Financial Literacy Month: Addressing Top Money Concerns in Ontario

2436
Save money and avoid depreciation with a used car purchase

Thunder Bay – MONEY – November is Financial Literacy Month, and it’s a great time for Ontarians to take control of their finances.

With prices going up all the time, and increases in housing and rental costs many Canadians are having a harder time to make ends meet.

Recent polls have highlighted some of the top financial concerns facing residents of the province, including balancing expenses with savings, managing cash flow, and navigating the complexities of homeownership.

Top Financial Concerns:

  • Balancing Expenses and Savings: 81% of Ontarians are concerned about balancing their current expenses with the need to build savings for the future.
  • Cash Flow Worries: 72% are worried about their cash flow and managing their day-to-day finances.
  • Financial Anxiety: 49% feel anxious about their overall financial future.

Tips and Resources:

To address these concerns, RBC offers a variety of resources, including:

  • My Money Matters: A comprehensive online hub with advice and resources on various financial topics.
  • MyAdvisor: A digital advice platform that provides personalized financial plans and access to advisors.
  • NOMI: A suite of digital tools that help with budgeting, saving, and forecasting cash flow.

Homeownership Challenges:

Many Ontarians are also concerned about the challenges of homeownership, with 63% worried about covering the costs and 60% feeling they would need a second job to afford a home. RBC offers resources to help, including:

  • First Home Savings Account (FHSA) Hub: Information and tools to help individuals save for a down payment.
  • Online Resources: Guidance on mortgage basics, affordability, and the pre-approval process.

Fraud Prevention:

With the rise of artificial intelligence (AI), fraud is another major concern, with 89% of Ontarians worried about AI-enabled scams. RBC advises people to:

  • Stay vigilant: Set up account alerts, enable multi-factor authentication, and use the RBC Mobile App for secure banking.
  • Protect personal information: Be cautious about sharing information online and keep voicemails short and generic.
  • Resist pressure: Don’t feel pressured to respond to urgent requests for money or confidential information.

Financial Literacy Month is an opportunity for individuals to take proactive steps towards improving their financial well-being. By accessing available resources and staying informed about potential risks, Ontarians can build a more secure financial future.

Previous articleCanada Nickel Releases 2023 ESG Report
Next articleAddressing Homelessness in Thunder Bay: A Multi-Faceted Approach