The following statement was given today in the House of Assembly by the Honourable Sherry Gambin-Walsh, Minister of Service NL:
Mr. Speaker, I rise in this Honourable House to recognize November as Financial Literacy Month. This year’s theme is “Take Charge of Your Finances”. The Provincial Government recognizes the importance of investment education information and encourages Newfoundlanders and Labradorians to take charge of their finances by making a budget, having a savings and debt reduction plan and understanding their financial rights and responsibilities.
The Financial Consumer Agency of Canada also provides valuable information on relatively new investment areas. For example, investing in cryptocurrency requires attention to guidelines on taxation so investors are aware of how to meet their tax obligations. Investors must also use caution to avoid unreliable currencies where fraudulent activity may be more common.
Mr. Speaker, financial literacy is important for the financial well-being of individuals, but also for the economy as a whole. The Provincial Government remains committed to helping consumers make informed and educated decisions in the field of investment.
I encourage residents to visit Service NL’s Twitter page during the month of November for a series of posts to help educate and inform Newfoundlanders and Labradorians on investments and financial literacy.