The following blog post was written by Heidi Beyer, a faculty member at the Centre for Excellence in Immigrant and Intercultural Advancement.
November 2015 marks Canada’s 5th Financial Literacy Month. Earlier this year, the federal government launched its National Strategy for Financial Literacy: Count me in, Canada.
The vision of the strategy is to strengthen the financial well-being of Canadians and their families.
The strategy will empower Canadians to achieve the following goals:
- Manage money and debt wisely
- Plan and save for the future
- Prevent and protect against fraud and financial abuse
The strategy calls on all of us – the public, private and non-profit sectors – to play our part. There are startling reasons to act:
- 1 in 3 Canadians are not preparing financially for retirement (Statistics Canada, 2014).
- Canadians have the highest debt-to-income ratio in the G-7 at 163.3% (Statistics Canada, 2015).
As individuals invested in the successful settlement of newcomers to Canada, there is much we can share in our settings to empower the people we work with. Check out these links to initiatives, resources, and services:
Canadian Financial Literacy Database - Organizations from across the country have contributed resources to the database.
Lesson Plans and Resources for English Language Learners - Designed for ESL literacy learners, but adaptable for learners at a variety of language levels, use these lesson plans and resources to bring financial literacy instruction into the classroom.
Money Management Tools for Newcomers - A range of tools for newcomers and settlement workers to help improve financial literacy.
Small Change - The United Way will soon release a mobile app called Small Change. The philosophy is simple - make small changes in your spending behaviour and sponsors will make a contribution to financial education programs.
We will continue to blog about initiatives and resources all month, so check back often and join the conversation on social media (#FLM2015 #CountMeInCA).
Statisitcs Canada. (2014). Canadian Financial Capability Survey, 2014. Retrieved from http://www.statcan.gc.ca/daily-quotidien/141106/dq141106b-eng.htm
Statistics Canada. (2015). National balance sheet and financial flow accounts, first quarter 2015. Retrieved from http://www.statcan.gc.ca/daily-quotidien/150612/dq150612a-eng.htm