Some efforts currently under way
Recognizing the importance of financial literacy and the struggle many people have when
it comes to understanding/managing their
personal finances, in 2011 the Government of
Canada declared that November would be
“Financial Literacy Month” (FLM) in Canada.
During the month of November, Canadians
are encouraged to participate in an activity
that increases their financial know-ledge, and
organizations are invited to host activities
designed to improve the financial skills of
Canadians.
The theme of FLM 2014—“Strengthening
Financial Literacy through Collaboration”—
underlines the importance of coordinating the
efforts of all organizations that offer financial
literacy programs, resources, information, and
services.
Here in BC, the non-profit organization
Decoda Literacy Solutions (www.decoda.ca)
is fostering this kind of collaboration. As the
only provincewide literacy organization in BC,
Decoda supports community-based literacy
programs and initiatives in over 400 communities, including many that offer financial
literacy programs. Among them, for example,
is the Columbia Basin Alliance for Literacy,
which offers financial literacy workshops in
various communities. These workshops cover
goal setting, budgeting, income and taxes,
saving and investing, credit, debt, and smart
consumerism. Another example is Cariboo-
dolgachov/iStock/Thinkstock
Financial literacy programs designed specifically for vulnerable groups serve an important
function in translating financial information
and advice, adapting this information to respond more directly to the life contexts and
needs of those with limited skills and resources.
These programs work in tandem with general
literacy programs, which help individuals
increase their reading, writing, math, and
computer skills, and build the foundational
skills needed to understand and implement
financial advice.
Chilcotin Partners for Literacy Society, which collaborates with local financial institutions,
non-profit organizations, and service agencies to create and offer a series of financial literacy
workshops and community-based financial literacy cafés. Other programs include money
management classes offered by Mission Literacy in Motion (in Mission), Teck Learning Centre
(in Trail), and New Beginnings (in Abbotsford).
At the national level, CPA Canada has an extensive financial literacy program that supports
comprehensive financial education—from teaching children about saving to teaching young adults
about effective budgeting to teaching adult Canadians about tax strategies, saving for retirement,
and estate planning. The profession has created a microsite containing a range of resources, including
books, surveys, and self-help checklists, which can be accessed at www.financialdecisionsmatter.ca.
How you can get involved
Partnering financial experts with literacy experts in delivering financial literacy programs ensures
that appropriate, accurate content is delivered in a way that is tailored to the audience and is
consistent with the principles of adult learning. If you’re interested in sharing your expertise to
help foster financial literacy in your community, there are a number of ways to get involved.
CPA Canada has a volunteer program called Community Connect that provides CPA members
with financial literacy resources to use in delivering education sessions to individuals of all ages.
These resources include PowerPoint presentations and lesson plans designed to help volunteers
deliver educational sessions at local schools and to various community groups. To access these
materials, members must first register at: www.financialdecisionsmatter.ca/community-connect/item77870.aspx. In addition, there are some consumer books on financial management
that offer clear explanations about financial management, including A Canadian’s Guide to
Money-Smart Living (a CPA Canada publication).
You can also find out about specific volunteer opportunities in BC by visiting Decoda Literacy
Solutions’ website at www.decoda.ca.
Making a positive impact
There is substantial evidence that literacy and financial literacy programs can dramatically improve
people’s lives. These programs can help individuals navigate transitions, help newcomers settle in
Canada, improve the level of financial inclusion for marginalized communities, improve housing
outcomes for low- and modest-income individuals, improve savings behaviours, and reduce
stress. CPA members who get involved in such programs can make a tremendous difference.
CPABC