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Financial Literacy Month: New Brunswickers invited to join Financial Wellness Challenge

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To celebrate Financial Literacy Month, the Financial and Consumer Services Commission (FCNB) is challenging New Brunswickers to take on its Financial Wellness Challenge to help them achieve their financial goals. 

According to the Canadian Payroll Association, nearly half of Atlantic Canadians live paycheque to paycheque, and 45 per cent feel overwhelmed by debt. Studies have linked money stress to high blood pressure, insomnia, depression and other health problems.

“Forming smart financial habits can be daunting, but it’s always easier when you have a community to support you,” said Erin King, Senior Education and Website Officer at FCNB. “Our challenge will bring together like-minded people who are looking to improve their finances while making the process fun and rewarding.”

Participants can go to FCNB’s Facebook page for information on how to join the challenge, which will be hosted in a closed group. Throughout the challenge, participants will be provided tips to put them on a path toward financial wellness. The challenge will feature these weekly themes: Debt Detox, the Budget Breather, the Spending Cleanse and the Saving Steppers.

“Reducing financial burden and stress contributes greatly to your overall health and wellness, and we want to encourage New Brunswickers to take control of their finances,” said King. “By participating in our challenge, New Brunswickers can learn the steps to be more financially fit and get encouragement from people with the same goals.”

FCNB will host a Spend Smart Café at the Tim Hortons in Doaktown between 8 a.m. and 1 p.m. on Friday, Nov. 1. FCNB staff will cover the cost of coffee for all visitors. Staff will also answer questions about being a vigilant consumer. More information is available at FCNB’s events calendar.

Aligning with the national efforts and themes identified by the Financial and Consumer Agency of Canada (FCAC), FCNB’s goal for Financial Literacy Month is to encourage New Brunswickers to take concrete actions to better manage their money and debt by making a budget, having a savings and debt reduction plan and understanding their financial rights and responsibilities. This is the second year that FCNB has put together a Financial Wellness Challenge.

“Financial stress can have a big, long-term impact on people’s lifestyle, happiness and health,” said King. “Having open conversations and getting on track financially can help change these outcomes.”

FCNB will also share tools and resources throughout the month to help New Brunswickers manage their finances, including a free budget template to help track expenses and prioritize spending and the Make It Count! guide for parents and teachers.

FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent 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.