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Demystifying Financial Literacy

  • Demystifying Financial Literacy

The following blog post was written by Heidi Beyer, a faculty member at the Centre for Excellence in Immigrant and Intercultural Advancement.

Canada’s Finance Minister, The Honorable William Francis Morneau, was the keynote speaker at the 10th annual Financial Literacy Summit in Chicago in April, 2016.  Mr. Morneau talked about how important financial literacy is for all Canadians. He said, “Our government understands that to have an economy that works for everyone, people need to have the knowledge, skills, and the tools to budget, spend, save, and invest.”

Developing knowledge and skills and improving access to tools is the aim of organizations and individuals across the country, and the demystification of financial literacy is a common goal of the panelists and moderator who spoke during the summit session entitled the Future of Financial Education

The Canadian Financial Literacy Database provides a comprehensive list of resources, events, interactive tools, and information offered by financial education providers, including the public, private, and not-for-profit sectors across Canada.

Demystification of many unknowns is high on the agenda for newcomers during the settlement process – there is so much to learn and do!  While it is not the job of ESL practitioners to endorse financial products, they are well-placed to provide learners with key information, vocabulary and knowledge to inform the financial decisions that newcomers make in their personal lives, as financial literacy content connects logically with so many settlement themes.

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