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By CAIRP Financial Literacy Champion Leanne Salyzyn, FCIRP, LIT As Licensed Insolvency Trustees, we are natural advocates for financial literacy, which is why we are so pleased to participate in Financial Literacy Month this November. We see firsthand the toll that financial stress takes on individuals and families. Every day across Canada, LITs meet consumers who are in financial distress and assess their situations, making recommendations that will transform their financial futures. A Licensed Insolvency Trustee (LIT) can administer a bankruptcy or consumer proposal – two of the relief options available to people who find themselves – that is, unable to make payments on their debts. But an LIT (formerly known as a Trustee in Bankruptcy) does much more than that. We are highly educated experts who can show you all your options when you need help with your finances. Canadians are no slouches when it comes to knowing their financial stuff. According to statistics from the International Network on Financial Education (INFE), we place third internationally on overall levels of financial literacy. Not bad statistics. But there are some really big gaps.  According to the Financial Consumer Agency of Canada (FCAC) ,  the quarterback of Canada’s Financial Literacy Month, “One-third of Canadians have had a difficult time covering living expenses using income alone – many of the individuals who struggle draw on debt to make ends meet.” In our experience, there are many Canadians who need help understanding their options. The Office of the Superintendent of Bankruptcy, the federal regulator of The Bankruptcy & Insolvency Act, reported that in 2015 more than 120,000 consumers required relief from their creditors by filing for personal bankruptcy or consumer proposal. However, these stats only take into account those who actually sought out professional help. How many more out there were too afraid or too embarrassed to ask for help? LITs can give them that help – since 1992, under The Bankruptcy & Insolvency Act, we have provided two mandatory credit counselling sessions for every insolvent consumer and/or relative. These sessions focus on money management, spending habits, how to get and use credit as well as understanding the non-budgetary causes (employment difficulties, marriage or family problems, substance abuse, gambling, etc.) that may have contributed to their financial difficulties. Fast-forward 24 years and, unfortunately despite all of our efforts, overall consumer insolvency rates have remained largely unchanged. In the trenches at counselling sessions, we hear the stories of poor financial decisions or how people couldn’t rebound financially from a series of unfortunate events. We understand how easily financial problems can happen, especially when so many Canadians are living paycheque to paycheque. Many suffer in silence for years without asking for help for fear of being judged. They would rather ask family and friends for financial advice than a licensed professional. They report not understanding documents that they signed and being too afraid or proud to ask questions. They admit to accepting readily available credit, not necessarily because they could afford it but rather because it was available. As a result, many Canadians now live beyond their means. LITs help to fill the gaps of inadequate financial role models and empower consumers by educating them about finances and the credit industry. We know that debt doesn’t discriminate – it can affect every generation that has access to credit. It’s our hope that consumers will see LITs as the “go-to professionals” for financial advice instead of the last resort. Asking for advice from a licensed, educated and experienced professional earlier, rather than later, can make the difference between a Band-Aid debt situation and resolving problems once and for all. Leanne Salyzyn, FCIRP, LIT is a CAIRP Financial Literacy Champion. She is the CEO and managing partner of Salyzyn & Associates Ltd. in Bedford, N.S.