With November being recognized in Canada as Financial Literacy Month, the United Way is helping people with their money management skills.
United Way Bruce Grey’s Financial Literacy Program Coordinator Caroline Araujo Abbots says that she’s always looking to help people who are on financial assistance and low income.
“If you’ve got money to invest, an investment broker is happy to talk to you, is happy to review all of your finances. But if you’re living on a lower income, it’s really hard to get financial information that’s specifically geared to your circumstances that takes into consideration all of the different pieces,” says Araujo Abbots. “So if you’re living on social assistance, there are different rules around income and rules around all kinds of different pieces of your life.”
She says that the rules of financial planning are different for people like seniors on a fixed income, people on the Ontario Disability Support Program, or a single person on Ontario Works.
She also explains that the difference with the United Way’s Financial Literacy Support Program is that it specifically looks at supporting people who aren’t able to get investment-level information, especially at a time when the cost of living has gone up considerably.
“What we focus on is realistic, practical information so that people can make informed decisions with their finances.”
Araujo Abbots also says they can help people who are trying to get back on financial track, and who are dealing with personal debt.
“Most of my clients say, ‘I don’t want to go bankrupt.’ You don’t have to. Let’s look at all of your options related to your debt,” she says.
She adds that the Financial Literacy Program isn’t just coming up with a monthly budget, but a way to look at a client’s bigger financial picture and look at options for beneficial programs that can help their money actually work for them in a viable way.
The United Way also helps people with their income taxes through their Tax Clinic, which helps put people in touch with government benefits and programs that ensure there’s more money in their pockets.
