Financial literacy tools used by more Canadians
Canadians are flocking to online tools to learn more about their finances, according to a report from the Financial Consumer Agency of Canada.
A website called The City, which FCAC developed in association with the B.C. securities commission as a learning tool for young people had 4,000 teachers and 18,000 students registered at the end of March.
FCAC's web portal The Money Belt recorded 425,000 visits over the past year.
"Consumers need to have a solid understanding not only of how to manage their own personal finances, but also of financial institutions' obligations toward them, so they can make smart financial decisions," said FCAC commissioner Ursula Menke.
Among the things that are drawing more consumers to FCAC is an online credit card calculator, which shows how long it will take to pay off a balance making only minimum payments.
The agency also has tools for comparing credit cards and bank accounts, and tips on how to better manage money.