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Financial Literacy: What is Financial Literacy?

This guide provides a general overview of financial literacy, including reading materials, videos and personal finance workshops at Ryerson University.

The FinLit Series

Interested in learning the skills needed to make better financial decisions? Register for our Financial Literacy (FinLit) series, where we will explore the Library’s collection and evaluate relevant material to help you navigate the wealth of information on spending, budgeting, banking, saving, credit and personal finances. The workshop series is open to all Ryerson University students.

Fall 2019 sessions

Session Date Time Location Sign Up Link
Budgeting & Spending Oct. 22, 2019 2 p.m. - 3 p.m. LIB-386C (Library 3rd Floor) Register 
Bank Accounts & Saving Oct. 29, 2019 2 p.m. - 3 p.m. LIB-386C (Library 3rd Floor) Register 
Credit & Debt Management Nov. 5, 2019 2 p.m. - 3 p.m. LIB-386C (Library 3rd Floor) Register
Speaker Event: New School of Finance Nov. 11, 2019 12 p.m. - 1:30 p.m. LIB-405 (Library 4th Floor) Register

FinLit Presents Make Financial Lemonade with Liz Schieck, New School of Finance

What is Financial Literacy?

Financial literacy is having the knowledge, skills and confidence to make responsible financial decisions. 

  • Knowledge refers to an understanding of personal and broader financial matters;
  • Skills refer to the ability to apply that financial knowledge in everyday life;
  • Confidence means having the self-assurance to make important decisions; and
  • Responsible financial decisions refers to the ability of individuals to use the knowledge, skills and confidence they have gained to make choices appropriate to their own circumstances.

Armed with financial knowledge, skills and confidence, Canadians are better able to:

  • Make day-to-day choices about how to spend their money and stay on top of financial obligations;
  • Navigate the ever-changing financial marketplace and buy the products and services that make the most sense for their own needs;
  • Plan ahead about how to use their hard-earned dollars for life goals, such as buying a home or preparing for retirement;
  • Deal with local, provincial and national government programs and systems that are often complicated and confusing, even to experts;
  • Evaluate the financial information and advice they get, whether from friends, the media or professionals;
  • Make the best use of the resources they have, including workplace benefits, private and public pensions, tax credits, public benefits, investments, home equity, access to credit and consumer spending power.

Source: Canadians and their Money, 2010

Three FinLit Questions

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