The Importance of Financial Literacy
I am always pleased to see the focus on financial literacy, especially during Financial Literacy Month in November each year. Throughout this month, we are encouraging individuals, business and community organizations to reflect on their finances and take charge of their financial well-being. The global impact of COVID-19 has amplified financial challenges and disparities for many individuals and families, including over 75,000 Nova Scotians who lost jobs in the first two months of the pandemic. Although the NS unemployment rate has since recovered to 8.0%, from a peak of 13.5% in May 2020, this historic event has highlighted that financial vulnerability can affect any of us—regardless of income, background, or education. In 2021, The Government of Canada launched a new National Financial Literacy Strategy, with the goal of building financial resilience for Canadians in an increasingly digital world. The National Strategy is a five-year plan to create a more accessible, inclusive and effective financial ecosystem that supports diverse Canadians in meaningful ways and gives them the tools to persevere through unpredictable or difficult events.
At CUA, financial literacy will always be part of our service offerings and is one of the pillars of our Community Impact initiatives. We empower individuals in our community to take positive financial actions when met with financial challenges through education and outreach. Our website offers online articles and tools such as CUAuthors, Financial Health Index and Money Matters. We also regularly provide in-person sessions on important financial topics, such as managing credit cards, buying a home, planning for retirement or estate planning. These sessions are free and can be tailored to the needs of different groups.
Along with improving members’ knowledge and skills, our full range of financial products and services are created to meet the diverse needs of our members. Products like our Microloans, No Down Payment Mortgage and Youth Banking are aimed at reducing barriers that can prevent members from accessing, understanding and using appropriate financial products.
CUA is proud to be a leader in financial literacy and we are committed to working with our members and the broader community to improve the collective financial well-being. We encourage members to connect with our financial advisors who can provide guidance to help them make decisions around their individual needs and circumstances. If you have questions about your finances, we encourage you to reach out to us at 902.492.6500 or info@cua.com.
Along with improving members’ knowledge and skills, our full range of financial products and services are created to meet the diverse needs of our members. Products like our Microloans, No Down Payment Mortgage and Youth Banking are aimed at reducing barriers that can prevent members from accessing, understanding and using appropriate financial products.
CUA is proud to be a leader in financial literacy and we are committed to working with our members and the broader community to improve the collective financial well-being. We encourage members to connect with our financial advisors who can provide guidance to help them make decisions around their individual needs and circumstances. If you have questions about your finances, we encourage you to reach out to us at 902.492.6500 or info@cua.com.
