Many Canadians continue to feel economic stress as we recover from the pandemic and make spending decisions at a time of rising prices for goods and services caused by inflation. Personal finances may be strained, leading some families to make tough financial decisions. Banks are helping by offering savings programs and financial education opportunities to give Canadians more tools to weather the current economic storm.

While banks in Canada were instrumental in standing up emergency government programs to cushion the immediate economic shock of the pandemic, while also offering their own tailored relief solutions for affected customers, our country’s banks are also committed to supporting their customers through the current economic uncertainty.

Financial literacy matters during economic downturns. It is an essential life skill and can greatly help manage financial stress brought on by both expected and unexpected events. So, too, is digital literacy at a time where society increasingly relies on Internet-enabled services, online channels and contactless solutions. At a time where digital banking is becoming the norm, banks also have a role to play in helping their customers get comfortable with online and mobile banking, while also keeping them informed about how to detect and prevent financial frauds and scams in an increasingly digital marketplace.

The banking sector has long recognized that it has a role to play in supporting and strengthening financial resilience and digital literacy in Canada. The Canadian Bankers Association and its member banks administer or support several programs in communities across the country to help Canadians strengthen their financial knowledge, skills and confidence. We do this by:

• providing financial support and volunteers for a variety of financial literacy programs ran by educational and not-for-profit groups;
• creating our own financial education programs and services for customers and the general public;
• dedicating financial and volunteer support for not-for-profit credit counselling agencies; and
• educating customers about safe online practices and how to distinguish between legitimate requests and attempted fraud.

Financial Literacy Initiatives

• Your Money Students program is a free, non-commercial financial literacy seminar presented by banker volunteers in communities across Canada, in both English and French. The program is designed for high school students in grade 9-12 and covers topics such as budgeting, saving, responsible use of credit and how to prevent fraud.
• Your Money Seniors program is a free, non-commercial financial literacy seminar presented by banker volunteers in communities across Canada, in both English and French. The program covers essential information on how seniors can: protect themselves against financial abuse; spot the signs of financial fraud; and make the most of their money in retirement.
• Recognizing the signs of financial abuse is an important component of maintaining financial wellness. The CBA has extensive information on how to recognize financial abuse, employing a power of attorney document and the appropriate use of joint bank accounts and about to how to prevent abuse and where to get help. Learn more here: cba.ca/abuse
• The CBA’s Banking for Newcomers resource is a helpful guide on how banking might differ from systems in other countries along with information on how to open an account and links to bank resources to help with the financial transition to Canada.
• The CBA broadly shares information and actionable insight on how to detect and prevent several different types of frauds and scams: cba.ca/?cat=Fraud-Prevention and publishes a free fraud prevention email newsletter. Sign up to receive the next newsletter.