Financial literacy is an essential life skill. Developing an understanding of financial resources and personal finance at a young age will help people better manage their money in the future, but people of all ages need to have the necessary tools to make informed financial decisions regardless of their stage of life.
The Canadian banking industry has long recognized that it has a role to play in supporting and strengthening financial literacy. Banks in Canada support several programs to help Canadians strengthen their financial knowledge, skills and confidence, including the CBA’s free seminar programs, Your Money Students and Your Money Seniors. Introduced in 1999 and 2014 respectively, both programs are presented by bankers in the community volunteering their time and expertise, and are available across the country in English and French.
From protecting against financial abuse and spotting the signs of financial fraud, to making the most of their money in retirement and managing their financial affairs, Your Money Seniors helps Canadians across the country in preparing financially for their future years as seniors. Your Money Students helps bring financial literacy in the classroom through discussions on how budgeting and savings can lead to positive investment and credit outcomes, while also providing actionable tips on how students can protect themselves from fraud in an increasingly digital world.
Below are two infographics that summarize the progress made in 2019 for both programs. The CBA and its partners are delighted to see the continued success of these important programs, and are very much looking forward to growing these financial literacy initiatives in 2020 and beyond.