[vc_row][vc_column][vc_column_text css=””]November 20, 2025

Talking about money can be stressful or uncomfortable for many of us. Yet not talking about money can prevent us from improving our financial literacy.

In the latest episode of the What’s Literacy? Podcast, Dan Laxer speaks with Li Zhang, Director of Social Impact and Financial Literacy Leader at CPA Canada. Li leads CPA Canada’s Financial Literacy Program and Indigenous Mentorship Program, where she helps people across Canada feel more confident about managing their money. They talk about why discussing money matters and easy steps you can take today to save more.

Dan also speaks with Rachel Wagner, Executive Director of the South Shore Literacy Council. Rachel explains how her organization supports English-speaking individuals on the South Shore by helping them build their literacy skills.

Part 1: A Conversation with Li Zhang, Director of Social Impact and Financial Literacy Leader at Chartered Professional Accountants of Canada (CPA Canada)

How Financial Literacy Helps Everyone

Li explains that money is very personal. What feels like an important investment to one person might not matter to someone else. She also says that our feelings about money often come from childhood. For example, if we grew up thinking it’s wrong to talk about money, we might avoid the topic as adults. “Many of us don’t feel comfortable talking about money, so issues can go unnoticed until they become emergencies,” Li says. “People often wait years to get help, which can lead to serious outcomes like bankruptcy or long-term stress.”

Yet, financial literacy isn’t just for people in crisis, and talking about money can help everyone. “It doesn’t matter if you are struggling to meet your daily needs or feel very comfortable,” Li explains. “It’s about asking ourselves honest questions about what we need and where we are, and making sure our spending reflects what’s important to us.”

Start with Small, Practical Steps

Getting started does not mean becoming a math expert overnight. Here are small, practical steps you can take right now to improve your financial health.

• Track Your Spending: Write down every purchase for at least a week, and if possible, a month. Capture fixed costs (like rent, utilities, and taxes), variable costs (like groceries and transit), and small daily purchases like coffee. A daily coffee at $1.50 or $2 adds up.
• Know Your Income Pattern: If your income changes from month to month, look at it over a year to see the pattern. Try to save more during the months when you earn extra so you can use that money during times when you’re earning less.
• Connect Spending to Values: Ask yourself: Did this purchase bring me value or enjoyment? If the answer is no, think about other options or small changes you could make to your spending habits.
• Create a Savings Habit: Start small. Even putting $5 from each paycheck into a separate account can grow into a helpful savings cushion. You can set this up to happen automatically, so you’re not tempted to spend the money.
• Build an Emergency Buffer: A small emergency fund of about $300 to $400 can help you when something unexpected happens.

Where to Put Your Savings: Common Options Explained

Once you’ve saved a little, the next step is deciding where to keep or grow it. Here are some common ways people save or invest their money.

• Tax Free Savings Account (TFSA): This account is flexible and tax-free. You can take money out whenever you want, and you get that room back next year. It’s a good place to save for short or medium-term goals and to build good saving habits. Learn more.
• Registered Retirement Savings Plan (RRSP): This is a savings account for your retirement. When you add money, you pay less tax right now. You will pay tax later when you take the money out in retirement, when your tax rate is usually lower. Each year you file your taxes, you get more room to save in this account. Learn more.
• First Home Savings Account (FHSA): A newer savings option that combines features of a TFSA and an RRSP. It can help with buying a home and may give you tax credits. It can be a great option if you’re planning to become a homeowner. Learn more.
• Registered Education Savings Plan (RESP): A savings plan for a child’s post-secondary education. The government adds money too, up to certain limits, for eligible families. Learn more.

To choose the best option(s) for you, make an appointment with your bank. You can click on the links to learn more.

Reliable Financial Literacy Resources

Besides going to the bank, there is a lot of financial literacy information online. Li expresses the importance of understanding where you’re finding your sources and doing your research. “There are a lot of ‘finluencers’ (a social media personality providing financial advice) out there that are trying to advertise all sorts of products,” Li explains. “A lot of the times, they get paid if you purchase something.”

Li recommends starting with the federal government’s website for information. You can also tune in to CPA Canada’s podcast, Mastering Money, exploring different financial themes every episode. You can also reach out to CPA Canada’s website for financial literacy resources, free group educational sessions, and more.

Moving from Financial Literacy to Financial Health

Li says you can think of financial literacy as a triangle made of three pieces:

1. Knowledge: The first step is understanding your money. “You need to know your current situation and where you want to go,” Li says. This can include basics like knowing how savings accounts work, what you spend your money on, and how to make a budget.
2. Confidence: This step is about feeling ready to make decisions using what you know. Li gives an example: “It’s about knowing you need to save five dollars a week to take that trip you’ve always wanted or to upgrade your car.”
3. Action: The final step is doing something with that knowledge, such as saving regularly, choosing accounts that fit your goals, and adjusting your spending to match your values.

Financial literacy is the foundation. When knowledge, confidence, and action come together, you can move toward financial health and long-term stability.

Part 2: A Conversation with Rachel Wagner from South Shore Literacy Council

On the South Shore, Rachel Wagner leads a community-based literacy council that offers free programs to English-speaking individuals. “We are dynamic and growing,” Rachel says. “We look really young for 45.”

Founded in 1980 in a small, rented closet from the local school district, the council now reaches more than 2,600 learners a year. “I think our current tagline is that we are literacy for all ages,” Rachel says. The council serves five different age groups: early childhood (ages 0-4), primary school (ages 5-12), secondary school, adults, and seniors. They run 18 different programs across these groups.

An Overview of Their Programs:

In each group, there are at least four separate programs. Rachel shares some of them.

• Mother Goose Program (Early Childhood): Parents learn how to sing and share stories and rhythms with their babies and toddlers. Early language exposure and parent-led interaction are some of the strongest ways to help children develop lasting literacy skills.
• Book Besties (Primary School): This program lets children explore nonfiction, graphic novels, and library sections they might not usually try. The goal is to make reading fun, create lifelong reading habits, and spark their curiosity.
• Disinformation Workshops (Secondary School): Teaching students to evaluate online information and recognize bias. Information literacy means knowing how to compare sources and make good choices based on reliable information.
• Ruth’s Care-Share Club (Adult Programs): Programs designed for neurodiverse adults. These programs emphasize safety, trust, and paced learning so adults can grow with dignity.
• Learn, Laugh, and Thrive (Seniors Program): A rapidly growing seniors’ program that offers weekly sessions on cultural traditions, health topics, medication reviews, and other relevant issues in participants’ preferred languages.

Challenges and Successes

One challenge for community-based, not-for-profits in Quebec is unpredictable funding. Federal money often needs extra approval from the province, which makes planning harder. Despite this, nearly 40% of the South Shore Literacy Council’s funding comes from private supporters who trust the organization.

The council has grown a lot—from about 50 learners ten years ago to over 2,600 today with about the same level of funding. This growth shows the strength of their dedicated team, community partnerships, and programs that meet people’s needs.

Get Connected

Financial Literacy Resources:

-Government of Canada website: https://www.canada.ca/en.html

-CPA Canada’s Podcast Mastering Money: https://www.cpacanada.ca/public-interest/Financial-Literacy/financial-literacy-resources/financial-literacy-podcast-mastering-money

–CPA Canada Financial Literacy page: https://www.cpacanada.ca/public-interest/Financial-Literacy

South Shore Literacy Council:  If you’re an English-speaking individual on the South Shore looking to improve your literacy skills or are looking to volunteer to help others improve their literacy skills, contact the South Shore Literacy Council at (450) 671-4357, email them at info@southshoreliteracy.org, or visit their website: https://www.southshoreliteracy.org/[/vc_column_text][/vc_column][/vc_row]