November 2026 marks Canada’s 16th annual Financial Literacy Month (FLM), led by the Financial Consumer Agency of Canada (FCAC) since 2011. The theme for this year is “Talk Money,” encouraging Canadians to openly talk about money. Openly talking about money helps everyone understand money better and feel more confident managing it.
What is financial literacy?
According to the Government of Canada, “Financial literacy is having the knowledge, skills and confidence to make responsible financial decisions.” Financial literacy is more than just knowing about money. It is about putting what we know into real life. It starts with understanding our own money and how money works in the world.
Knowing about money is not enough. You need the practical ability to apply that knowledge in your everyday situations. Feeling confident about your choices and believing you can make smart decisions is just as important. With knowledge, practical skills and confidence together, you can make more confident financial choices.
Why financial literacy matters?
Let us take a look at some statistics about the current financial situation in Canada.
According to the Financial Consumer Agency of Canada’s 2024 Canadian Financial Capability Survey, 46% of Canadians describe themselves as financially knowledgeable, while 52% correctly answered a question about compound interest. The survey was conducted with nearly 8,000 Canadians and is the most recent national financial-capability survey available.
Financial wellbeing
Talking about consumer optimism, Canadians still face concerns about high prices and economic uncertainty. The Bank of Canada’s second-quarter 2026 survey found that high prices and economic uncertainty continue to affect household spending plans. Tariffs and trade tensions remain major factors affecting consumers’ expectations of inflation. Energy prices have also become a growing concern, just like inflation. In July 2026, the Consumer Price Index was 3% higher than a year earlier, while prices for food purchased from stores grew at a slower pace of 3.1%. Gasoline, on the other hand, grew at a faster rate of 25.7% YoY.
The latest Canadian Financial Capability Survey, conducted in 2024, found that only 49% of Canadians who are not yet retired were preparing financially for retirement, down from 69% in 2019. Only 31% of non-retirees said they were confident about their expected retirement income, compared with 55% in 2019. These findings suggest that long-term financial planning remains a challenge for many Canadians.
Household costs
Canadians are also continuing to feel pressure from household costs. According to TransUnion’s Q4 2025 Consumer Pulse Study, 53% of Canadians said their household income was not keeping pace with inflation, while 31% were pessimistic about their household finances over the next 12 months. In addition, 25% said they were unable to pay at least one current bill or loan in full. Younger Canadians are also facing greater financial pressure. TransUnion’s latest data shows that 39% of Gen Z and 31% of Millennials expected to be unable to pay at least one bill or loan in full, compared with 24% of Gen X and 17% of Baby Boomers.
Digital financial services are growing, yet many adults lack confidence or trust in online tools. Gen Z and Millennials are more likely to use digital platforms and apply for credit online. They are comfortable with accessing and learning things online. Older generations have lower digital financial literacy. That is why it is important to have financial education tailored for all ages.
Overall, Canadians are doing okay-ish financially. Some signs do suggest that many people, and even more, are struggling with debt, budgeting and planning for the future. The Bank of Canada reports that high prices and economic uncertainty continue to weigh on household spending plans, while younger and lower-income households have generally experienced greater budget pressures since 2020. Stronger financial literacy is key to better decisions, confidence, and long-term financial stability.
Join the 2026 campaign and break the money stigma
Money talk can often feel uncomfortable, but this year’s FLM is all about breaking that stigma. The FCAC encourages everyone to share experiences and learn from each other’s financial planning journeys. FCAC invites everyone to join in the following social media challenge. Tag #FLM2026 and #TalkMoney with your post.
The “If your wallet could talk” story
This is a social media initiative that encourages participants to think about a time when talking about money made a difference, and then share their experiences and insights online. Share how you communicated and made every dollar count! You can also swap tips with others and see how Canadians across the country are getting clever with their money. The goal is for people to share experiences about financial literacy.
Apart from this challenge, there are other things you can do to participate in Financial Literacy Month. Take one small action related to financial literacy. It could be setting a savings goal, checking your credit score, or taking steps towards starting a monthly budget. Whatever you choose, you can share it with hashtags like #TalkMoney or #FLM2026.
Tools and resources
The FCAC has a variety of financial resources on their site. You can find a budget planner, a credit card comparison tool, a retirement income calculator and more. You can also access the Canadian Financial Literacy Database for more resources and events. The FCAC has created the RDX Financial Wellbeing Dashboard, which tracks key trends over time about Canadians’ financial health.
Building better habits through everyday financial tools
Becoming more financially literate also means understanding how to use everyday skills such as:
- Budgeting
- Credit score and report monitoring
- Debt management
- Retirement planning
- Compound interest vs. simple interest
- Financial resilience tools like emergency funds and sinking funds
- Avoiding scams and fraud
Improving financial literacy by earning these skills will help you feel more financially secure and empowered. Make the most of this Financial Literacy Month by committing to learn one new skill to boost your financial health. This way, you can all feel more confident that you’re making smart money choices. Happy FLM, everyone!
