October 26, 2021, Toronto – Advocis, The Financial Advisors Association of Canada, has announced its Financial Literacy Month initiatives for 2021, with highlights including a continued focus on youth via an activity-based ‘Fin Lit Kit’ and financial literacy game on the hugely-popular Roblox platform. Through the continuation of the fun and fictitious Junior Financial Advisor designation introduced in 2020, Advocis hopes to connect financial literacy with kids both through fun activities with their families and in the online gaming spaces they already enjoy.
With COVID-19 continuing to shape headlines throughout 2021, Advocis also held an advisor poll on how financial literacy and the pandemic connected this year within their practices compared to identical questions asked in our 2020 survey, receiving responses from more than 250 of their advisor members across Canada. Overall, these results reflected the growing importance and engagement of consumers with financial literacy. Among the findings:
- 47% indicated that they experienced an increase in client inquiries on basic financial matters related to potential financial hardship since COVID-19 began, an increase of 12% from 2020.
- 67% of respondents indicated that a higher degree of client financial literacy would have helped them advise their clients even more effectively during the ongoing challenges and impact of COVID-19, an increase of 6% from 2021.
- 42% of respondents indicated that they had included the minor (< 18 years of age) children of clients in discussions of family finances, estate planning and other client matters.
- 47% of respondents indicated that they had included the minor (< 18 years of age) children of clients in discussions of financial literacy.
“We are tremendously excited to continue our support for Financial Literacy Month, and hoping that our innovative approach through tools such as Roblox will help us engage youth audiences like never before,” said Julie Martini, Vice-President, Public Affairs and Marketing, Advocis.
“We believe that our member-clients and the public interest are best supported when entire families can be involved in financial advice, and that young people are enthusiastically brought into these discussions as they grow up. The intergenerational wealth transfer which has already begun makes this especially relevant, but Canadians of all ages can benefit from greater financial literacy – and we look forward to how we and our professional membership can contribute.”
Advocis will also host weekly shows on Instagram Live with advisors, host new articles written by advisors on financial literacy through financialadviceforall.com, and host a special edition of their popular Coffee Talks webinar series with a presentation by Dr. Supriya Syal, Deputy Commissioner of Research, Policy and Education at the Financial Consumer Agency of Canada. All content will correspond to four weekly subthemes of Making & Saving Money, Buying & Budgeting, Insurance & Investments and Retirement & Estate Planning.
Advocis, The Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing more than 17,000 member-clients and 40 Chapters across the country. Advocis offers designations, continuing education opportunities, industry-leading publications, and membership in a chapter network with mentorship programs, study groups, and practice development resources.
For further information:
Vice-President, Strategic Engagement