Honourable senators, I rise today because I have something on my mind and because we are being asked to “talk about it.”

Colleagues, November is Financial Literacy Month. This year’s theme is “Money on your Mind. Talk about it!”

The Financial Consumer Agency of Canada, or FCAC, which leads this national campaign, is championing various initiatives to destigmatize conversations about money and give Canadians the confidence they need to make informed choices about their finances.

As the FCAC points out, talking about money remains taboo. Many find it difficult to discuss financial matters. It can be overwhelming; it can even be embarrassing for some individuals to ask questions that may feel simplistic or rudimentary. But as any teacher would say, no question is ever off limits.

In my past life as a banker, I always made sure my clients felt supported, informed and understood their banking options. I speak from experience: Clients would feel more confident and better equipped to face some of life’s big financial decisions when they were properly accompanied.

The agency’s five-year plan also reminds us about the importance of Canadians’ financial resilience, especially in an increasingly digital world, and especially among our most vulnerable populations—our youth and our seniors.

That’s why it is urgent that Canadians have the right tools to adapt to life’s financial choices, difficulties and shocks, whether predictable or unpredictable. This is an objective we all, collectively, need to work towards.

Recent findings from an FCAC survey on the financial well-being of Canadians show that only 47% of Canadians describe themselves as financially knowledgeable. Although this number has increased since 2019, the truth is that more than half of Canadians may not feel adequately equipped to make some financial choices and decisions.

The survey also addresses Canadians’ financial vulnerability, as 56% of households report having trouble or are sometimes struggling with their financial commitments. One third of Canadians report a high level of anxiety, stress or worry about their finances.

Honourable senators, Canadians are struggling financially these days, which makes financial literacy more important than ever. I urge all of us to encourage Canadians to take action this month to do something to boost their financial confidence and reduce their financial anxiety.

If you have money on your mind, I, for one, am always willing to talk about it.

Thank you, meegwetch.