AN INDEPENDENT SECTION BY MEDIAPLANET TO THE CALGARY HERALD WORK-LIFE WELLNESS No.1/September 2013 3 TIPS ON HEALTHY EATING TAKE CONTROL AND COMMAND A BETTER QUALITY OF LIFE Catriona Le May Doan, two-time Olympic gold medalist discusses how health and wellness is a family affair PHOTO: EWAN NICHOLSON PHOTOGRAPHY Featuring ACTIVITIES AND NUTRITION Cook with your kids and get active WORKPLACE WELLNESS Why employee health is essential to success FINANCIAL LITERACY Take responsibility for your own education
Transcript
AN INDEPENDENT SECTION BY MEDIAPLANET TO THE CALGARY HERALD
WORK-LIFE WELLNESSNo.1/September 2013
3TIPS ON
HEALTHY EATING
TAKE CONTROL AND COMMAND A BETTER
QUALITY OF LIFECatriona Le May Doan, two-time Olympic gold medalist
discusses how health and wellness is a family a air
PH
OTO
: EW
AN
NIC
HO
LSO
N P
HO
TOG
RA
PH
Y
Featuring
ACTIVITIES AND NUTRITION Cook with your kids and get active
WORKPLACE WELLNESS Why employee health is essential to success
FINANCIAL LITERACY Take responsibility for your own education
AN INDEPENDENT SECTION BY MEDIAPLANET TO CALGARY HERALD2 · SEPTEMBER 2013
Health Canada carried out a work-life study that states high job stress has doubled and 53% of Albertans report being “very stressed,” the highest per centage in Canada. However, there are many areas in life where we can start taking back control.
CHALLENGES
Finding harmony in a dynamic world
The multiple de-mands of work, fa-mily, and commu-nity have never been more dynamic and complex. When asked, employees
say the most valuable support they receive from their employer as they attempt to manage their multiple re-sponsibilities is respect for the com-plexity of their lives and for the con-stant fl ow of competing priorities.
The support they say they need most is fl exibility and autonomy over how, when and where work gets do-ne. This fl exibility is particularly im-portant for employees who are com-bining responsibilities at work with caregiving and/or childcare responsi-bilities at home. Caregiving is an incre-asingly common experience and most caregivers are employed full time.
Rising numbers of caregivers The growing number of employ-ees caring for adults (disabled adult children, siblings, spouses, parents, grandparents, extended family members, and friends) face conside-rable challenges fulfi lling their mul-tiple responsibilities, commitments and obligations at home and work.
More than one in four Canadian employees who are caregivers expe-
Mediaplanet’s business is to create new customers for our advertisers by providing readers with high-quality editorial content that motivates them to act.
rience high levels of fi nancial, phy-sical and/or emotional stress that can a ect their health, their e ective-ness as a caregiver, and their labour force participation. Many caregivers quit their jobs, reduce their hours, ex-perience high absenteeism, and for-feit career ambitions and aspirations. Their income drops, their health suf-fers and their stress levels rise.
Employers begin to make changesMen and women are vulnerable to these consequences. Studies show that men have taken on more re-sponsibility for childcare, house-hold management, and caregiving and now 60% report work-life stress.
With an aging population, it can be expected that workers will expe-rience additional caregiving pressu-res. As critical as care-related employ-ment consequences are to the econo-mic security and overall well-being of caregivers, there are also a number of important downstream implications for employers, including labour mar-ket sustainability, profi tability, and the overall strength of the economy.
A growing number of employers are responding to these work-life realities with short and long term strategies. More workplaces have implemented wellness strategies
Nora SpinksCEO, THE VANIER INSTITUTE OF THE FAMILY
including physical activity, such as walking clubs or yoga at work, as well as smoking cessation, weight reduction, stress management pro-grams. Simple low cost/no cost so-lutions are becoming more com-mon including lunch and learns, webinars, videos on work-family, wellness, and resiliency are beco-ming more common. And some em-ployers are investing in workplace childcare, topping up maternity/parental benefi ts and o ering sab-baticals.
Both employees and employ-ers are facing greater demands for fl exibility, creativity, and producti-vity. Both are grappling with rising expectations from shareholders, clients, and customers. And, everyo-ne is being squeezed for time and en-ergy as the lines between work and life blur —thanks to our ever present technology.
When organizations and indivi-duals leverage workforce diversity, share best practices and create sup-portive and productive work envi-ronments, employees are able to ful-fi ll their multiple responsibilities with minimal stress and strain and everyone wins!
“More than one in four
Canadian employees
who are caregivers
experience high levels
of fi nancial, physical
and/or emotional
stress that can a ect
their health…”
Take some time to reflect on your values and priorities.PHOTO: SHUTTERSTOCK.COM
AN INDEPENDENT SECTION BY MEDIAPLANET TO CALGARY HERALD SEPTEMBER 2013 · 3
NEWS
DON’T MISS
and professional lives, it is incredi-bly a� rming to know the di� erence that positive, proactive, and preven-tative changes can make.
The facts are daunting. Obesity ra-tes have almost tripled in Canadian children over the last 25 years, and obe-sity costs Alberta taxpayers $1.4 billi-on every year. 51 per cent of adults and about a quarter of children in this pro-vince are overweight or obese. Tobacco kills about 3,000 Albertans each year. Injuries kill more Albertans between the ages of one and forty-four than cancer, heart disease, strokes, and in-fectious disease—combined. This is particularly heartbreaking, since al-most all injuries are preventable!
Working togetherAnd now for the good news: aware-ness and action on the importan-ce of wellness is growing every day. The partnership’s forged between government, communities, schools, and workplaces are strengthe-ning as we learn from, support, and teach one another. The number of Albertans following our Healthy U Twitter account, and the num-ber of ”likes” to our Healthy U Fa-
cebook page, is climbing. Even mo-re importantly, the grass-roots so-cial movement towards a healthier, safer, happier Alberta is taking im-portant steps forward.
The future is brightDespite our challenges, we have ma-ny reasons to be optimistic. We know what the problems are; but we also
W e all face many challenges with respect to our perso-nal wellness: chronic is-
sues, mental health, obesity, cancer, injury, poverty, and stress are just a few that come to mind. When Calga-rians look to balance their personal
THE FUTURE OF WELLNESS IN ALBERTA
At home, at school, at play—get your kids active!
■ Physical activity plays an im-portant role in the health, well-be-ing and quality of life of all Canadi-ans, and it is particularly important for children and youth. Habits for-med early can last a lifetime.
■ How much physical activity do children need? Children aged 5-11 should accumulate at least one hour of moderate to vigorous-intensity physical activity daily. But more is even better!
■ To make the most of their phy-sical activity, try to include: vigo-rous-intensity activities at least th-ree days per week. Activities that strengthen muscle and bone at least three days per week.
SOURCE: PUBLIC HEALTH AGENCY CANADA
know the solutions. The best way to improve our health is by strengthe-ning individuals, families, and com-munities, so that disease and injury do not occur in the fi rst place; and we know that most health outcomes are determined by our physical, soci-al, and economic environments.
Moving forwardChange does not happen on its own, so creating healthier environments is the responsibility of every Alber-tan. Employers and educators can create a culture which allows for a healthier work/life balance. Health champions—like parents—can ma-ke the health of their family a huge priority. Children who grow up in en-vironments where healthy foods are prepared, trips to the park are a dai-ly occurrence, and toxic stress is mi-nimized, are more likely to pass tho-se habits on to their children. Where is the future of wellness? Thankfully, it’s inside every one of us.
For many more ideas, please visit healthyalberta.com.
Honourable Dave Rodney Alberta’s Associate Minister of Wellness
“The best way to improve our health is by strengthening individuals, families, and communities, so that disease and injury do not occur in the fi rst place; and we know that most health outcomes are determined by our physical, social, and economic environments.”
Tobacco use is the leading preventable cause of disease, and premature death in Alberta. Every year, approximately 3,000 Albertans die as a result of tobacco use, while many more su� er from tobacco-related illnesses. � ere is good news though—tobacco-related illness and death can be prevented.
Being tobacco free has tremendous bene� ts, the main being healthier lives and communities for years to come. But it can also bene� t workplaces. Many people spend a great deal of their time at work, making it an ideal environment to support tobacco cessation.
Employers who invest in the health of their employees are investing in one of their most important assets. An employer who provides a tobacco-free environment sup-ports good employee health, while providing encourage-ment and support to those thinking about quitting.
On average, employees who are non-smokers take fewer sick days, go on disability less often, and are less likely to retire early because of poor health. � e Conference Board of Canada estimates that it costs $3,396 annually for every employee who smokes through increased absenteeism, decreased productivity and costs associated with maintain-ing smoking areas.
� e odds of successfully quitting can double when individuals are supported in their e� orts. When employees believe their employer is willing to invest in them they are more productive and feel a greater sense of loyalty.
Employers can support employees through:• bene� t plans that cover the cost of cessation medication,• providing onsite tobacco cessation programs, or • providing referrals to smoking cessation services like those available
though AlbertaQuits
� ese measures not only increase employee access to the support they need to quit suc-cessfully, but also help build healthier Albertans.
Creating a tobaccofree workplace
ADVERTISEMENT
Every year approximately
3000Albertans die as a result of tobacco use.
4 · SEPTEMBER 2013 SEPTEMBER 2013 · 5AN INDEPENDENT SECTION BY MEDIAPLANET TO CALGARY HERALD AN INDEPENDENT SECTION BY MEDIAPLANET TO CALGARY HERALD
to 11 years and by forty per cent in tho-se aged 12 to 17. Forty per cent – ninety per cent of overweight youngsters will become obese adults and are at risk of developing heart disease and diabe-tes….a major cause of obesity in seden-tary lifestyles.
In the intervening 15 years, we have done little to heed that dire prediction with the result that the situation has become even more serious. Now, in 2013, the threat represents a second ‘tsunami’ which is about to severely increase our health care expenditures and further threaten all government programs.
Our society, and most troubling,
T he Canadian Medical Associa-tion, at their annual meeting in Calgary last month, drew
national attention once again, to the enormous costs of caring and provi-ding for our aging population in the years ahead. Some refer to this chal-lenge as an imminent fi nancial ‘tsu-nami’ which will seriously compro-mise the funding of other governme-nt priorities—read: education, social services, etc.
That same organization, back in 1998, declared that:
In the past 15 years, the prevalence of obesity has grown by more than 50 per cent in Canadian children aged 6
our youth, is becoming increasingly sedentary, inactive, and obese. In short: fat and lazy. Sixty-fi ve per cent of adults and roughly thirty per cent of our youth are overweight or obese. Young Albertans watch some sort of screen for six to seven hours per day on average. And, exactly as predicted by the CMA back in 1998, the incidence of Type 2 diabetes, heart disease, and increasingly, oth-er health issues are starting to im-pact our youth.
Education and prevention must become a priorityNothing short of a culture shift will be needed to arrest the decline in our population health. There are many factors, both societal and per-sonal, that, on an urgent basis, we must address.
Societal issues including poverty, homelessness and a lack of employa-ble skills are large contributors to the deteriorating health of our popula-tion. Progress is gradually being ma-de in these areas; witness Calgary’s 10-year-plan to dramatically reduce homelessness.
About three per cent of the total healthcare budget is dedicated to preventing illness and most of this is spent on vaccination programs to prevent the spread of infectious ill-nesses like the fl u, measles, and he-patitis. Only a fraction of the preven-tion budget is dedicated to preven-ting injuries and chronic diseases
like cancer, heart disease, and diabe-tes, which are placing a much greater burden on our quality of life and our healthcare system.
Albertans must assume more personal responsibilityIn addition to these public programs, it is essential that each of us assumes responsibility for our personal health. Each of us must ‘walk the talk’ and strive to lead healthier and more ful-
fi lling lives.We humans are engineered to mo-
ve, not sit, and we are increasingly sitting. There is also incontrovertible evidence that increased physical ac-tivity enhances learning capacity, guards against stress, suppresses de-pression and addictive behaviours, combats obesity and improves gene-ral health— Full Stop!
Recent research has described a reduction in the risk of developing Alzheimer’s for seniors who exerci-se regularly. I recently read the follo-wing observation: “Everything that gets worse with age gets better with exercise.”
Each of us must commit to keep ac-tive—we owe it to ourselves, our fami-lies and our friends.
Our trajectory through life is a combination of duration and quali-ty. Our objective is to live as long as possible while experiencing an opti-mum quality of life.
There is compelling evidence that the longer we live, the shorter our end-of-life experience will be. I swim for one and a quarter hours every mor-ning and so far I am experiencing the good health and enhanced quality of life that is the product of that com-mitment to exercise and, I recognize, a measure of good luck.
JIM GRAY, AGE 80, CALGARY PHILANTHROPIST AND
CHAIRMAN, THE ENERGY GROUP OF BROOKFIELD ASSET MANAGEMENT
■ Pick an appropriate dish. For young kids, pick something simple.
■ For kids new to cooking, start with something familiar—so they identify cooking with something they already enjoy.
■ Don’t worry about the mess. In fact, kids are great at cleaning up—so ask them to help! Toddlers, especially, lo-
ve wiping, sweeping, and clea-ning counters and fl oors.
■ Find ‘Sous Chefs’. Invite a friend over, or a relative, or keep your babysitter for an extra hour. It’ll be less stress for everyone (es-pecially you) if there is so-meone else to help over-see and clean up.
■ Stay upbeat. Praise them for tasks they do well. If the recipe goes awry, just laugh it o£ . Your children will learn a good lesson: you can
learn from your mistakes, and “there’s no use crying over spil-
led milk”—especially in the kitchen.
Karen’s new book, Getting to Yum, is a practical pa-renting guide on healthy family eating, which will be published by Harper-Collins in 2013. For free
recipes and tips, check out: karenlebillon.com
Get cooking with your kidsping the kids from one after-school activity to another—it’s no surprise that fewer families are eating me-als together on a regular basis. But research shows that the rewards of cooking and eating together are great: emotional bonding with the kids; healthier eating; and even bet-ter marks at school! One of the best ways to get your kids interested in eating well is to cook together, as well as eat together. If you do try cooking with your children at ho-Given the pressures of our
Karen Le BillonPROFESSOR, CANADA RESEARCH CHAIR, AND THE AUTHOR OF FRENCH KIDS EAT EVERYTHING
My ambition is to live until I’m 90, experience a high quality of life while doing so and, in the end, expire while walking to the YMCA for my morning swim. If I pull this o� , I will have experienced a wonderful life and I will have reduced the emotional and fi nancial burden to both my family and society to the maximum, something we should all aspire to do.
“Our society, and most troubling, our youth, is becoming increasingly sedentary, inactive, and obese. In short: fat and lazy.”
FAMILY TIMESCatriona and her husband enjoying a day on the slopes with their kids.PHOTO: LANDMARK SPORT GROUP
STAYING ACTIVEJim Gray just passed
Gander, Newfoundland, on his west-to-east
cross-Canada swim which he began in 1993
by logging his laps at Calgary’s YMCA Eau Claire pool.
PHOTO: MCLEAN’S
1TIP
DON’T SKIP BREAKFAST! IT’S THE
MOST IMPORTANT MEAL OF THE DAY
2TIP
ENJOY PLENTY OF WHOLE GRAINS,
FRUITS AND VEGETABLES
values in your children?Catriona: Our kids have always seen us take the time to go for a run, or to the gym, or do weights. They know that it is a part of our lives. They are also acti-ve and want to do things. We speak ho-nestly to them about health of the body, mind, and spirit.
MP: With back to school just around the corner, do you ha-
Catriona Le May Doan, renowned Canadian speed skater, two-time Olympic gold medalist, and Officer of the Order of Canada tells Mediaplanet all about the importance of wellness in her family. She is married, and lives in Calgary with her husband and two children.
Mediaplanet: What does well-ness mean to you?Catriona: Wellness is knowing what you need to make yourself healthy—mind, body, spirit. For me, that is get-ting exercise, having some quiet time without people, phones, or distrac-tions. It is being healthy, but it is ta-king those precious minutes, that gi-ve you energy and make you a better mom, wife, friend.
MP: Can you speak to the im-portance of time management surrounding nutrition and be-ing physically active?Catriona: We make sure that doing our exercise is a priority. Even on those busy days, we take 30 minutes to go for a run. It helps my day get on track, and the kids know that it is a priority and they often come with us on their bikes. We combine their ac-tivities with ours as well.
MP: How do you instill these
ve any lunch-packing tips for your kids?Catriona: This year will be the fi rst when both kids are in need of a lunch. It is a time to be creative—es-pecially when both kids have di£ e-rent requests. We always try to ha-ve a variety. Having some leftovers in a little container is always good or even putting the pieces of what would make up a sandwich in little baggies. I fi nd my kids don’t always want a traditional sandwich. We try to mix up the fruit and veggies that they are given. They are also a part of the milk program so they have that every day. I do usually put in so-mething that when they open their lunch kit, they can’t wait to get th-rough the other stu£ to have the litt-le treat!
MP: What are some fun activiti-es that you do that involves the whole family?Catriona: Our kids are used to us going for a run, or to the gym, or doing various activities. We often combine this with them. They can bike beside us when we run, or we do circuits of running/weights outside down our driveway (we are now on an acreage) and the kids are playing outside. We are always doing things to keep ourselves active with our kids like jumping on the trampoline, bi-king, walking the dogs. We often play frisbee or throw a ball—there are so
many things that are fun, wouldn’t be considered ”exercise” but keep you all active!
MP: Wellness is more than just physical health—how do-es work and financial stress affect family life? How do you manage this?Catriona: For most, fi nancial stress is a huge part of lives - it is no di£ e-rent with us. We are open as a family when we don’t think it is the right ti-me to be going out for dinner, or doing
certain activities due to fi nances.We help our kids understand
this. During the times of stress, we again, try to make sure that we are still exercising and getting enough sleep—parents are often putting themselves in a bad circle of not taking 30 minutes for themselves to relieve stress.
“Wellness is knowing what you need to make yourself healthy —mind, body, spirit. For me, that is getting exercise, having some quiet time without people, phones, or distractions.”
AN INDEPENDENT SECTION BY MEDIAPLANET TO CALGARY HERALD6 · SEPTEMBER 2013
NEWS
health of both their business and their employees.
What seems to be the problem?Stress is a major culprit in creating the health problems that get in the way of an employee being—and re-maining—successful in the work-place. Factors that add unnecessa-ry stress to the work environment range from high workload volume or unreasonable working hours, to lack of recognition or praise and po-or psychological job fi t. And stress
doesn’t always manifest in physical ailments: prevalent mental health issues in the workplace like depres-sion and anxiety are often misin-terpreted as performance problems rather than seen as the health and accommodation issues they are. Un-healthy coping mechanisms - such as tobacco and alcohol use - further compound these issues and increase the likelihood of detrimental and costly health problems.
Costly problems“[Workplace stress] is costing eve-rybody in terms of health, mental health, relationships—but it’s also an economic issue. It’s actually cos-ting us to be this stressed. If you look at absenteeism, lack of engagement, short and long term disability, the numbers are pretty shocking. Orga-nizations are ignoring this at great cost to themselves,” says Dr. David Posen, a bestselling author and for-mer family doctor with 30 years ex-perience in the fi eld of stress ma-nagement and lifestyle counselling. The Conference Board of Canada found that the cost of absenteeism —a common fallout from stress-re-lated health problems —costs Cana-dian businesses close to $37 billion annually in lost productivity and re-placement workers.
Smart solutions mean more savingsWorkplace wellness programs and employee assistance programs sa-ve companies money by lowering the costs of medical care and repla-cement workers: a recent Harvard
Reducing work-related stress and promoting healthier work-life balances helps reduce the losses companies experience from employee burnout, absenteeism, and costly benefit claims. At the same time, emphasizing the importance of workplace wellness increases productivity, motivation, and quality of life in employees.
Distressed workers are making a se-rious impact on the productivity and success of Canadian businesses: six in ten Canadians report feeling “high levels” of stress in their day to day lives. Moreover, these Canadi-ans are identifying work as the main source of their stress. “When people are in distress, they are more likely to miss work,” says Alexis Hourselt, communications manager of Work-place Solutions, the world’s largest employee effectiveness company. “Happier employees are more likely to stay with a company and the work that they do is going to be better.”
Workplace wellness initiatives go a long way towards creating happy (and healthy) employees but are of-ten considered nonessential bonu-ses instead of being recognized as es-sential programs for both employ-ee health and the fi nancial health of a business. Conversely, smart busi-ness owners are acknowledging that health and stress management is no longer the sole responsibility of the employee. By taking workplace well-ness seriously, employers help com-bat rising healthcare costs in the workforce while also protecting the
Question: Are stressed-out employees a� ecting the profi t margins of Canadian businesses?Answer: Absolutely—but a few small changes in the workplace can create happier workers and reduce the impact on the cheque books of companies and employees alike.
HAPPIER EMPLOYEES: THE SOLUTION TO A HEALTHIER BOTTOM LINE
University study shows that med-ical costs fall $3.27 for every dollar spent on wellness programs, and ab-senteeism costs fall $2.73 for every dollar spent - not to mention the im-proved work-life balance and happi-ness of employees.
Accommodation and communication“There isn’t much that [employee e� ectiveness programs] don’t do to help people reduce stress in their li-ves,” says Hourselt. Whether it’s fi n-ding a daycare closer to the o� ce, of-fering coaching to help cut out to-bacco use, recommending an attor-ney, putting someone in touch with a counsellor or fi nancial advisor, or opening lines of communication with employees or coworkers, well-ness in the workplace can be impro-ved through a diverse range of sup-port systems.
Follow the leaderAdditionally, leading by example and encouraging employees to fo-cus on the importance of self-care, making sure to get enough sleep, to eat healthy, to make time for fa-mily and loved ones, to get exercise, to take vacation days, and commu-nicate their needs is an important part of creating a successful work environment that will continue to benefi t from workplace wellness initiatives.
“By taking workplace wellness seriously, employers help combat rising healthcare costs in the workforce while also protecting the health of both their business and their employees.”
3.7%OF WORK HOURS FOR FULL-TIME EMPLOYEES WAS LOST
DUE TO ABSENTEEISM.
$20 BillionThe amount that mental health problems alone are estimated to cost employers annually.
2.2%due to
personal or family
responsibilities
5.9%due to
their own illness or disability
The increasing number of full-time, dual-earner families continues to make work–life balance an important issue. Fewer families have a parent at home, either full-time or part-time, to help manage the household, to provide child care, and, increasingly, to provide elder care.
6 IN 10Highly stressed workers
identifi ed work as the main source of their stress.
These people were generally well-educated, employed in white-collar
occupations, and reported high household incomes.
AN INDEPENDENT SECTION BY MEDIAPLANET TO CALGARY HERALD SEPTEMBER 2013 · 7
Money intersects our lives in so many ways on a daily ba-sis yet it is a topic that we
are reluctant to openly discuss oth-er than the price of something! This is beginning to change since perso-nal debt levels reached an all-time high. We still have generations who struggle with personal fi nance and keeping up in a rapidly changing world. Whether young or old there is always something to learn to impro-ve this important life skill.
Much of our fi nancial knowled-ge base occurs at decision points around life events where learning takes place as those experiences un-fold. Major fi nancial decisions hap-pen at various times – post-seconda-ry education, weddings, the fi rst ho-me, children and retirement. They
What are some of the biggest mistakes people make in dealing with debt?One of the biggest mistakes that pe-ople make in dealing with debt is to try to hide it, and shy away from dealing with it. People also tend to make excuses for the debt, rather than face the issues that got them into the position. By not taking re-sponsibility, people hinder their si-tuation further.
What are the most important types of debt to pay off?The most important types of debt to pay o are high interest debts which cost the individual a lot of extra mo-ney through interest.
What types of services are available to help people ma-nage their debt?The fi rst type of service is a formal service. Some examples of these in-clude credit counselling, trustees, courses and accountants. Another type of service available is a more informal and includes services li-ke television shows, books, courses (on-line), friends and family. The last resource that people use is go-vernment agencies.
can occur when dealing with family, friends and often on the job.
Sticky subjectMoney is a di� cult topic as it is of-ten perceived to give people power, status and infl uence. Think of tho-se times when you purchased so-mething because your friends or neighbours had that item when you really couldn’t a ord it. Remember the courage it took to ask for a raise at work?
The emotional content of money is one reason that makes it such an aw-kward subject. There are many me-taphors involving money like ‘time is money’ and ‘money doesn’t grow on trees’. We develop money mes-sages in our heads including feeling like a failure if we do not have su� -cient money to participate in things that others think we should. Only when we can talk more openly about money and develop a better under-standing of our own beliefs and ha-bits about money will we become more comfortable discussing perso-nal fi nancial topics.
Take controlFinancial literacy training tends to be fragmented. It still isn’t manda-ted education curriculum in all pro-vinces across Canada. Additionally, parents are not necessarily the best role models to teach their children. For adults with children remember the saying ‘monkey see monkey do’ and be sure that you are modelling positive money messages to your
What are the most important things to look for when choo-sing a financial advisor? When choosing a fi nancial advisor, it is important to look for someo-ne that is knowledgeable in their area, will refer to you other experts
children by learning and growing your skills together.
Knowledge is powerOne of the most daunting aspects of gaining fi nancial knowledge is where to fi nd fi nancial advice that you trust. For example, when it co-mes to investing some people belie-ve that investing is complicated and they worry about losing their money.
if needed and someone that is un-biased, or has no ulterior motive. It is important that you trust the person that you are working with, and feel that they are guiding you to help you make the best decisions for your particular circumstance.
Financial literacy is the hot topic as it relates to our most precious asset: our youth. Yet, we as a socie-ty are not doing enough to prepare our future generations to be fi nan-cially fi t.
The 2011 BC Securities Com-mission “National Report Card on Youth Financial Literacy” uncove-red some alarming statistics.
■ 51 per cent of students that gra-duate from high school carry an average debt of $8,000
■ 48 per cent of those put money aside to pay down the debt, yet ¼ do nothing!
■ Only 44 per cent have a budget to record income and expenses.
What contributes to these statistics? There are two main culprits. The fi rst one is ‘entitlement’. We live in a society where we (adults and children) all want instant gratifi -cation. It seems we have forgotten the rewards that come as a result of having to earn something.
The second is a ‘lack of educa-tion’, as it relates to one’s feelings about money. When we discuss fi nancial literacy as a society, we tend to focus on how to save, how to budget, and how and what to invest in.
The part that is overlooked and not addressed is the emotional component. Why do we behave the way we do with money?
We (parents and children) think that we are in control of our lives. Actually it’s our beliefs, which co-me from past events, which are in charge. Just as we have beliefs about work and education, we have a belief about money. This is called our ‘Money Motto,’ and it will impact how we spend, sa-ve, invest, and what we teach our children about money. As the say-ing goes, “the apple does not fall far from the tree.”
If we as a society are commit-ted to raising ‘emotionally fi -nancially literate children,’ we must understand the emotional component.
They might turn to an expert to help with their fi nancial decisions but be cautious of people motivated by the potential sale/commission.
Personal references may help, but be sure to ask questions about the person’s educational background, professional credentials and certi-fi cation/accreditation to determine your comfort level before engaging their services. Be clear about the cost for their services and what you are getting in return.
No matter what your age, take re-sponsibility for your own fi nancial literacy. When you see clearly how money a ects your life in so many ways, your comfort level with mo-ney will increase and you will be less embarrassed to talk openly about it. Inform yourself- there are many sources of information, and you will be better equipped to address the fi nancial challenges that life con-stantly brings to each of us.
Patricia White, Executive Direc-tor, Credit Counselling Canada since 2009. Pat is a professional home eco-nomist, a graduate of the University of Guelph and started her career as a credit counsellor. She was previous-ly the Executive Director of the On-tario Association of Credit Counsel-ling Services and has worked in the credit counselling fi eld for over thir-ty years. Pat contributes regularly to national publications and consu-mer oriented websites on the topic of money management and credit.
It is also important to ensure that their credentials are appropriate for the particular service they are providing.
Dollars and sense
fi fty per cent chance, right now you are a victim of credit fraud or you have a mistake on your credit report, and you don’t even know it!
First stepRequest personal copies of your credit report by visiting www.Equifax.ca and www.TransUnion.ca. You must check both reports as one may be complete-ly di erent then the other. If you fi nd an error, contact each company to fi nd out how to get it fi xed.
Free credit reportWhile you are on each website, look for the “free copy of credit fi le” links. Every Canadian has the right to re-ceive one free credit report each year from both credit reporting agencies.
Having established credit….pricelessMaintaining established credit is essential to every Canadian. Your credit reports determine your fi -nancing rates and fees, qualifying
Do you think you have good cre-dit? You may be paying your bills on time, but that is not
enough! In my experience, there is a
The importance of checking your creditfor jobs, where you can live, what you can drive, and even your ability for insurance coverage. Save hund-reds of thousands of dollars over your life time just by understan-ding the rules of credit. “Knowledge is Power” as the saying goes—and now you know!
Richard MoxleyAuthor, The Nine Rules of Credit —How to Start, Rebuild, and Always Maintain Great Credit
Patricia WhiteEXECUTIVE DIRECTOR, CREDIT COUNSELLING CANADA SINCE 2009
“When you see clearly how money a ects your life in so many ways, your comfort level with money will increase and you will be less embarrassed to talk openly about it.”
Franco LombardoMANAGING DIRECTOR, VERITAGE FAMILY OFFICE LIMITED
51%
of students that graduate from high
school carry an average debt of
$8000
Get help with your fi nances: Tips by Paula Sangster, credit counsellor for Money Mentors
