Banks offering advice during financial planning week

Justin
Justin Crann
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November is financial literacy month.

Financial planning week kicked off Monday and RBC Moose Jaw is reaching out to advise its clients about how they can better manage their finances.

“We’re taking this week to make people aware that they should have a financial plan,” said Lauren Dowling, a financial advisor with RBC in Moose Jaw. “We have already held a few advice events.”

Financial planning week is part of the larger Financial Literacy Month, during which banks across Canada offer advice sessions to make clients aware of their options.

According to Dowling, many people think a financial plan is comprised solely of an investment portfolio. But, she said, there are plenty of other elements and investments involved in a good strategy.

“One of the things we’re doing is we’re reaching out to clients and giving advice about estates, tax-free savings accounts (TFSAs), tax strategies and strategies for retirement planning and transition into retirement,” she said.

Dowling said retirement transition is particularly important for someone planning to retire in the next five years.

This is especially true because, according to a Harris/Decima survey conducted earlier this year, 31 per cent of respondents between the ages of 55 and 64 said they weren’t financially ready to retire.

She said it is important that future retirees begin to make plans and put strategies into action that will assure their financial stability, including plotting a retirement income strategy, making smart investments and managing their debt effectively.

But knwoing how to handle your money is important for everyone, Dowling said.

“(Financial literacy) is a vital thing for anybody to learn,” said Dowling. “And I think because we’re an advice-giving bank, we want to make sure people are educated.”

Organizations: RBC

Geographic location: Moose Jaw, Canada

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