The following statement was read in the House of Assembly today by the Honourable Sarah Stoodley, Minister of Digital Government and Service NL:

Speaker, November is Financial Literacy Month. This year’s theme is “Make Change that Counts: Managing Your Money in a Changing World.”

The Provincial Government recognizes the importance of money management and investment education, and encourages all residents to take proactive charge of their finances.

During this session of the House of Assembly, our government introduced legislation to regulate high-cost credit lending. This new legislation will make Newfoundland and Labrador the first Atlantic province to implement a regulatory regime for high-cost credit lenders. This province will also have the most affordable payday loans in the country, as we reduced payday loan rates from $21 to $14 per $100 loaned.

I encourage all residents to seek out forms of lower interest credit before taking out a high interest loan. Reading the fine print and understanding the fees and the total cost of borrowing can help ensure residents make informed decisions.

With rising costs affecting everyone’s budgets, consider reviewing family spending habits and card statements to ensure you are not paying for unnecessary services. Consider calling utilities and insurance companies to ensure you are availing of all available discounts, for example the mandatory winter tire discount on auto insurance.

The Financial Consumer Agency of Canada provides valuable resources on topics including managing your money, debt and investments, planning for retirement and protecting yourself from fraud. I encourage everyone to avail of these resources and to “Make Change that Counts” today.

Thank you Speaker.