To mark Financial Literacy Month in November, the Financial and Consumer Services Commission of New Brunswick (Commission) has launched a campaign aimed at empowering Gen Z to build strong financial foundations.
The campaign will feature a video series that highlights the importance of using credit responsibly, offering practical tips that address the financial concerns of young New Brunswickers, such as student loans, credit card debt, and how to build a solid credit history. The campaign aligns with the Financial Consumer Agency of Canada’s (FCAC) Money on Your Mind – Talk about it! campaign, focusing on enhancing financial resilience among Gen Z, with a spotlight on credit education.
Gen Z, the youngest generation entering the workforce, represent a third of new credit consumers, according to recent data from TransUnion’s Consumer Credit Database. With rising consumer debt, the Commission wants to address the knowledge gap so New Brunswickers can avoid financial pitfalls.
“Having spoken about credit to students around the province, we know that many young people in New Brunswick are interested in understanding how credit works, but often don’t know where to begin,” said Marissa Sollows, the Commission’s Director of Communications and Public Affairs. “Gen Z seeks information on social platforms that deliver quick, easily digestible information, often in video form. Our aim is to provide the information they need in a format they can relate to.”
While inflation and interest rates remain elevated, balances across products such as credit cards, personal loans, and auto are likely to continue to grow. With higher delinquency rates for auto loans, credit cards and personal loans compared to previous generations, according to TransUnion, Gen Z consumers need to be particularly cautious in how they use and manage their available credit.
“Our campaign is designed to empower our younger generation to avoid common mistakes, such as misunderstanding interest rates or the consequences of missed payments,” said Sollows. “By providing them with relevant, straightforward information on credit management, we’re not only helping them make better financial decisions today but also setting them up for long-term success.”
In addition to the video series, the Commission will promote a new guide, 5 common credit report myths debunked. In partnership with the Centre of Excellence for Entrepreneurship, the Commission will also be providing credit and debt education sessions across the province to middle and high school students as well as education assistants who work with them throughout the month.
New Brunswickers can follow the campaign on the Commission’s Instagram page or visit FCNB.ca for more information on personal finances.
Audio files of Marissa Sollows, the Commission’s Director of Communications and Public Affairs
The Financial and Consumer Services Commission of New Brunswick has the mandate to provide regulatory services that protect the public interest while enhancing public confidence, and to promote understanding of the regulated sectors through educational programs. It is responsible for the administration and enforcement of financial and consumers services legislation for mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, cooperatives, the unclaimed property program, and a wide range of other consumer legislation. It is a Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.