For immediate release
Toronto, November 25, 2015 – Prosper Canada, the Canadian Bankers Association (CBA) and the Financial Consumer Agency of Canada (FCAC) today announced a new collaboration to strengthen financial literacy program evaluation in Canada. Working together, they will develop a database of evidence-based financial literacy outcomes and indicators with an accompanying online toolkit that all organizations engaged in financial education can use to develop their own tailored evaluation plans.
“This project is the next important step in our ongoing work to build a shared menu of rigorous metrics for financial literacy work in Canada. This will make it easier for community financial educators, as well as others, to evaluate their programs,” said Elizabeth Mulholland, Chief Executive Officer of Prosper Canada. “Establishing a common pool of evidence-based indicators will enable the financial literacy field to begin using some common measures to assess and improve its impact.”
“Banks are leaders in supporting financial literacy activities in communities across Canada. We recognize that there isn’t a one size fits all approach to financial literacy, and are very pleased to be supporting this initiative,” said Terry Campbell, President, Canadian Bankers Association. “The evaluation tool is important to understanding and measuring the impact of the programs available to Canadians, and will be effective in providing continuous support to financial literacy programs in Canada.” The CBA is providing funding support for this initiative.
“Financial literacy is a shared responsibility and that’s why it is so critical to be part of this collaborative effort with the CBA and Prosper Canada,” said Jane Rooney, Canada’s Financial Literacy Leader. “Together, we will create an evaluation tool to help those involved in financial literacy to measure the impact and support continuous improvement of programs. The evaluation toolkit will help us all collectively evaluate our efforts so we know what works and how to get the best results possible to strengthen Canadians’ financial know-how.”
Part of the role of the Financial Literacy Leader is to help coordinate and foster collaboration among the public, private and non-profit sectors to increase efforts that strengthen the financial literacy of Canadians. It also includes promoting financial literacy efforts and activities, particularly during Financial Literacy Month every November.
Many organizations that provide financial literacy programming have limited program evaluation expertise and resources to invest in evaluation. When programs are evaluated, organizations and their funders often employ different outcomes, indicators, measures and evaluation methodologies, making comparisons of effectiveness across diverse interventions and program models very challenging.
This project will benefit private, public and community-based organizations seeking to improve the financial literacy of Canadians in the following ways:
- Provide a common set of evaluation metrics and an online toolkit that can be used for any financial literacy initiative in Canada;
- Make evaluation of financial literacy initiatives easier, more rigorous, and more likely;
- Focus funders and delivery organizations on shared, evidence-based outcomes and indicators;
- Make it possible to compare the effectiveness of diverse financial literacy interventions to identify what works best and for whom;
- Leverage existing research evidence to strengthen current and future programs;
- Lay a foundation for the future online collection and comparison of national outcomes data.
Prosper Canada will lead development of the evaluation database and toolkit, in consultation with financial literacy practitioners, as well as an advisory committee comprising CBA and FCAC representatives, other financial literacy evaluators and key stakeholders, to review key findings and provide feedback on the evaluation metrics and online toolkit.
Prosper Canada, is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation. Prosper Canada works with government, business and community partners to develop and promote financial policies, programs and resources that remove barriers and help more Canadians to prosper. The Prosper Canada Centre for Financial Literacy is co-founded and supported by TD Bank Group. To learn more about Prosper Canada and the Prosper Canada Centre for Financial Literacy, please visit www.prospercanada.org.
Canadian Bankers Association
The Canadian Bankers Association works on behalf of 60 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 280,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness.www.cba.ca.
Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada (FCAC) is an independent body working to protect and inform consumers of financial products and services. It was established in 2001 by the federal government to strengthen oversight of consumer issues and expand consumer education in the financial sector. On April 10, 2014, the Government of Canada appointed the first Financial Literacy Leader within FCAC to extend collaboration with stakeholders and coordinate activities that contribute to strengthening Canadians’ financial literacy. Visit ItPaysToKnow.gc.ca/flm, like www.facebook.com/FCACan on Facebook, follow
@FCACan on Twitter and join the conversation via #FLM2015 and #CountMeInCA.