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This January 2019, the Department of Finance Canada has launched public consultations on open banking. According to the Department of Finance, open banking has potential to offer a secure way for Canadians individuals and small businesses to consent to sharing their financial transaction data with other financial service providers, thus allowing them to access a broader range of financial products and services. The Government wants to get feedback and input on the following:- Would open banking provide meaningful benefits to and improve outcomes for Canadians? In what ways?- In order for Canadians to feel confident in an open banking system, how...
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According to Statistics Canada, Canadians now owe nearly $1.78 in credit market debt for every dollar of household disposable income in the third quarter of 2018. The credit market debt includes consumer credit and mortgage and non-mortgage loans. It was previously at $1.69 in the second quarter. Yes, it is a fact that majority of people have debt. And as household debt keeps rising in this time of increasing interest rates, we really need to take responsibility and step up to our debt. We need to ensure that moving forward, we have less debt, not more. Here are a few practical...
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On our last blog, we mentioned how most Canadians are financially illiterate. So what happens when we do implement a successful financial literacy program in schools? A study by Boston Consulting Group found that members of the Junior Achievement Canada’s financial literacy program were three times more likely to spend less than they earned, save more and borrow less. Ultimately, the goal of implementing a financial literacy program in schools is to create a nation of knowledgeable and responsible citizens. Financially literate Canadians will able to create better plans for their future and retirement and just make better financial decisions in...
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Fact: In September 2018, Statistics Canada said that Canadians owe $1.69 for every dollar of disposable income. This fact shows an accurate picture of just how “financially literate” Canadians are. Yes, we are failing. In the federal government’s 2014 Canadian Financial Capability Survey, the average Canadian earned a C grade. This survey asked 14 questions on inflation, debt repayment, banking fees, credit reports and other finance-related topics. Among all participants, only 2.7% answered all 14 questions correctly and nearly a third got at least half the answers wrong. We consistently fail to incorporate financial education in schools. Even at home, most...
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