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computer by picture of stick figures with word finance

The power of financial literacy

Financial literacy is a critical life skill that helps you to make smart, responsible decisions about your money. Build your financial knowledge using these tips.


When it comes to your knowledge of finances, how confident are you? Would you be able to answer basic financial literacy questions, such as:

  • What’s the difference between a savings account and a chequing account?
  • What is compound interest?
  • What’s the difference between a variable rate and a fixed rate?
  • What is an emergency savings fund and how much should you save?

According to an Ipsos poll conducted in 2017 on behalf of LowestRates.ca, 78% of Canadians believe they’re financial literate. When it came to taking a basic financial literacy test though, almost 57% of Canadians failed.

Financial literacy is a critical life skill and just as important in life as any other basic life skill. Why? Because money is all around us and something we deal with every day. Being financially literate means you understand all things money – how it works, how it’s generated, how to manage it, how to invest it and more. It means having the knowledge and confidence to make smart, responsible decisions about your money.

Improving your financial knowledge

It’s never too early, or too late, to improve your financial knowledge. Here are a few ways you can expand your financial knowledge and confidence with money:

  1. Take the Fin-Lit Challenge: Testing your financial knowledge will you see how much, or how little, you may know. This will help you identify topics that you may want to focus on to expand your knowledge.
  2. Talk to a Financial Advisor: Your financial advisor is an excellent resource for advice and knowledge, ensuring you’re not alone when making financial decisions.  There is no such thing as a dumb question. Meet with your financial advisor often and ask questions to ensure you understand your money and financial decisions.
  3. Read a Conexus #MONEYTALK Blog: Each week, Conexus #MONEYTALK publishes a blog providing expert advice, solutions and guidance on financial topics important to you. Savings, budget, investment 101 – we cover it all. Commit to reading the blog each week to continually expand your financial knowledge.

What financial topics would you like to know more about? Share below and we’ll be sure to do an upcoming blog on them.

school supplies including sneakers, binders and pencils

Back-to-school money saving tips

Back-to-school expenses can add up quickly. To help you prepare – and save money at the same time – we’ve put together a few back-to-school money saving tips.


Back-to-school. Something that parents get excited about but also dread at the same time, especially when they think about all of the expenses associated with it. Some even say (29%) that it’s the biggest stressor during the season, according to a recent Ebates.ca survey.

School-related expenses can add up quickly and range anywhere from $100-$800 once you factor in things such as school supplies, new clothes, school fees and lunches.

To get you ready for school, and help you save money at the same time, we’ve put together a few back-to-school money saving tips.

School supplies

  • Reuse old school supplies. Check to see what supplies you have at home from previous years and only buy what you need. At the end of the school year, collect all items returned and store in a place to easily grab and reuse the next year.
  • Watch for sales and shop around. Many stores put different items on sale each week leading up to school. Research sales at local stores and make a list of which items are the cheapest and from where before heading out to stock up.
  • Looking to save time? Purchase your supplies online through programs such as SchoolStart which puts school supply packages together based on your school’s supply list. With just a few clicks of a button, you can order the supplies on your list and have them delivered directly to your door.

New clothing:

  • Buy used. Kids grow quickly and many times an outfit is only worn a couple of times before being outgrown. Use sites such as VarageSale or visit your local thrift store – you never know what kind of deal you may find.
  • Go through closets and drawers to understand what clothing is needed before heading out. Don’t forget that the weather is starting to change and consider purchasing clothing for the upcoming cooler weather.

Snacks & lunches:

  • Meal plan and prep a weeks’ worth of lunches in advance. Meal planning allows you to only purchase the items you need and helps eliminate waste from uneaten food.
  • Skip pre-packaged items and package portions yourself. Instead of individually packaged cookies, purchase a pack of cookies and divide into individual bags yourself.
  • Purchase snack items in large quantities and limit how many snack items are used each week. Using a basket put enough of the snack items for the week into the basket and store the remaining items in the pantry (up high of course!) Kids can pick a set amount of snacks from the basket each day for their lunch. If something runs out, a different item must be chosen from the basket. Restock the basket each week.
  • Purchase a thermos and pack leftovers from the night before. Thermos are also great for soups, pasta and more, helping change up the typical sandwich lunch.

What other back-to-school money tips do you have? We’d love to hear them – share with us below.

Mom talking to son, with piggy bank, about money

5 Activities for Young Kids: Introduction to Money

Introducing your kids to money early on can create a foundation for financial knowledge and positively impact how they manage money later.


When I was a kid, it wasn’t the coin value that made me rich, but instead the number of coins I had. My friend could have three loonies in her hand, yet if I had five nickels I was the one who had the most money!

Understanding the value of money when we’re young can be hard, especially as we’re just starting to learn the concept of numbers, counting and math. It’s recommended you start talking to your kids about money early to help create a foundation for financial knowledge.You can build on this knowledge by continually discussing money and introducing new financial concepts as they grow. Having these conversations will provide them with strong financial literacy skills and an understanding of managing money, helping them to make smart, responsible decisions with their money in the future.

To get you started, here are a few ideas on how you can introduce the concept and value of money to your kids at an early age.

Role playing

Set up a pretend store or restaurant and take turns playing the role of customer and worker. The worker will be responsible for advising how much the purchase is and providing change. As the customer, you’ll be responsible for making purchases and giving money to the worker. If you do not have enough money, you may have to decide on which items are a need vs. a want. Role-playing will not only introduce the concept and value of money but also allow you to discuss the difference between needs vs. wants.

Sort & stack

A great way to introduce money and show the different values of money is through a sorting and stacking activity. Grab your piggy bank, empty onto a table and have your child sort the coins by size, and any bills by colour. Afterward, show them the different sizes and colours and how each equates to a different value. Once they understand that each coin or bill is worth a different amount, take it one step further and show them how much of one coin or bill would be needed to equal the same amount as another coin or bill (e.g., five nickels = one quarter or four $5 bills = one $20 bill).

Play a board game

Have a family game night and help teach the concept of money by playing games such as Monopoly™, Payday™ or the Game of Life™. Allow your child to be the banker, with some help, of course, to teach them the different values of money, counting and providing change.

The $5 dice game

Grab some dice and coins (or create your own) and see who can get to $5 first! In this game, players take turns rolling a die and collecting coins for their pot, based on the following values:

1 – Nickel

2 – Dime

3 – Quarter

4 – Loonie

5 – Toonie

6 – Lose a Turn

The winner is the first player to reach exactly $5. If collecting a coin would cause for the player to go over the $5, they lose their turn. Change it up by choosing your own dollar amount to try and reach. This game is a great way to teach your child the different values of money as well as develop their skills in adding and budgeting by not going over.

Flyer price tag activity

To help understand how much money would be needed to purchase a treat from the candy store, or the latest toy, play the Flyer Price Tag game.

Grab your local flyers and have your child pick out items that they’d want to buy. Cut them out (including the price) and place on the table. Then, using real money or money you’ve created, place the exact amount needed in order to make that purchase. Depending on age, you can also introduce GST and PST and how to account into the amount of money you’ll need to buy the item.

Take it one step further, and use the money your child has saved in their piggy bank. This can help teach them how much of their money they’d need to spend in order to get that item. If they do not have enough for that item, it allows you to start the conversation of savings. This also is a great activity to talk about needs vs. wants and making smart decisions on how you spend your money.

When talking to your kids at an early age about money, be sure to keep it fun to help them stay engaged. Use real-life examples of things that interest them to help them relate to what you’re teaching.

Talking about money can be hard – when we’re young and when we’re adults. Introducing and talking about money early on allows our kids to gain confidence and not be scared to ask questions when it comes to money. It can also positively influence their behaviours on managing money, as they get older.

Do you have another fun game or activity for kids that introduces the concept and value of money? Tell us in the comments below.

hands with money

Kids & Money: Have the #MONEYTALK today

It’s important to have the #MONEYTALK with your kids. We talked with Jacques D. to learn how he talks to his kids about money and the tools he uses.


Teaching your kids about money when they’re young can help set them up for success in the future. Not only will they have an increased knowledge and understanding of managing money when they become adults, it can also positively influence their behaviours when it comes to managing their money.

The biggest questions parents ask are how early should I start talking to my kids and what things should I teach them? We sat down with Jacques DeCorby, Conexus’ Vice President of Retail Banking, and Dad of three, to learn more about how he has the #MONEYTALK with his kids and the tools he uses.

When did you first start teaching your kids about money and what are some of the things you are teaching them?

We started talking to our kids early teaching them about the value of money and the power of savings and giving behaviours. We also talk a lot about a need vs. a want and have discussions on how money makes them feel, whether they’re saving it or spending it.

Do you give your kids an allowance? If so, when did you start and how did you determine an amount to give?

We started giving our children an allowance all around the same time, with the oldest being about ten and our youngest being five. I don’t recall how we settled on an amount to give them, but it was an amount that we could fit into our budget as well as help our kids see the value of money. We haven’t adjusted this amount, but it does make sense to periodically review the amount as it could illustrate the influence of inflation.

When teaching your kids about managing money, are there any tools you use?

We use the save-give-spend tool – pay yourself first with savings; give back and support your community; and, the remainder can be used for discretionary spending. In our household, we agreed on the split of 40-10-50 but another common split is 20-10-70.

We use this tool when splitting any money they receive including their allowance and money as gifts. With my oldest starting a part-time job, we also use this tool to help him manage his pay cheque. Though we have set these split percentages, they do have the option to put more into their savings if they chose. With three boys, it is interesting to see their different personalities – our oldest can’t spend it fast enough while our younger two are more focused on saving.

Another tool that we have introduced is the Conexus Credit Union app. At a certain age, our kids started getting their own electronic devices and phones and we made sure they added the app to their device to show them how to use it. It’s always fun to watch their reactions as they see their savings grow.

What advice do you have for parents wanting to teach their kids about money?

Save. Save. Save. Plan. Plan. Plan. Budget. Budget. Budget.

When talking to your kids about managing money, identify savings and set targets and milestones. Expose them early to different short- and long-term savings vehicles. Most importantly, let them make some spending decisions on their own after you’ve had the discussion on needs vs. wants. For example, if they really want that pack of gum at the store, have them purchase it using their own money. Be sure to follow up from time-to-time to talk about their spending decisions and ask them how it made them feel and if they’d do anything differently.

Also, as your kids become older (teens), I recommend parents start introducing the concept of credit ratings and the importance of building and maintaining a strong one.

By teaching your kids about money, what impacts can this have for them later in life?

By teaching your kids about money they’ll have an increased knowledge and understanding of managing money as they get older. More importantly, they will build positive behaviours and money management skills that will help minimize stress later in life that tends to affect so many other aspects of our overall health and well-being – physical, mental, social/family, occupational to name a few.

Any other advice you’d like to add?

It’s important that young people also start to build a strong network of trusted advisors around them including financial advisors. Talking about money can be hard, and introducing them early to money allows them to gain confidence and not be scared to ask questions when it comes to money.

Thanks Jacques! These are all great tips and advice. Financial literacy is important for all ages. We can’t wait to start having the #MONEYTALK with our kids and using some of the tools you shared with us today!

Do you talk to your kids about money? Share with us in the comments below including what age you started talking to them about money, tools you’ve used, other advice you have and more.

young family in park

What to know when it comes to RESPs

A Registered Education Savings Plan (RESP) is a great investment allowing you to put money aside for your child’s education. Here are a few things to know when it comes to RESPs.


When looking at your child’s future, it may become overwhelming especially when you start thinking about all of the costs related to their post-secondary education. A Registered Education Savings Plan (RESP) is a great investment to help you put money away for your child’s education.

What is a RESP?

A RESP is a tax-deferred, savings account that can be used to save money for your child’s post-secondary education. You can contribute as much as you’d like (up to a lifetime maximum of $50,000) and watch it grow.

To help your money grow faster, the federal government also contributes a percentage of money to the RESP each year based on your contributions.

What types of RESPs are there?

There are two different types of RESPs available – family plans and individual plans.

A family plan is available for families with multiple children, allowing you to add multiple beneficiaries to one plan.

An individual plan can be set up for one beneficiary, and can only have one beneficiary. A common scenario for an individual plan would be in a blended family situation. More details on the two plans can be found here.

When is the best time to start saving for a child’s education?

Starting early, and contributing often, is key. The sooner you start to save, the sooner you’ll start earning interest on your money and receiving federal contributions to your RESP.

If you don’t start early though, it’s never too late to start. There’s no better time to start than today. By just saving as little as $5 each week, it can add up quickly and help your child in their post-secondary dreams.

How much should I save?

Conexus’ education savings calculator can help you figure out the cost of your child’s post-secondary education and map out what type of savings you’ll need to help meet your financial goals.

I’m not sure I can afford a RESP. Is there a minimum amount I must contribute each month or yearly?

Some types of RESPs have no minimum deposit requirements, while other RESPs do. It’s important you talk to a financial advisor to determine what RESP works best for you and what you can afford, whether monthly or yearly.

Where can I go for more information or set up a RESP today?

To learn more on RESPs visit the Government of Canada’s website.

To determine what RESP is best for you and set up an RESP, talk to your financial advisor today.

 

Have a question regarding Registered Education Savings Plans? Ask below in the comments section or contact us today.

Bowl of ramen noodles

It doesn’t just need to be ramen noodles

Money can be stressful when you’re a student but that doesn’t mean you need to live off ramen noodles. We sat down with Braden, a University of Saskatchewan student, to learn more about how he manages money while going to school.


We all know post-secondary education can be quite expensive. In the 2016-17 academic year, a Canadian undergraduate student paid, on average, $6,373 in tuition. And that’s not including the additional costs related to textbooks, school fees and living expenses.

When having the #MONEYTALK with students across the province, we heard over and over the challenge of managing money while going to school. What can a student do to reduce money-related stress caused by tuition and living expenses?

We recently sat down with Braden C., a 3rd-year University of Saskatchewan student and Conexus member, who told us how he manages money while being a student.

Tuition can be expensive. How have you been able to manage the costs of tuition?

My parents have helped me out greatly when it comes to paying for tuition. They’ve been putting money into an Registered Education Savings Plan (RESP) since I was born, knowing I would need it at this point in my life. This has definitely relieved a lot of stress when it comes to paying for school.

That’s great to hear! What else can a student do to help cover the cost of tuition or save money for things such as textbooks?

Scholarships are a great way to reduce your tuition costs. There are many different scholarships available from the schools, local businesses, etc. It can take some time to apply but can be worth it in the end by offsetting some of the costs you need to pay.

When it comes to textbooks, a great way to save money is buying used. For example, the U of S has a program where you can sell your textbooks back to the store. Often you can find a used textbook at a lower price than a new book and from my experience, many of the used books look like new.

What about other expenses such as living costs – how do you make or save money for all of the additional expenses you face?

To allow me to focus on my studies during the school term, I only work during school breaks, such as the summer, and put the money I make into savings. I work as many hours as I can in the summer to provide enough money I’ll need for the eight months I’m in school. I know not everyone can do this, and some may need to work part-time while going to school, but I recommend putting as much as you can into savings during the off months so you can work a bit less during the school term.

Are there any tools you use to help you manage your money?

I use several tools including online banking and Conexus’ Personal Financial Management tool. It allows me to set budgets and track how much I spend relative to those budgets. Each month, I look at what I spent in the previous month and make decisions and changes based on what I think will be coming up in the next month. For example, if I know a band I want to see is coming, I adjust my budget so that I have some money set aside for entertainment. This may mean I don’t eat out a couple of times that month, but I’m also not going over my budget.

What are the biggest challenges you face as a student with your money?

My biggest challenges with money are probably in the area of groceries. When I know the upcoming week is going to be busy for me, I tend to buy foods that require little to no preparation. I have found, over the past three years, these meals are usually less healthy for me and also cost a little bit more than if I were to buy basic ingredients and make the meals from scratch. I also tend to impulse-buy things when I have cravings.

What tips do you have for other students that are needing to manage their money while going to school?

The biggest thing is to set a budget and track your spending. When you are able to see where your money is going, you can get a better understanding of your needs but also find areas where you maybe don’t need to spend so much such as eating out or buying coffee.

 

Thanks Braden! Money can be stressful when being a student but that doesn’t just mean you need to live off of ramen noodles. With a bit of understanding and planning, you can set goals, budget and take control of your finances. Here are a few more ways students can save money:

  • Taking advantage of school discounts. There are many places on campus as well as local businesses that offer students a discount by showing their student card.
  • Walking or taking the bus to school. You can save money on gas and parking!
  • Using loyalty reward program cards for places you shop at frequently. For example, Superstore has a PC Plus program that allows you to earn points you can use to take money off your next grocery bill – and it’s free.
  • When shopping for necessities such as groceries, make your meal plans based on what is on sale. Sometimes you may need to buy in groups, but then that just means you can use for another meal the next week.

What other tips do you have for managing your money while going to school? We’d love to hear them – share in the comments below.