This past weekend I went to the Alberta Home Economics Association conference in Calgary to attend a workshop on updating financial counselling skills.
Financial counsellors do not sell particular products but rather provide information and direction in assessing the financial needs, goals and resources of the individual and family. The focus is to work with those who want and need help in developing a budget, tracking expenses and managing debt repayment.
There have been tremendous changes in the economy during the past few years that increase the need for families to manage their financial resources. There is less job security, more contract work and irregular income. With these come fewer benefit packages and a greater need for personal retirement planning. The use of credit cards is actively promoted. Often credit is used to meet emergency or large yearly expenses rather than money being saved to cover these expenses.
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Praying for rain is being replaced with the hope that rain can stop for harvest. Rainfall in July and early August has been much greater than normal.
Post-secondary education costs have increased and changes to the student loan repayments have resulted in many of those going bankrupt having some student loans as part of the debt. Substance abuse and gambling affect the finances and relationships of many families.
Abuse of seniors
Another issue includes the recognition of financial abuse of seniors. For the elderly, who are a rapidly growing portion of the population, there is a need for planning for added living and health-care costs as they age and a need to plan or prepare for sudden illness onset and/or the effect of a dementia disease. In the next 15 years there will be a transfer of wealth from one generation to the next.
When creditors and collection agencies begin to call, you need to develop a repayment plan. The first step needed to assess your financial situation is to list all the debts you owe, to whom, the account balance, interest rate, minimum payment, collateral and cosigners. There are many options to be considered in developing a repayment plan. One may be as simple as contacting your creditors and asking for lower payments over a longer period of time.
Other options such as orderly payment of debts, a consumer proposal and bankruptcy, require assistance from your provincial debt consolidation office or a bankruptcy trustee.
In 1992 there were changes made to the Bankruptcy and Insolvency Act requiring anyone who declared personal bankruptcy to attend two financial counselling sessions. The first session is intended to assess the person’s financial situation, discuss possible options and review their rights and responsibilities. The second counselling session will help people discover and understand the causes of their insolvency and look at possible remedies. A third counselling session is available, if requested.
For assistance in assessing personal finances and debt concerns, you can contact financial counsellors through family service bureaus, financial and credit counselling services, employee assistance programs, provincial debt consolidation offices and the superintendent of bankruptcy at the federal department of industry, science and technology.
In general, most people have not received any training in personal financial management. Several Alberta home economists identified the need for personal financial counsellors and are providing services as consultants.
Faye Forbes-Anderson, a home economist and financial counsellor with 25 years of experience, has given outstanding leadership in Alberta as well as at the national and international level.
The Association for Financial Counselling and Planning Education, an international organization, has recently developed a Canadian Accredited Financial Counsellor program, as a result of Faye’s leadership.
The Alberta Home Economics Association is working with the Alberta government to establish a foundation that will provide financial counselling and debt resolution services. It has sponsored a book Getting Your Financial Affairs in Order: Peace of Mind for the Terminally Ill and Those They Love. Contact the association office at 403-253-8885 to get a copy.
Needlework requests
Dear TEAM: I do a lot of embroidery work and find the outlines on embroidery pieces are all red as are most transfers nowadays. I find the red very hard on the eyes. I have misplaced my homemade formula for going over transfers. I believe it had sugar blueing and perhaps cornstarch. – D.L., Grand Centre, Alta.
Dear TEAM: I’m looking for a crocheted wish bone pin cushion pattern. – E.A., Winnipeg, Man.
Dear TEAM: I am looking for patterns to make knitted doilies. – D.S., Pilot Mound, Man.
Dear TEAM: I inherited a goodly number of Artex and Tri-Chem embroidery paints. These companies guaranteed to replace any tips that didn’t work. Quite a number of mine are clogged or dried out. I have written to both companies but both letters were returned and marked moved. Could you give me a current address for these companies? – F.L., Foam Lake, Sask.
Dear F.L.: Artex is now a division of Jostens Sports Wear. It no longer markets the Artex products, but if you are looking for something specific there may be some old stock. Call 603-886-1311. Perhaps some of our readers may want to dispose of some Artex items.
