Simple ways to improve your financial literacy
In honour of National Financial Literacy Month, Bob Cowan chatted with Dave Schurman of FirstOntario Credit Union about ways to manage money wisely.
The federal government created the Financial Consumer Agency of Canada, and their website provides a number of resources to help Canadians such as webinars, educational articles and calculators.
“The theme this year is building resilience in managing your finances particularly during challenging times and of course, we’ve all seen some challenging times in managing our finances over the last couple of years,” Schurman said in an interview on Morning Live Friday.
Sub-themes include managing expenses, debt and savings. Schurman said this will help Canadians to achieve their financial goals and prepare for financial emergencies such as a pandemic.
To help teens improve their financial literacy, a business teacher at Glendale Secondary School in Hamilton had her students submit questions to Schurman.
What happens if my credit score is decreasing and do I need a good credit score to get a mortgage?
Schurman said a decreasing credit score is not a good thing because it shows the person cannot keep up with their personal obligations.
“You’ll have a harder time borrowing for a mortgage, getting a credit card or even getting a cell phone plan or renting an apartment,” Schurman said. “Work hard to start building a good credit score.”
What advice would you give to high school students in terms of personal finances and what is something you think you could have done differently when you were in high school?
Schurman said that he was not a good saver when he was a teenager. He advised students to learn to save money at a young age as it will benefit them in the future.
One way to do so is to understand the difference between needs and wants.
“Those who save money create a lot more options for themselves,” he said. “But those who usually spend their money when they get it have no options.”
If you have a question for Schurman, email him at FinanceFriday@FirstOntario.com or message him on Twitter at @Finance_Friday. If your question or topic is selected to be covered on air, you will win tickets for the Hamilton Bulldogs and a gift card from a local business in your community.
