Workshop 6:Financial Literacy in Schools

Jane RooneyDirector,

Financial Literacy and Consumer Education, FCAC

May 26, 2011

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

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.

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

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

FCAC’s Educational Programs

The City: A Financial Life Skills Resource

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;

Financial Basics

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

Money Apps

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

Visit

www.FCAC.gc.ca

FCAC’s Website is Revamped !