As we work our way through November, which is Financial Literacy Month in Canada, we are seeing more and more information dedicated to helping Canadians get ahead of their personal money situation.
We’ve seen several reports from various banks so far this month that talk about how many of us are struggling to make ends meet or how few are actually in a strong financial situation.
And this is not a story of high income equals better scores on these counts. It’s about managing what money you do have coming in…even modest income earners can produce a strong showing on money management.
And one financial institution – National Bank of Canada – has come up with a contest designed to help Canadians save. They have put up a $100,000 prize for a financial technology company that can come up with a program designed to help us manage our money. They winner will get a down payment of $50-grand and if the company can come up with a business plan and show some progress in a few months, they’ll get the remainder.
The bank sees it as a win-win-win: they get to support innovation, offer some money to a young entrepreneur with an idea and help improve the finances of real people.