The Money Belt - A New Website for Young Canadians

The Federal Consumer Agency of Canada (FCAC), recently announced that a new web portal containing information regarding the management of money aimed at young Canadians is being launched.

The Money Belt (located at themoneybelt.gc.ca) contains various interactive tools and modules that provide our youth with a fun and interesting method of learning about managing their money (or ours), now and into the future.

FCAC Commissioner Ursual Menke states "in a world where today's youth quickly develop a keen interest in money, it is important that they acquire strong financial skills early so they can avoid making costly mistakes." The website features various tools and tips for young Canadians (the site is aimed at those in the 15 to 29 age group) to become financially savvy about credit cards and banking options.

Here is an example of the information contained on the site:

  • Always pay your credit card bills on time! You'll establish a history of good credit use, which can help you obtain loans and other credit products more easily in the future.
  • If you have spare money, put it into an RRSP. It's never too early to start saving for retirement!
  • Know your credit history. You can order your credit report by contacting one of the three credit reporting agencies in Canada ó Equifax, TransUnion or Northern Credit Bureaus Inc.
  • Check your credit card receipts against your monthly statement. Mistakes do happen ó act immediately by notifying your card issuer if you spot an error or fraud.
  • To save on ABM fees, avoid using white-label ABMs (operated by private companies) or an ABM belonging to a bank other than your own.

As financial advisors are aware, it is never too early to start educating people around money and the issues that surround it.

Check out The Money Belt website today for ideas for you, your clients and their children.