One advisor suggests that Canadians are less apt to talk about their finances than their cousins south of the border, attributing the trepidation to an overall lack of financial literacy.
Getting candid about finances is faux-pas for many Canadians, suggests one Ontario advisor.
Renee Rebelo of Life Coach Financial – who conducts financial motivational seminars in Canada and the U.S. – says she’s noticed an openness south of the border not emulated among Canadians.
“It’s a painful topic for a lot of Canadians,” Rebelo told WP. “Down in the States, the Americans are quite vocal about their finances. Here, it’s almost taboo.”
Rebelo – a CFP with more than 15 years in the business – attributes this resistance to the overall lack of financial literacy among our population. The greatest issue, she notes, is a fragmented perspective of financial planning … seeing the individual aspects rather than the big picture.
“I’m finding that the general population is lacking the ability to see how it (financial planning) all fits together,” she says.
And, perhaps Rebelo’s observation isn’t far off the mark, considering that Canadians appear down on their financial luck. Afterall, who likes talking about things they fear or find embarrassing? A survey, conducted by the CICA last year, found that more than 50 per cent of respondents admitted to worrying about money, with minimizing the interest paid on debt a high priority for 47 per cent of those surveyed. (continued)
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Financial literacy has also been a hot topic in recent years, with incorporating financial literacy education into school systems a top priority (basics are now being taught in Grades 4 through 11 in Ontario), and the recent appointment of Canada’s first Financial Literacy Leader, Jane Rooney - who has a $3-million annual budget to combat inadequate retirement savings, badly managed debt, and the influx increasingly complex financial scams.
“It can’t hurt at all,” Rebelo says in reaction to Rooney’s appointment. “If anything it will evoke more curiosity about financial things and lead (Canadians) down different paths dependent on what their needs are.
“For the younger crowd, even learning how to balance a cheque book is beneficial.”
On a more positive note, Canadians may be hesitant to talk finances outside of the home, but they certainly freel free to do so behind closed doors. Another survey, conducted by CPA Canada last year, indicated that 96 per cent of respondents were comfortable talking about their financial matters with their partner or significant other, and 92 per cent trusted them with money decisions.
As for Rebelo, her focus remains on educating her clients as a key part of building their financial plans.
“The biggest thing for me right now is educating the public on anything to do with money,” she says. “When you educate people, they perceive you as an expert in your field. I always educate as much as I can, and leave them to ask more questions.”
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Renee Rebelo of Life Coach Financial – who conducts financial motivational seminars in Canada and the U.S. – says she’s noticed an openness south of the border not emulated among Canadians.
“It’s a painful topic for a lot of Canadians,” Rebelo told WP. “Down in the States, the Americans are quite vocal about their finances. Here, it’s almost taboo.”
Rebelo – a CFP with more than 15 years in the business – attributes this resistance to the overall lack of financial literacy among our population. The greatest issue, she notes, is a fragmented perspective of financial planning … seeing the individual aspects rather than the big picture.
“I’m finding that the general population is lacking the ability to see how it (financial planning) all fits together,” she says.
And, perhaps Rebelo’s observation isn’t far off the mark, considering that Canadians appear down on their financial luck. Afterall, who likes talking about things they fear or find embarrassing? A survey, conducted by the CICA last year, found that more than 50 per cent of respondents admitted to worrying about money, with minimizing the interest paid on debt a high priority for 47 per cent of those surveyed. (continued)
#pb#
Financial literacy has also been a hot topic in recent years, with incorporating financial literacy education into school systems a top priority (basics are now being taught in Grades 4 through 11 in Ontario), and the recent appointment of Canada’s first Financial Literacy Leader, Jane Rooney - who has a $3-million annual budget to combat inadequate retirement savings, badly managed debt, and the influx increasingly complex financial scams.
“It can’t hurt at all,” Rebelo says in reaction to Rooney’s appointment. “If anything it will evoke more curiosity about financial things and lead (Canadians) down different paths dependent on what their needs are.
“For the younger crowd, even learning how to balance a cheque book is beneficial.”
On a more positive note, Canadians may be hesitant to talk finances outside of the home, but they certainly freel free to do so behind closed doors. Another survey, conducted by CPA Canada last year, indicated that 96 per cent of respondents were comfortable talking about their financial matters with their partner or significant other, and 92 per cent trusted them with money decisions.
As for Rebelo, her focus remains on educating her clients as a key part of building their financial plans.
“The biggest thing for me right now is educating the public on anything to do with money,” she says. “When you educate people, they perceive you as an expert in your field. I always educate as much as I can, and leave them to ask more questions.”
Related Stories:
Out with redundancy; in with literacy
New Canadians, new clients?
Standing on guard for elderly clients
