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Financial Basic Workshop

The document outlines an agenda for a financial workshop covering topics like budgeting, managing credit and debt, saving, and setting financial goals. It notes that 73% of Canadians have some form of outstanding debt or have used payday loans. The average Canadian household debt in 2023 was $2.4 trillion, with credit card debt at an all-time high of $107.4 billion. It recommends establishing an emergency savings fund by setting aside small weekly amounts to prepare for unexpected expenses. Additional tips include using tools to compare accounts and costs of borrowing, as well as resources for saving, investing, and setting financial goals.

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24 views21 pages

Financial Basic Workshop

The document outlines an agenda for a financial workshop covering topics like budgeting, managing credit and debt, saving, and setting financial goals. It notes that 73% of Canadians have some form of outstanding debt or have used payday loans. The average Canadian household debt in 2023 was $2.4 trillion, with credit card debt at an all-time high of $107.4 billion. It recommends establishing an emergency savings fund by setting aside small weekly amounts to prepare for unexpected expenses. Additional tips include using tools to compare accounts and costs of borrowing, as well as resources for saving, investing, and setting financial goals.

Uploaded by

ingelixagut
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Financial

Basic
Workshop
VICTORIA ENGLISH
CLASS
Agenda
• How to manage your spending and prepare a realistic budget

• How to manage credit

• How to pay off debt

• Ways to save

• How to set and reach your own financial goals


Benefits of gaining financial skills
• Control your financial future

• Achieve your life goals

• Provide for yourself and your family

• Be a smarter consumer

• Reduce stress and sleep better

• Be confident that you can manage your finances


Budgeting
The percentage of Canadian households have some type of outstanding debt or used
a payday loan:

1. 32%
2. 46%
3. 73%
Budgeting
2019 Canadian Financial Capability Survey (CFCS)

*nearly three quarters of Canadians (73.2%) have some type of outstanding debt or used a payday loan
at some point over the past 12 months

*Almost one third (31%) believe they have too much debt.
Credit and debt management
In 2023, the average household debt of Canadians was:

1. 1Trillion
2. 2Trillion
3. 4 trillion
Credit and debt management
Equifax Canada recently reported

*that Canadian consumer debt reached $2.4 trillion,

*as credit card debt hit an all-time high of $107.4 billion.

*household debt now represents 177% of Canadians’ disposable income

Oct 3, 2023

https://www.bnnbloomberg.ca/nearly-40-of-canadians-are-financially-stressed-survey-finds-1.1979695
Credit and debt management

home equity lines of credit [HELOCs]


Emergency savings
The best way to plan for unexpected expenses is:

1. Buy a lottery ticket every week


2. Only have friends who will lend you money
3. Set money aside in an emergency savings fund
Emergency savings
•at $5 a week, you’ll have $260 after a year

•at $10 a week, you’ll have $520 after a year

•at $15 a week, you’ll have $780 after a year

•at $20 a week, you’ll have $1,040 after a year


Emergency savings
Smart Consumer

https://www.canada.ca/en/financial-consumer-agency/services/make-budget.html
Emergency Fund

https://www.canada.ca/en/financial-consumer-agency/services/savings-investments/setting-up-emergency-funds.html
Cost of Borrowing
Account Comparison Tool

https://itools-ioutils.fcac-acfc.gc.ca/ACT-OCC/SearchFilter-eng.aspx?lang=eng

.
Saving And Investing
Segragated Funds

https://www.canadalife.com/blog/investing-saving/mutual-funds-vs-segregated-funds-whats-the-difference.html#Advantages-of-segregated-funds
Investing Money
Is self-directed investing a good idea?

Self-directed investing offers more control and the potential for higher returns,

but requires a significant time investment and a solid understanding of financial markets.
FCAC Financial Goal Calculator
https://www.canada.ca/en/services/finance/tools.html
Summary
What We learn

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