Advocis Invites Canadians to Explore the Role of Financial Literacy in Challenging Economic Times for Financial Literacy Month 2022

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Advocis Invites Canadians to Explore the Role of Financial Literacy in Challenging Economic Times for Financial Literacy Month 2022

November 1, 2022, Toronto – Advocis, The Financial Advisors Association of Canada, has announced its Financial Literacy Month initiatives for 2022, with highlights including a new and revised edition of its youth-oriented ‘Fin Lit Kit’ for a teen audience, as well as new articles from its financial advisor membership and an expanded online event slate that includes a live chat on Twitter.

With the rising cost of food, housing and other expenses of basic living as top of mind for advisors and their clients, Advocis also held a poll of more than 200 member advisors to better understand the top financial concerns of Canadians. Among the findings:

  • 43% of respondents indicated that fear of an overall economic recession was the top concern of their clients, with the rising price of groceries (34%) running a close second.
  • 73% of respondents indicated that the chief measure clients were undertaking to cope with inflation was to cut back on the purchase of food, clothing and general impulse items where possible. Shopping at discount stores and buying unbranded items were also significantly popular (40%).
  • 52% of respondents indicated that their clients intended to cut back on holiday spending for 2022 – especially if inflation continues to drive increases in price.

To develop upcoming content for Financial Literacy Month 2022, Advocis also asked member advisors to share their thoughts on the advice they are giving to address these concerns. “The majority of my clientele are young families who are already feeling stretched thin,” said Delta Sciur, a Financial Advisor at Financial Services Group in Leduc, Alberta. “My advice to them is to continue making savings and debt repayments a priority, monitor spending to see where they can cut back, buy groceries in bulk and hold off on larger purchases if they can.”

“Throughout the month, Advocis hopes that the knowledge and experience shared by their member advisors will encourage Canadians worried about their financial situation to connect with a qualified professional. “Someone experiencing financial difficulty doesn’t have to go through it alone,” says Julie Martini, Vice-President of Strategic Engagement at Advocis. “In addition to the expert guidance they have to offer, financial advisors can provide the encouragement, support and the peace of mind that you and your family are making the right decisions as you look beyond today’s challenges.”

New content will be posted weekly on financialadviceforall.com, and Advocis encourages Canadians to follow #FLM2022 on social media for the latest news and updates on content from a variety of Canadian financial organizations.

 

About Advocis

Advocis, The Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing more than 17,000 member-clients and 40 Chapters across the country. Advocis offers designations, continuing education opportunities, industry-leading publications, and membership in a chapter network with mentorship programs, study groups, and practice development resources.

 

For further information:
Julie Martini
Vice-President, Strategic Engagement
jmartini@advocis.ca

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