MONNAIEMONEY FINANCIAL LITERACY PROJECT

Newsletter My Priorities! My Future!

Get Informed!

April 1st, 2013

Financial literacy provides the foundation of saving and investing wisely. It is the basics for the responsible use of credit and money and the making informed financial decisions that can affect our families and our future. The MonnaieMoney Financial Literacy Project will provide fundamental tools for youth.

The objective of the project is to bridge the gap between what people know and what they need to know with respect to personal financial skills and provide opportunities for personal empowerment and enhanced self-sufficiency.

For the past three years the Carrefour jeunesse-emploi de Côte-des-Neiges and the Jamaican Canadian Community Women’s League of Montreal Inc. have been very active in promoting financial literacy to the wider community in the city of Montreal.

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MonnaieMoney Youth Talent Show 2013

Financial literacy Resources

Community Pancake Breakfast 2013

Student Debt

MONNAIEMONEY APRIL 2013

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Monnaie-Money Youth Talent Show 2013

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On February 23rd, 2013 at the Oscar Peterson Hall, we

presented our third annual Financial Literacy Talent Show for the youth in the

Greater Montreal area.

This event got more youth and their families to be acquainted with our program

which helps them become more financially responsible by

A successful event bringing a difference in the lives of our youth and our community…

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improving their Financial Literacy skills.

The contest took place during Black History Month and

allowed up to 50 young artists from the visible minority

communities to demonstrate their creativity and develop a

sense of belonging.

The Carrefour jeunesse emploi de Côte-des-Neiges and

Jamaican Canadian

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Community Women’s League of Montreal Inc. would like to

congratulate and thank all participants of the

MonnaieMoney 2013 youth Talent Show.

We want to congratulate everyone who

participated and wish them all the best with their artistic

endeavors and future projects.

Online Resources

A website created by the Autorité des marchés financiers, the regulatory and oversight body for Québec's financial industry:

http://www.tesaffaires.com/index.php/en/

A website from the Financial Consumer Agency of Canada (FCAC), an independent body working to protect and inform consumers of financial products and services:

http://www.fcac-acfc.gc.ca/eng/index-eng.asp

MONNAIEMONEY APRIL 2013

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 •Credit  card  balances  have  been   carried   over   by   43%  of   Canadians   –  significantly  more   so   than  the   34%   who   stated   the  same  in  2010.          •Six-­‐in-­‐ten   Canadians   say  they  save  less  than  10%  of  their   monthly   income,  with   15%   of   these  respondents   indicating  they   save   nothing.   Only  one-­‐in-­‐ten  (11%)  save  20%  or   more   of   their   income  (down   significantly   from  the   14%   who   said   the  same  in  2010).  

 

•Four-­‐in-­‐ten   Canadians  believe  they  will  be  paying  

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off   their   debt/mortgage  after   they   turn   65.   The  same   ratio   believes   that  they’ll   have   to   work   past  the   age   of   65   in   order   to  make  ends  meet.      •About   half   (46%)   of   all  respondents   indicate  their  financial   situation   has   not  changed   year   over   year.  However,   two-­‐in-­‐five  (39%)   indicate   that   their  overall   financial   situation  has   improved   and   the  reasons   cited   include:  payment  of  some  or  all  of  their   existing  debt   (59%)   ,  an   increase   in   overall  household   earnings   (58%)  and   general   improvement  in   money   management  skills  (49%).      •When  asked  what  kind  of  money   management  

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information  they  would  be  most   interested   in,  Canadians   cite   minimizing  tax,   teaching   children  about   money,   avoiding  fraud   and   managing  finances  overall.    

Source:  The  Canadian   Institute  of   Chartered   Accountants  (CICA),  http://www.cica.ca/focus-­‐on-­‐practice-­‐areas/financial-­‐literacy/item66528.pdf  

Recent facts about finances and debt…

Carrefour Jeunesse-Emploi de Côte-des-Neiges 6555, Côte-des-Neiges, # 240 Montreal, Quebec, H3S 2A6 Jamaican Canadian Community Women’s League of Montreal 5465 Queen Mary Rd, # 300 Montreal, Quebec, H3X 1V5

UPCOMING COMMUNITY EVENT…

Join us for a free breakfast and some financial knowledge!

Brian Smith, MonnaieMoney Project Coordinator (514) 342-5678 ext. 228 / (514) 817-3941

From 10 am to 1pm!