“This includes understanding your credit bureau, the cost of credit, developing a financial plan, saving for your goals and cleaning up any financial clutter,” says Daniella Marasovic, internal business development associate. at Community Trust. “All of these are intertwined with the mortgage industry and are a huge determining factor in whether or not a customer is financially fit to pay a mortgage. “
November or not, financial literacy is an ongoing conversation at Community Trust, both internally and externally, Marasovic says. They run monthly internal sessions that focus on both personal well-being as well as industry-specific knowledge to “further increase our expertise and knowledge of the products and services our company offers so that we can pass on confidently the latest knowledge to our clients, clients and brokers ”and the learning and development team also conducts training sessions every two weeks.
Community Trust also has a weekly newsletter called Community Connection, and during Financial Literacy Month they include weekly tip on how to be more financially literate, such as how to increase your savings or budget. Whether brokers use these words of wisdom in their personal lives or pass them on to their clients, “we are spreading them for them because we care deeply about making all Canadians much more prosperous and financially secure,” says Marasovic.
Financial literacy is especially important this year as everyone continues to maneuver during the COVID-19 pandemic. The fallout from the pandemic, especially at the start when millions of employees were made redundant and businesses were forced to shut down or shut down permanently, left people in extremely difficult and vulnerable financial situations. He reminded everyone of the importance, for example, of emergency savings plans.
“If not before, the pandemic has made people more aware of their spending, budget and debt,” Marasovic said. “On the mortgage side, an example of how the pandemic has forced Canadians to become more financially aware is the number of refinances being sought to consolidate their liabilities such as credit card debt into a single monthly payment at the rate of d. ‘interest as low as possible. “