Did you know that Canada is one of the most financially literate countries in the world?1 However, like all things, there’s still plenty of room for improvement. Especially since the pandemic revealed just how unprepared Canadians were for a financial crisis. In fact, almost half (45%) say the COVID-19 has had some impact on their level of financial stress.2 Maybe a higher financial IQ could have helped lessen the financial impact of the pandemic?

There just may be a brighter side to the pandemic. It's made more young Canadians focus on protecting their financial future.3 And, like most things, the more you know, the better prepared you’ll feel to take the next step. In this case, that step might be toward financial freedom. 

Increase your financial literacy in under 30 minutes

In this series of videos, we’ll explain insurance, savings and investment terms – simply. Pick a few topics or watch them all to boost your financial know-how.

What is an RRSP? | Watch time: 1min 29 seconds

A registered retirement savings plan (RRSP) is a type of savings account to help you save for retirement. See how it works. Watch now.

What is a TFSA?  | Watch time: 1min 36 seconds

A tax-free savings account (TFSA) is a type of savings plan that can help save for just about anything. See how it works. Watch now.

What is critical illness insurance? | Watch time: 1min 44 seconds

Critical illness insurance gives you money if you become seriously ill. That way, you can focus on your health and not your finances. See how it works. Watch now.

What is term life insurance? | Watch time: 1min 25 seconds

Term life insurance provides protection for a certain "term" of years. See how it works and why it’s a good way to protect your loved ones from worry. Watch now.

What is a mutual fund? | Watch time: 2mins 3 seconds

A mutual fund invests in a group of stocks, bonds, or other investments. See how it works. Watch now.

What is permanent life insurance? | Watch time: 2mins 10 seconds

Permanent life insurance provides coverage for your entire life and pays your loved ones when you die. See how it works. Watch now.

What is an RESP? | Watch time: 1min 32 seconds

An RESP is a type of savings account to help save for a child's education after high school. See how it works. Watch now.

What is an insurance GIC? | Watch time: 2mins 14 seconds

An insurance GIC (or accumulation annuity) is a unique way to save money that's safe and guaranteed. See how it works. Watch now.

What is long-term care insurance? | Watch time: 2mins 40 seconds

Long-term care insurance provides an income-style benefit when you become dependent. See how it works. Watch now.

What is a payout annuity? | Watch time: 1min 8 seconds

A payout annuity is an easy way to convert savings into regular income payments for life. See how it works. Watch now.

 

What is an employee pension plan? Watch time: 2mins 40 seconds

If you have an employee pension plan, it’s likely one of two kinds. Find out how they work. Watch now.

What is a RRIF? | Watch time: 2mins 11 seconds

A registered retirement income fund (RRIF) is a way to convert an RRSP into retirement income. See how it works. Watch now.

What is asset allocation? | Watch time: 2mins 24 seconds

Asset allocation is an investment strategy. See how it works. Watch now.

Should you consolidate your savings? | Watch time: 1min 58 seconds

See how consolidating your savings can make managing your investments simpler. And, may mean more money in the long run. Watch now.

De-stress by getting professional help with your finances

Did you know that people who don’t work with an advisor are far more likely to say money causes them stress?4 Now’s the time to de-stress.

And after watching these Simply Put videos, you’re likely more prepared to talk to an advisor about insurance, savings and investments. Most advisors now offer to meet Clients virtually by video chat. Find your match.

Read more:

This article is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

1 The Financial Consumer Agency of Canada, Review of Financial Literacy Research in Canada, 2020.

2 FP Canada™ Financial Stress Index, 2021.

3 Sun Life Financial Canada, Ipsos Survey, 2021.

4 FP Canada™ Financial Stress Index, 2021.