A new tool for evaluating financial literacy programming in Canada is now available. Launched at the Financial Consumer Agency of Canada’s Financial Literacy Research Symposium in November 2016, the tool allows organizations that are delivering financial literacy programming to develop their own tailored evaluation plans.

The tool can be found at: www.outcomeeval.org.

A French version of the evaluation tool will be available in January 2017.

The tool benefits private, public and community-based organizations seeking to improve their financial literacy programming by:

  • providing a common set of evaluation metrics that can be used for any financial literacy initiative in Canada
  • making evaluation of financial literacy initiatives easier, more rigorous, and more likely
  • focusing funders and delivery organizations on shared, evidence-based outcomes and indicators
  • making it possible to compare the effectiveness of diverse financial literacy interventions to identify what works best and for whom
  • leveraging existing research evidence to strengthen current and future programs
  • laying a foundation for the future online collection and comparison of national outcomes data

Funded by the Canadian Bankers Association on behalf of banks in Canada, the tool was created through a collaboration with Prosper Canada, a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation, and the Financial Consumer Agency of Canada (FCAC).