The 16th ANNUAL BENEFITS CONFERENCEWatson Parojcic Financial

Niagara Falls, ON

“Aboriginal Financial Literacy Initiatives”

June 6, 2013Paulette Tremblay, PhD, MA, B.Ed, BA, ICD.D, CAPA

Mohawk of the Six Nations Grand River Territory, Turtle ClanAFOA Canada - Director, Education and Training

Presentation OverviewAFOA CanadaWhat is Financial Literacy?AFOA Canada Aboriginal Financial Literacy Initiatives Demystifying Finance for Elected Aboriginal Leaders Dollars & Sense International Literature Review of Indigenous Financial Literacy OFIFC – Train the Trainer in Financial Survival Skills Atlantic Chiefs & CFOs – Community Financial Needs

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AFOA Canada – Founded in 19991- Vision & Mission

Vision AFOA Canada is the centre for excellence,

information and certification in Aboriginal management.

MissionBuilding management proficiency and connections that enhance effective Aboriginal governance, administration and self-reliance.

AFOA Canada2- How we do this.

1. Education & Certification

2. Professional Development

3. Networking and knowledge sharing

4. Capacity development research

5. Participate in development of financial management, accounting, reporting standards, and senior administration

6. Promote what works well

7. Supporting Aboriginal accountability and governance efforts

8. Encourage Aboriginal youth to enter the profession – Youth awards and scholarships

Head Office in Ottawa

8 ChaptersAboriginal controlledGoverned by Board of Directors

Non-profit

Non-political

AFOA Canada3 – Who we are.

AFOA Canada4 – Membership

Chiefs, Band AdministratorsAboriginal Financial ManagersDirectors & OfficersProgram ManagersEconomic Development ConsultantsTribal Council membersChief Financial OfficersAccountantsChief Executive OfficersGovernment

Regional CompositionMarch 2013 STATISTICS

Total members: 1,583

AFOA’s membership is comprised of:

BC AB SK MB ON QC ATL YT NT NU Corp Inter'l0

50

100

150

200

250

300

350

287317

267235 238

4272

1838

2246

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Aboriginal People1- Definition Section 35 of the Constitution Act, 1982

recognizes three original peoples of Canada: First Nations (Indians), Inuit and Métis.

Each population is distinct from the others and has a unique history. Within each group there is also considerable diversity.

2- Aboriginal Population in CanadaIn 2011:1, 400, 685 Aboriginal people – 4.3% total

Canadian population 851,560 identified as First Nations – 60.8%

total Aboriginal population 451,795 identified as Métis – 32.3% total

Aboriginal population 59,445 identified as Inuit – 4.2% total

Aboriginal population National Household Survey, 2011, Statistics Canada

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Financial Literacy – Financial Know How 1 - DefinitionHaving the knowledge to understand personal and broader financial matters Having skill to apply that knowledge and understanding to everyday life

Having the confidence to use the skills and knowledge to make responsible financial decisions that are appropriate to the individual’s situation. Task Force on Financial Literacy (Appointed June 2009)

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Financial Literacy – Financial Know How 2 – Aboriginal Financial Literacy

Great need to build math and money skills and how to make financial decisions Journal of Aboriginal Management (JAM, Issue 11, October 2012)

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Aboriginal Financial Literacy Initiatives1A.-Demystifying Finance for Elected Aboriginal Leaders (2011)

One day workshop and guidebook

Purpose – Provide elected officials in First Nations with the knowledge to understand and interpret financial reporting and information

Plan to develop part 2 to this workshop

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Aboriginal Financial Literacy Initiatives1B.-Demystifying Finance for Elected Aboriginal Leaders (2011)

Building Financial Literacy – Topics Covered

Leadership Roles & Responsibilities -Chief & Council, Admin, Finance Dept

Basic Financial Concepts & Reporting -Accounting, Bookkeeping, GAAP

Financial Reports – the Financial Statements, Statement of Financial Position, the Common Government Reporting Model, Statement of Operations, Cash Accounting vs. Accrual Accounting, the Audit

Budgets & Budget Controls

Financial Governance and Decision Making – Finance Committee, Audit Committee, Policies, Procedures, Regular Financial Reviews

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Aboriginal Financial Literacy Initiatives2A. Dollars & Sense Development

Aboriginal youth and finance

November 2010 - TD Bank Financial Group provided the funding that made this project possible. AFOA would like to thank them for this significant contribution.

November 2010 – Engaged firm to develop materials for this project.

March 2011 – Development of a half day workshop with a Youth Manual, Facilitator Manual and Videos was completed.

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2B. Dollars & Sense - Why Important? Increase financial knowledge to:

Handle finances and use money wisely.

Make informed decisions.

Determine real costs of products and services.

Build financial resources by saving.

Develop good savings habits.

AVOID – high levels of debt, financial problems in the future, and being a victim of fraud.

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2C. Dollars & SenseKey Themes of Workshop

Introduction Activity

Theme 1 – Principles of Effective Money Management

Theme 2 – Income and Expenses, Budgeting and Goal Setting, Saving and Investing

Theme 3 – Purchasing, Consumer Awareness, Credit and Risk, Banking That’s Right for You

Theme 4 – How Sound Financial Practices Impact You and Your Community

Closing Activity

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2D. Dollars & Sense Initial Delivery

September 2011 – Saskatoon Tribal Council engaged AFOA to deliver 8 Dollars and Sense workshops in six schools.

November 2011 – May 2012 - Six workshops were conducted in 6 First Nations schools: - 3 schools - K to G9; - 2 schools – K to G7; and - 1 school – SK to G8.

Approximately 120 students attended the workshops.

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2E. Dollars & Sense Results Recommended Revisions

Timing to reflect school schedule

Pace was too fast – too much to cover

Use of applicable examples & story telling based on experiences

More interactive exercises to engage students

Consider reading levels and attention deficit students

Consider students with parents on social assistance

Less Powerpoint and more interaction

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2F. Dollars & Sense - PilotRevised workshop materials – developed module for students in grades 11 & 12.

Customized agenda to match school periods.

November 2012 – delivery of secondary school module in First Nations community in Ontario

Twenty students participated in the session.

Conducted pilot evaluation of delivery.

Students rated the session on all items an average of 84% to 92% in terms of finding the session to be practical, applicable to community, well organized, and presented in appropriate manner.

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2G. Dollars & SenseFuture Direction

DEVELOPMENT OF MODULES

Secondary School Module – G 11 & 12Middle School Module – G 7 & 8Elementary School Module – G 3 & 4Customized Modules

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At targeted grade levels within modulesCustomized to meet needs of school(s) Selecting module facilitatorsTraining sessions for facilitators

2G. Dollars & SenseDelivery of Modules

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Aboriginal Financial Literacy Initiatives3A. International Literature Review of Indigenous Financial Literacy

December 2012 – Applied for and received grant from the TD Financial Literacy Grant Fund

Objective – Conduct an international literature review and produce a research report on the current state of Indigenous financial literacy in Canada, United States, Australia and New Zealand

Project Timeline – January – December 2013

Future – Hold international conference

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3B. International Literature Review of Indigenous Financial Literacy – Research Questions

1. What has been done over the last 12 years – 2000 – 2012?

2. What relevant Indigenous financial literacy education and training programs and curriculum exist across the four stages of the life cycle: children; adolescents, adults, and elderly?

3. Where are the gaps?4. What education and training programs are most

needed to address Indigenous learning gaps and priorities?

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3C. International Literature Review of Indigenous Financial Literacy – Project Steps

1. February 2013. Engaged an Aboriginal consultant to conduct research.

2. May 2013. Set up an international Advisory Committee to review materials produced and oversee the study.

3. March & May 2013. Preliminary search of primary sources produced very little Indigenous financial literature studies. Search of secondary sources has produced approximately 50 relevant Indigenous studies.

4. June 2013. First Advisory Committee teleconference to review findings and provide feedback.

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Aboriginal Financial Literacy Initiatives4 – OFIFC – Train the Trainer in Financial Survival Skills

October 2012 – Asked to write proposal for development of a ten hour workshop to train Friendship Centre trainers

Financial Literacy – Defined as knowledge of financial concepts, skills and attitudes where knowledge is translated into behaviours that result in good financial outcomes.

Financial Survival Skill Topics Financial planning, budgeting & savingsBorrowing & investingEarning Income – employment, business, self employmentGovernment programs – student loans, EI, Disability, RetirementLife events & financial stabilityFinancial negotiationBanking and banking services

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Aboriginal Financial Literacy Initiatives5 – Atlantic Chiefs & CFO’s Community Financial Needs

WHO. Working with the Assembly of First Nations (AFN), Aboriginal Affairs and Northern Development Canada (AANDC), Atlantic Chiefs and CFOs

PURPOSE. Identify financial literacy and acumen needs of First Nations communities.

INTENT. Based on needs and gaps, AFOA Canada to develop materials and workshops.

TIMELINE. Project just beginning – complete by end of fiscal period, March 31, 2014.

Questions & Answers

Nia:wen!! Thank You!!For more information please contact:

Dr. Paulette Tremblay, PhD, MA, BEd, BA, ICD.D, CAPA Director of Education & Training ptremblay@afoa.ca

Randy Mayes, CAFMManager, Education & Membershiprmayes@afoa.ca

Odessa BelangerCAPA Administrative Assistant obelanger@afoa.ca

Telephone: (866) 722-2362Website:www.afoa.ca