TORONTO, Apr 20, 2011 (Canada NewsWire via COMTEX) -- Canadians can now get their individual Financial Fitness Score to help discover how financially fit they are courtesy of Genworth Financial Mortgage Insurance Company Canada ("Genworth Financial Canada") and the Canadian Association of Credit Counselling Services ("CACCS").
This new Financial Fitness Score, the first of its kind in Canada, is available online at www.financialfitness.ca. The score is based on attitudinal and behavioral questions that were developed from financial fitness data collected in a survey sponsored by Genworth Financial Canada and CACCS. The tool helps people determine how well they are managing their finances and provides useful information that is based on their fitness level.
"Having a firm understanding of what it means to manage your money is so important to peace of mind", said Henrietta Ross, Chief Executive Officer of CACCS. "It's quick, easy and free, but so rich in value. Understanding your score and what you can do to improve your situation is very empowering."
The fitness tool is just one of a series of initiatives provided by Genworth Financial Canada in collaboration with CACCS and was launched as part of their recent Homeownership Education Week events that included live seminars and webinars on various financial topics.
"Providing this financial fitness evaluation is an extension of Genworth's commitment to helping Canadians get a better understanding of their finances," said Debbie McPherson, Senior Vice-President, Sales and Marketing of Genworth Financial Canada. "As The Homeownership Company, we help Canadians achieve their homeownership dreams responsibly and providing education is an important first step".
A recent report by Canada's Task Force on Financial Literacy concluded urgent action needs to be taken to strengthen financial understanding in Canada. Genworth Financial Canada supports this recommendation and is continuing to work with the CACCS to offer helpful financial resources for Canadians.
Get your Financial Fitness Score today by visiting www.financialfitness.ca.
A national online survey of over 1,500 Canadians, including 254 first time buyers and people who intend to buy homes in the next two years, was conducted between January 19 and February 1, 2011 by Environics Research Group.
About Genworth Financial Canada:
Genworth Financial Canada, a subsidiary of Genworth MI Canada Inc. (TSX: MIC), has been the leading Canadian private residential mortgage insurer since 1995. Known as "The Homeownership Company", it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times. Genworth Financial Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace. As of December 31, 2010, Genworth MI Canada had $5.4 billion in total assets and $2.6 billion in shareholders' equity. Based in Oakville, Ontario, the Company employs approximately 265 people across Canada.
Additional information about Genworth Financial Canada is available at www.genworth.ca.
About Canadian Association of Credit Counselling Services:
The Canadian Association of Credit Counselling Services ("CACCS") represents a Canada-wide network of accredited, not-for-profit agencies and affiliates offering preventative education and confidential services to clients experiencing financial difficulties. With a focus on financial counselling education, accreditation of agencies and certification of Financial Counsellors, CACCS is also committed to national research and policy initiatives concerning personal finance and industry advocacy.
To find a certified Credit Counsellor and qualified Financial Coach at an accredited Member Agency, call the CACCS central referral service at 1-800-263-0260 or visit www.caccs.ca for more information.
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SOURCE: Genworth Financial Canada
SOURCE: Genworth MI Canada