October 29, 2020, Toronto – Advocis, The Financial Advisors Association of Canada, has announced its Financial Literacy Month initiatives for 2020, including a video feature in which financial advisors speak with those who will benefit the most from the future of financial literacy in Canada: Kids!
Through the introduction of a fun and fictitious Junior Financial Advisor designation, Advocis asked members to interview children in their household for a fresh perspective on how kids should save, spend and plan for their financial futures.
With COVID-19 dominating headlines throughout 2020, Advocis also held an advisor poll on how financial literacy and the pandemic connected this year within their practices, receiving responses from just under 600 of their advisor members across Canada. Among the findings:
• 35% indicated that they experienced an increase in client inquiries on basic financial matters related to potential financial hardship since COVID-19 began.
• 61% of respondents indicated that a higher degree of client financial literacy would have helped them advise their clients even more effectively during the ongoing challenges and impact of COVID-19.
• 97% agreed that stronger financial literacy skills would positively impact their clients in navigating life events with major financial consequences.
• 99% believe there is still a long way to go when it comes to improving the financial literacy of Canadians.
“In light of what we learned from our member survey – and the great family conversations that the Junior Financial Advisor submissions are inspiring – we are looking forward to supporting Financial Literacy Month once again,” said Julie Martini, Vice-President, Public Affairs and Marketing, Advocis.
“Our job at Advocis is to support our members, and they’ve made it clear that raising the bar of client financial literacy will help them do the work of helping those clients to create brighter financial futures.”
Advocis will also host weekly shows on Instagram Live with advisors, host new articles written by advisors on financial literacy through financialadviceforall.com, and release new episodes of The Advocis Podcast in which advisors will discuss the impact of Financial Literacy in 2020 and beyond. All content will correspond to four weekly subthemes of Money Basics, Buying Basics, Planning Basics and Life Event Basics.
Advocis, The Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing more than 13,000 members and 40 Chapters across the country. Advocis offers designations, continuing education opportunities, industry-leading publications, and membership in a chapter network with incredible mentorship programs, study groups, practice development resources.
For further information:
Vice-President, Public Affairs and Marketing