It’s November, and in Canada, that means it’s financial literacy month

Photo by Anete Lusina

Canada’s Financial Literacy Month is a government-led initiative to encourage Canadians to build confidence with money and adopt habits that support long-term financial health. First launched in 2010 and formally recognized by parliament in 2012, 2025 marks the 15th anniversary of financial literacy month.

This year, the Financial Consumer Agency of Canada (FCAC) is leading a national campaign called Talk Money, aimed at destigmatizing conversations about money. Research shows Canadians often avoid discussing finances out of fear of judgment, yet open conversations can build confidence and improve outcomes, especially for girls and women.

Why November in Canada vs. April in the U.S.?

Both countries share the same goal of promoting financial education but they observe the month at different times for different reasons.

In the United States, financial literacy month falls in April to coincide with tax season and highlight youth education and budgeting. In Canada, it is observed in November to help people prepare for holiday spending and year-end financial planning. The initiative is led by the Financial Consumer Agency of Canada (FCAC) and supported by organizations nationwide.

The holiday outlook

November’s timing for financial literacy month is fitting as December is when household spending often peaks. November is an ideal window to reinforce budgeting, saving and strategies to dodge a painful credit card hangover come January 2026. 

Holiday spending intentions

PwC’s 2025 Holiday Outlook shows that average seasonal spending is expected to fall by 5 percent, with gift spending down 11 percent compared to 2024. It is the first notable decline since 2020. Gen Z is reducing budgets the most, cutting them by 23 percent, while older generations are holding closer to last year’s levels. Overall, 84 percent of consumers expect to cut back in the next six months due to cost of living pressures.

Holiday debt and the need for financial literacy

Spending cutbacks are only part of the picture. For many, the bigger challenge is managing the debt that follows the holidays.

• A NerdWallet survey (April 2025) found that 45 percent of Canadians with holiday credit card debt expect it will take six months or longer to pay it off, with Gen Z and Millennials most likely to carry balances into spring 2026.

• MNP’s Consumer Debt Index (June 2025) shows that 27 percent list debt repayment as their top financial goal for the new year, reflecting post-holiday budgeting adjustments.

• A Harris & Partners (November 2024) study reports that 46 percent of consumers lose sleep over holiday debt and most prefer to keep those worries private.

When people understand how interest compounds, how to set realistic budgets or how to compare credit options, they are better positioned to avoid long repayment cycles that often follow seasonal spending spikes. 

How do Canadians fare in financial literacy?

Canada continues to rank among the top countries globally. In the most recent international assessment, about 62 percent of Canadian adults correctly answered basic financial literacy questions, placing the country fourth worldwide. The Canadian Financial Capability Survey (CFCS) shows similar results, with Canadians scoring an average of 60.6 percent on 14 financial knowledge questions. Both highlight gaps in borrowing, budgeting and retirement planning with wide variation across age, income and education levels.

Confidence tells a different story. Just 47 percent of Canadians considered themselves financially literate in 2024, down from 61 percent in 2018. Nearly half report money as their leading source of stress and many say they feel unprepared to make financial decisions without professional help.

Among youth, recent PISA data offers mixed signals. While 87 percent of Canadian 15-year-olds meet or exceed baseline financial proficiency, well above the OECD average, 13 percent fall below the standard. Most say they lack confidence managing their own finances although 90 percent believe financial education in school would better prepare them for adulthood.

How does the data contrast with studies in the U.S.?

The P-Fin Index, developed by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC), measures U.S. adults’ financial knowledge across 28 questions.

Source: TIAA Institute

According to the 2025 P-Fin Index, U.S. adults answered an average of 49 percent of questions correctly, up slightly from 48 percent in 2024. Results have hovered between 48 and 52 percent since 2017, showing little long-term improvement. Americans tend to perform best on questions related to borrowing, saving and spending but consistently struggle with understanding financial risk.

What can credit unions do to get involved?

Credit unions interested in boosting their members' financial literacy can consider hosting a dedicated program. Prioritizing financial literacy offers multiple advantages, starting with enhanced member loyalty and trust. When members see their credit union’s commitment to their financial well-being, they’re more likely to stay loyal and recommend the institution to others. Financially educated members are also less vulnerable to scams and more likely to make sound financial decisions, reducing the risks of fraud and default.

Why credit unions should lead on financial literacy

Credit unions already hold a position of trust and influence in their communities. Supporting financial literacy is a natural extension of that role, benefiting members, communities and the credit unions themselves.

Financial education strengthens entire communities, especially those most vulnerable due to cultural, educational, geographic or economic barriers. For credit unions, it also creates a direct growth opportunity. The average credit union member is about ten years older than the national average while Gen Z and Gen Alpha represent the largest untapped segment for long-term growth. Financial literacy programs delivered in schools, colleges and community settings open the door to reaching this next generation at the right time, when lifelong financial habits are forming.

Unmatched ROI

Traditional member acquisition channels such as digital ads, events or direct mail can cost between 350 and 700 dollars per new member. Some estimates are even higher.

By comparison, the cost of delivering a comprehensive financial literacy program is minimal. It’s a Money Thing is $4,788 USD per year for full access to 48 financial education topics. For a typical small to medium credit union, this works out to about 40 cents per member per year, one of the most efficient education and engagement investments available.

Over time, financially literate members save and invest more, are less vulnerable to fraud and make better long-term decisions. They are more loyal, more profitable and more likely to refer others.

How credit unions can foster financial literacy

In schools and colleges

Adopt a program such as It’s a Money Thing. Customize delivery by age group and integrate into classes or career readiness programs.

Partner with schools to host workshops, sponsor events or run student ambassador programs.

Support educators with classroom-ready resources such as videos, slide decks and guides.

In communities

Host free events at libraries or community centres on topics like budgeting, credit, fraud protection or home buying.

Create drop-in money clinics with nonprofit partners.

Offer downloadable toolkits for families, newcomers or caregivers.

In workplaces

Partner with employers to deliver lunch-and-learns, webinars or payroll savings programs.

Position credit union membership as a workplace benefit, bundled with access to financial coaching.

Online and digital

Share educational content on social media, newsletters and email.

Build a financial education hub on your website with articles, tools and interactive resources.

Through partnerships

Collaborate with nonprofits, youth groups and coalitions to extend reach.

Make financial literacy part of your brand promise. Track impact and train staff to act as financial wellness advocates.

Choosing the right program

With many financial literacy programs available, credit unions need content that is classroom-ready, engaging and relevant. It’s a Money Thing was designed in collaboration with educators specifically for credit unions. It introduces essential topics like budgeting, borrowing, saving, insurance, mortgages and retirement through animated storytelling and humor, making it easier for young people to understand and retain.

The program equips younger generations with financial confidence while helping credit unions build connections with prospective members in the same age groups.

Getting started

Launching a financial literacy program takes planning and coordination but credit unions don’t need to build everything on their own. Adding customized It's a Money Thing financial education content into the mix will help you get up and running quickly and support you in delivering community programs that make an impact.

Whether it is launching a school partnership, hosting a community event or offering digital resources, having access to a robust library of compelling content will simplify the steps of building a program to fit your members and your mission.

Just hit the “Book a Demo” button below to learn more.