Advocis announces 2020 initiatives for Financial Literacy Month, including results from COVID-19 survey
Advocis will mark Financial Literacy Month by having advisors interview those who will benefit most in the future – kids!
The Financial Advisors Association of Canada’s initiatives for 2020 include a video feature in which advisors speak with children about money. Through the introduction of a fun and fictitious ‘Junior Financial Advisor’ designation, Advocis asked members to interview children in their household for a fresh perspective on how kids should save, spend and plan for their financial futures.
With COVID-19 dominating headlines throughout 2020, the Association also held an advisor poll on how financial literacy and the pandemic connected this year within their practices, receiving responses from almost 600 of their advisor members across Canada.
The findings included:
- 35% indicated that they experienced an increase in client inquiries on basic financial matters related to potential financial hardship since COVID-19 began.
- 61% 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.
- 97% agreed that stronger financial literacy skills would positively impact their clients in navigating life events with major financial consequences.
- 99% believe there is still a long way to go when it comes to improving the financial literacy of Canadians.
“In light of what we learned from our member survey - and the great family conversations that the Junior Financial Advisor submissions are inspiring - we are looking forward to supporting Financial Literacy Month once again,” said Julie Martini, Vice-President, Public Affairs and Marketing, Advocis.
“Our job at Advocis is to support our members, and they’ve made it clear that raising the bar of client financial literacy will help them do the work of helping those clients to create brighter financial futures.”
Advocis will also host weekly shows on Instagram Live with advisors, host new articles written by advisors on financial literacy through financialadviceforall.com, and release new episodes of The Advocis Podcast in which advisors will discuss the impact of Financial Literacy in 2020 and beyond.
All content will correspond to four weekly subthemes of Money Basics, Buying Basics, Planning Basics and Life Event Basics.