key takeaways:
- Financial literacy is key to financial success.
- Avoid high-interest rate credit products whenever possible.
- Be informed.
- No matter what, make the best choice for you.
Resources Mentioned:
- EP044 Dangers of Payday Loans
- EP057 Bankruptcy and Consumer Proposals what does it mean with Doug Hoyes
- EP149 Adulting 101: How to Deal with Overwhelming Debt Levels with Taz Rajan, Bromwich + Smith
- EP184 Credit Canada Debt Solutions with Keith Emery
- EP216 How to Deal with Debt Overload with Linda Stern, Crowe Soberman
- CIBC Ambitions Survey: Pandemic Hasn’t Derailed Canadians’ Ambitions
- MONEY Forget payday loans, this is Canada’s new generation of high-interest loans
- Acorn Canada: Study on High Interest Loans
- Pay $4,300, get $1,750 back after 3 years. One man’s cautionary tale about ‘savings loans’
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