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The ABCs of financial literacy
What is financial literacy?
Financial literacy is having the knowledge, skills, and confidence to make responsible financial decisions. In this definition:
- “Knowledge” refers to an understanding of personal and broader financial matters;
- “Skills” refer to the ability to apply that financial knowledge in everyday life;
- “Confidence” means having the self-assurance to make important decisions; and
- “Responsible financial decisions” refers to the ability of individuals to use the knowledge, skills, and confidence they have gained to make choices appropriate to their own circumstances.
Source : Financial Consumer Agency of Canada
Tools
There are a number of tools designed to help people improve their financial literacy. Éducaloi, for one, offers convenient printable guides on financial planning, investments, and other topics.
- Powers of Attorney
- Protection Mandates: Naming Someone to Act for You
- Homologation: Using a Protection Mandate
- Wills
- Dealing With a Death and Settling an Estate
- Protect Your Money From Financial Fraud and Abuse
Autorité des marchés financiers (AMF) provides a directory of all the financial education tools available in Quebec.
Material or financial mistreatment
Boosting your knowledge, skills, and confidence to make informed financial decisions is a way to prevent material or financial mistreatment, i.e.,
fraudulent, illegal, unauthorized, or dishonest acquisition or use of an older adult’s property or legal documents or lack of information or misinformation regarding financial or legal matters.
Source : Quebec Government
