The federal government has released a “Financial Toolkit”
that it says can help Canadians make sense of everyday financial questions they
face.
The toolkit, which is available online and
in printed form, includes worksheets, quizzes, questionnaires, case studies
and educational videos to educate Canadians on making rational, responsible
money decisions.
The toolkit was created in partnership with the Financial
Consumer Agency of Canada, the Investor Education Fund and l’Autorite des
marches financiers.
The initiative is part the government’s efforts to
promote financial literacy and follows months of warnings from the Bank of
Canada as well as the finance minister about the record high levels of consumer
debt.
On a national basis, the average household debt stands at
152% of disposable income, just shy of the 160% level that was reached in the
U.S. and the United Kingdom prior to the housing market collapse in 2008.
Economists have said that the high levels of consumer
debt are a consequence of low interest rates that have been in place since 2008
as part of efforts to stimulate the economy by making it less expensive to
borrow and spend.
Junior finance minister Ted Menzies says the toolkit is
another way Canadians can acquire life skills.
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