Paul Martin's Business Update - November 4th

Paul Martin's Business Update - November 4th

This is financial literacy month in Canada.

We’ve been hearing plenty in recent months about the state of the average Canadian’s finances particularly that our debt is growing. Just last week for example one of the major banks issued a report showing that personal debt levels – that is everything except mortgages – are on the rise.

Another bank has issued a list of 30 tips for financial management basically it is one for each day of November.

What this does is push away from the negative or preachy tone of the talk about debt levels being too high towards a more positive angle. The concept behind Financial Literacy Month, which is a project of the Canadian Foundation for Economic Education, is to provide advice and guidance rather than scolding on matters of personal finance.

Low interest rates and rapidly rising real estate values have made access to debt, particularly home equity loans, extremely easy. And many Canadians find themselves owing money while the art of saving has become a bit of a rarity.

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