CPABC in Focus November/December 2014 | Page 31

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