February 3, 2011 — Responding to widespread concern about the lack of understanding of basic financial concepts and their real-life applications, the Association of Canadian Community Colleges (ACCC) has partnered with the Financial Consumer Agency of Canada (FCAC) and the Investor Education Fund (IEF) to organize financial literacy workshops at 10 colleges across the country.
Many young people get their first experience managing finances when they go away to college or university. The Financial Basics workshop offers participants a hands-on learning experience on topics of vital importance to responsible management of personal finances and teaches them money management skills for life. These topics include managing expenses, credit and debt; protecting oneself from fraud; and saving for the future.
“Financial literacy is an essential skill for all Canadians,” says James Knight, President and CEO of ACCC. “For young adults, it makes it possible to manage their monthly budgets while saving for future goals such as buying a house. Colleges are the perfect choice to deliver this kind of workshop because of their close ties with their local communities.”
Financial Basics was developed by the Financial Consumer Agency of Canada and the Investor Education Fund, in collaboration with Ellen Roseman, financial author and journalist.
“Post secondary students are, in many cases, at the age where they can apply for loans, credit cards and other financial services. A clear understanding of the fundamentals of financial products is vital to help them avoid costly mistakes. I’m pleased that this partnership with ACCC and IEF will allow us to reach so many college students so quickly,” said FCAC Commissioner Ursula Menke. “Financial literacy is an important component of the work of the Agency, which also provides objective information on financial products and services to Canadian consumers”.
“Developing and supporting opportunities for life-long financial learning in schools, in communities and online has been our mandate for over a decade,” says IEF President Tom Hamza. “Our research shows that people new to managing their money want and need the information they will get from the Financial Basics workshop. It will provide a solid foundation of skills and knowledge on which they can build as their financial learning needs change throughout their lives.”
This partnership enables colleges across the country to deliver Financial Basics workshops in French or English this February and March. The following colleges will be offering the workshop: Algonquin College (Ottawa, ON), Assiniboine Community College (Brandon, MB), Collège Acadie Î.-P.-É.(Wellington, PEI), Conestoga College (Kitchener, ON), La Cité collégiale (Ottawa, ON), Nova Scotia Community College (Halifax, NS), Parkland College (Melville, SK), Seneca College (Markham, ON), St-Clair College (Windsor, ON), Vancouver Community College (Vancouver, BC).
For more information contact:
Communications Manager (Acting)
Financial Consumer Agency of Canada
Created in 1972, the Association of Canadian Community Colleges (ACCC) is the national and international voice of 150 colleges, institutes, polytechnics and cégeps. With an Ottawa-based Secretariat, ACCC interacts with federal departments and agencies on the members’ behalf and links college and institute capabilities to national industries. As another part of its mandate, ACCC organizes conferences and workshops to facilitate college and institute networking and participation in national and international activities such as sector studies, awards programs and linkages. For more information, visit www.accc.ca.
With educational materials and interactive tools, FCAC provides objective information about financial products and services and informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. Through its financial literacy program, FCAC helps Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC also makes sure that federally regulated financial institutions and payment card network operators comply with legislation and agreements intended to protect consumers.
Investor Education Fund (IEF) offers unbiased financial information to the general public via www.GetSmarterAboutMoney.ca, and to students through its Taking Stock in Your Future, The Globe & Mail and Toronto Star classroom programs and Funny Money for High Schools. The not-for-profit organization was established by the Ontario Securities Commission (OSC), and is funded through OSC enforcement settlements.