Financial Literacy in Canadian schools. A presenation by Jane Rooney Director, Financial Literacy and Consumer Education. Presented during “The Partnering to Turn Financial Literacy into Action” Toronto FCAC & OECD conference on May 27-28, 2011.
1. Workshop 6:
Financial Literacy in Schools
Jane Rooney
Director,
Financial Literacy and
Consumer Education, FCAC
May 26, 2011
2. Financial Consumer Agency
of Canada - Background
• Independent body working to protect and
inform consumers of financial services
• Established in 2001 by the federal
government to strengthen oversight of
consumer issues and expand consumer
education in the financial sector
• 2007 expansion of consumer education
mandate to include financial literacy
• 2008 ongoing funding for financial literacy
3. Financial Consumer Agency
of Canada - Vision
We will increase the financial literacy
of Canadians by helping them
develop the knowledge, skills and
confidence to make sound financial
decisions that will enhance their
financial well-being.
4. Why Financial Education
in Schools ?
• Effective means of reaching greatest audience
of youth before they get into financial difficulty
• Help youth to choose the right financial product
(their first credit card, cell phone contract etc.)
• Provide young people with the tools to better
manage their financial life and make better-
informed consumer choices as they transition
into adulthood
5. FCAC’s approach:
• Provinces and territories have full
jurisdiction over education
• Collaborate with provincial and territorial
Ministries of Education, school boards,
and teachers to provide support for the
delivery of financial education in schools
8. The City: A Financial Life Skills Resource
(continued)
• For high school students (15 to 18)
• In partnership with British Columbia Securities Commission
(BCSC)
• Consulted with teachers across Canada
• Identified connections with provincial learning outcomes
• Created an interactive, turn key resource for teachers
• Developed a ‘train-the-trainer’ model for teachers:
• Built network of 19 teacher champions that supports and promotes the
resource among their peers. These teacher champions work with their
colleagues to help them understand the material they will be teaching;
• ‘Webinars’ – online training available for teachers on FCAC website;
10. Financial Basics:
Financial Literacy
Workshop
• Improve young people’s (aged 19 to 29) understanding of basic
financial concepts and their real-life applications
• Developed by the FCAC and the Investor Education Fund (IEF) in
collaboration with Ellen Roseman, financial author and journalist
• One-day workshop covering topics such as: creating a budget,
managing expenses, credit and debt management; protecting yourself
from fraud; and saving for the future
• Offered at 10 colleges across the country in partnership the
Association of Canadian Community Colleges (ACCC), as well as at
George Brown College, and Ryerson University
12. Money Apps
• In partnership with Investor Education
Fund and Toronto District School
Board
• 90 minute workshop to refresh money
management skills
• Successful pilot project: 400 students
attended sessions at Seneca College
and University of Toronto