Article
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 and publishes a free fraud prevention email newsletter. Sign up to receive the next newsletter.
- BMO has been updating their online financial resources with useful information related to personal finances, business financial relief and online support tools.
- BMO's New Strategic Relationship with Immigrant Services Calgary to Provide Specialized Guidance and Resources to Canadian Newcomers
- BMO’s "Same Day Grace" feature helps customers avoid missing payments and incurring fees by notifying them when their everyday bank account balance dips below zero.
- BMO launched eight new artificial intelligence (AI) driven Insights designed to help customers improve their financial lives through a better understanding of spending patterns, transactions and day‑to̽day cash flow.
- BMO's Automated Digital Enrolment feature for new and existing customers that are registering for digital banking via the BMO Mobile Banking app quickly and seamlessly enrols customers into commonly used mobile banking features.
- BMO’s CashTrack Insight is an artificial intelligence driven capability that identifies potential cash shortfalls and helps customers better manage upcoming expenses. The solution is integrated into BMO's wider personal financial management resource, BMO Insights.
- BMO is a supporter of the Junior Achievement programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. BMO employees volunteer to attend elementary and high school classrooms to present these programs.
- Junior Achievement is currently offering free online financial literacy programs for grades 3-12. Both teachers and parents can enrol students in these programs and guide them through the videos, activities, slide and interactive elements.
- BMO is the founder of The Entrepreneurial Adventure Program. The program is a hands-on entrepreneurial journey for students in grade K-12. It is designed to develop students’ enterprising spirit, financial literacy, innovative thinking and social responsibility.
- BMO for Women is a resource hub for women to obtain all their financial literacy in order to succeed in their personal and entrepreneurial lives. You can access their podcast and videos for free online.
- The BMO NewStart Program offers convenient banking packages to all newcomers, including landing immigrants and foreign workers, who have arrived in Canada within the last five years. The special offers help newcomers save money and establish their financial future in Canada.
- BMO’s new Twitch channel, NXT LVL, educates and informs gamers about their personal finances through live gaming.
- BMO recognizes that Canadians are increasingly shifting to online and mobile banking. Their digital banking guide will help you to get started today.
- Online resources to detect and prevent common financial frauds and scams.
- CIBC partners with Institute of Canadian Citizenship to help newcomers explore Canada
- CIBC Smart Advice offers tools, videos and articles on a range of personal financial planning topics to help Canadians with their overall financial wellbeing
- A free digital Ambitions Toolkit provides parents with resources to help educate their children about money and saving for the future.
- CIBC’s Insight offers clients personalized and data-driven recommendations based on their financial transactions. Using AI and machine learning, CIBC Insights notifies clients of savings opportunities and unusual transactions, while providing guidance that can support better everyday spending decisions.
- CIBC’s GoalPlanner helps clients build financial plans by simplifying the planning process and allowing customers to easily adjust their plan to meet evolving needs.
- CIBC co-founded Futurpreneur Canada in 1996 and continues to be a funding, strategic, and community partner. Futurpreneur Canada provides financing, mentoring and support tools to aspiring business owners aged 18-39.
- Futurpreneur currently offers online resources for small businesses to access during COVID-19. They also offer other free online resources such as crash courses, webinars, articles, tips and tools.
- CIBC is a supporter of the Junior Achievement programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. CIBC employees volunteer to attend elementary and high school classrooms to present these programs.
- Junior Achievement is currently offering free online financial literacy programs for grades 3-12. Both teachers and parents can enrol students in these programs and guide them through the videos, activities, slide and interactive elements.
- CIBC hosts an annual in-person and teleconference seminar for women to empower them through an increased understanding of the inter-relationships among finance, health and family.
- CIBC is a longstanding National Corporate partner of the Canadian Women’s Foundation’s Economic Development Fund.
- CIBC is the exclusive Canadian financial institution sponsor of MagnusCards, a free app that coaches people with cognitive special needs through everyday situations, including banking, grocery shopping, taking the bus or even doing laundry.
- CIBC is developing and running financial literacy workshops that CIBC personnel will deliver to Indigenous communities across the country as well as a program to train First Nations staff.
- CIBC, in partnership with MaRS, offers a live and online entrepreneurship course called Entrepreneurship 101. The course covers the fundamentals of starting and building a new venture: testing the market, defining a business model, organizing finances, etc.
- CIBC recognizes that Canadians are increasingly shifting to online and mobile banking. Their digital banking tools will help you to get started today.
- Online resources to detect and prevent common financial frauds and scams.
- Canadian Western Bank is assisting their business and personal clients during this difficult time. Consult their online resources to see available services.
- Canadian Western Bank is a supporter of the Junior Achievement programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. CWB employees volunteer to attend elementary and high school classrooms to present these programs.
- The Junior Achievement Program is currently offering free online financial literacy programs for grades 3-12. Both teachers and parents can enrol students in these programs and guide them through the videos, activities, slide and interactive elements.
- Canadian Western Bank recognizes that Canadians are increasingly shifting to online and mobile banking. CBW will help you navigate through whatever questions you have.
- Online resources to detect and prevent common financial frauds and scams.
- Equitable Bank is committed to keeping their personal banking and business banking clients up to date on all resources and services.
- Equitable Bank understands that majority of Canadians are moving toward online banking. That is why they have created a resource center to help you find information on your mortgage and your everyday banking needs.
- Online resources to detect and prevent common financial frauds and scams.
- Laurentian Bank of Canada is committed to keeping their personal banking and business banking clients up to date on all resources and services.
- Laurentian Bank understands that majority of Canadians are moving toward online banking. That is why they are available to assist you through the online banking process anytime, anywhere.
- Online resources to detect and prevent online fraud.
- National Bank is committed to helping Canadians during these challenging times. Stay up to date on all resources and tools offered to customers.
- National Bank is offering helpful resources on how to make the right personal finance decisions during a crisis.
- National Bank has partnered up with the Canadian Foundation for Economic Education (CFEE) in order to set up an educational program on personal financial management. It targets three groups: high school students, college and university students, and newcomers to Canada.
- National Bank understands that this time can be challenging in finding the right answers to your financial needs. You can refer to their answer bank on all your concerns about bank accounts, mortgage, investment, debt, borrowing during COVID-19 and beyond.
- National Bank provides resources such as tools, videos and documents to Canadians planning for retirement.
- National Bank is a supporter of the Junior Achievement Quebec programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. National Bank employees volunteer to attend elementary and high school classrooms to present these programs.
- The Junior Achievement Program is currently offering free online financial literacy programs for grades 3-12. Both teachers and parents can enrol students in these programs and guide them through the videos, activities, slide and interactive elements.
- National Bank recognizes that Canadians are increasingly shifting to online and mobile banking. Their digital banking tools will help you to get started today.
- Online resources to detect and prevent common financial frauds and scams.
- RBC’s new My Money Matters hub is a free digital destination with comprehensive content, resources, and tools designed to help individuals take control of their financial wellbeing and to destigmatize money conversations.
- RBC, in partnership with McGill University’s Desautels Faculty of Management and the Globe and Mail, offers the McGill Personal Finance Essentials course, a free bilingual personal finance course available to individuals across Canada.
- In partnership with Western University and The Globe and Mail, RBC’s The Founder’s Journey is a free, online course that guides participants through a step‑by‑step approach to starting and growing a successful business.
- RBC’s Financial Literacy for Indigenous Peoples Course aims at providing Indigenous populations with access to resources for managing personal finances. Created in partnership with the First Nations Child & Family Caring Society, the program provides practical advice and guidance on managing money with confidence and planning for the future.
- RBC’s NOMI is an award-winning digital assistant feature integrate into the RBC Mobile app that provides personalize insights to help clients build confidence in managing their money. NOMI’s suite of capabilities includes NOMI Find & Save which uses predictive technology to help clients save, even when they think they may not be able to, and NOMI Forecast to provide clients a view into their future cash flow.
- RBC offers free information, resources and tools to newcomers through the free Arrive platform, to help them prepare for their arrival and achieve their life, career and financial goals in Canada.
- RBC Future Launch is an online resource hub dedicated to youth-focused virtual programming and learning opportunities. The hub features a variety of online tools, resources and programs for Canadian youth, accessible from a virtual setting.
- RBC’s MyAdvisor provides customers real-time access to personalized plans and an RBC advisor in their community on live video, by phone, or in person at a branch.
- RBC Mydoh, an RBCx Venture, is a money management app for youth that helps youth make informed decisions and gain real-life money experience while giving parents transparency and oversight.
- RBC is a supporter of the Junior Achievement programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. RBC employees volunteer to attend elementary and high school classrooms to present these programs.
- The RBC Mobile Student Edition is a customized mobile banking experience for students. Launched in 2019, the RBC Mobile Student Edition, built within the RBC Mobile app, was designed in collaboration with students to enable features that matter most to them.
- The RBC Insurance Advice Centre offers information and online advice for individuals, families and business owners to assess their needs for personal insurance, retirement solutions, credit protection and business insurance.
- RBC recognizes that Canadians are increasingly shifting to online and mobile banking. Their digital banking tools will help you to get started today.
- RBC is encouraging Canadians to do a digital clean-up in five easy steps.
- Online resources to detect and prevent common financial frauds and scams.
- Money Style, a new tool and quiz available through Scotia Advice+, aims to help Canadians have more insightful conversations about money
- Scotiabank’s Let’s Talk Money: Seniors, created in partnership with The Canadian Foundation for Economic Education, helps seniors and their adult children with the challenges related to financial planning.
- Scotiabank’s Advice+ is a service offering customers a range of new options to seek financial advice, from the self-serve Scotia Advice Centre online, to a personalized Advice+ financial plan to meet their unique needs.
- Scotiabank’s ScotiaRISE support programs pair disadvantaged groups with organizations that provide the tools people need to improve their education and employment prospects, adapt to changing circumstances and increase the likelihood of financial success.
- Scotiabank is a sponsor of the Martin Aboriginal Education Initiative, which enables Aboriginal high school students to learn the fundamentals of entrepreneurship and business through a customized school curriculum program supported by Scotiabank and employee volunteers.
- The Scotiabank Money Finder Calculator helps customers plan for a successful future by comparing their income against their expenses to see if additional funds are available for their financial goals.
- Scotiabank sponsors the Talk with Our Kids About Money program. Developed by the Canadian Foundation for Economic Education (CFEE), the program provides teachers and parents with free tools and resources to help kids become more knowledgeable about money so they can make better, more informed financial decisions in life.
- Talk with Our Kids About Money currently offers online resources for both teachers and parents. These resources can be accessed through their website and is geared towards elementary and high school students.
- Scotiabank is a supporter of the Junior Achievement programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. Scotiabank employees volunteer to attend elementary and high school classrooms to present these programs.
- Junior Achievement is currently offering free online financial literacy programs for grades 3-12. Both teachers and parents can enrol students in these programs and guide them through the videos, activities, slide and interactive elements.
- Scotiabank's Bank Your Way information hub helps customers learn the basics of digital banking, while expanding the range of self-serve tasks. They now have introduced the Seniors Centre to help Canadians navigate the challenges presented by COVID-19 and onwards.
- Scotiabank understands that losing your job or having your hours cut back can be stressful. Here are some resources to help you manage your bills when your income is reduced.
- Scotiabank recognizes that Canadians are increasingly shifting to online and mobile banking. Their digital banking tools will help you to get started today.
- Online resources to detect and prevent common financial frauds and scams.
- Tangerine Bank is committed to keeping their personal banking and business banking clients up to date on all resources and services.
- Tangerine Bank created its Forward Thinking hub which includes articles, stories and other information about personal finance topics for children and adults.
- Tangerine Bank understands that majority of Canadians are moving toward online and mobile banking. That is why they are available to assist you through the online banking process anytime, anywhere.
- Online resources to detect and prevent common financial frauds and scams.
- TD is committed to helping Canadians during these challenging times. Stay up to date on all resources available to personal and business clients.
- TD pledged to help Prosper Canada provide financially vulnerable Canadians with financial information and counselling.
- TD’s Student Budget Calculator is a digital budgeting tool co-developed by post-secondary students to help them understand the cost of school and associated expenses, and how to effectively save, budget and prepare for post-secondary school.
- TD is the founding sponsor of Money Matters, a workshop created by ABC Life Literacy Canada. Money Matters is a free workshop to help adult learners, immigrants, Aboriginal Peoples, single parents and low-income families become more confident in dealing with their personal finances. Hundreds of TD volunteer-tutors deliver the program in Canada.
- Money Matters Online was designed so that Canadians can access their financial literacy courses wherever, whenever.
- TD is committed to helping newcomers get settled in financially and provide all banking resources and tools.
- TD is a sponsor of Toronto Star Classroom Connections. This program is free of charge and was developed to assist elementary and high schools with remote learning tools.
- TD created a family resource hub for parents to use to educate their kids on financial literacy with learning modules by age and different activities.
- TD Bank Wow!Zone is a free interactive program that teaches children and teens about budgeting, saving and investing. Students, parents and teachers can access the games and learning activities online.
- TD MySpend app helps customers keep track of their monthly spending with the goal of improving their spending habits.
- TD Bank is a supporter of the Junior Achievement programs. These programs are offered in schools and teach money management skills as well as business and entrepreneurship education. TD Bank employees volunteer to attend elementary and high school classrooms to present these programs.
- Junior Achievement is currently offering free online financial literacy programs for grades 3-12. Both teachers and parents can enrol students in these programs and guide them through the videos, activities, slide and interactive elements.
- TD’s Cyber Suite, a new cyber security literacy platform, will offer a variety of digital learning forums, including daily cyber safety tips, podcast episodes with cyber experts, blog posts, webinars, job fairs and a cyber skills accelerator for future cyber specialists.
- TD recognizes that Canadians are increasingly shifting to online and mobile banking. Their digital banking tutorials will help you to get started today.
- Online resources to detect and prevent common financial frauds and scams.