ABC Life Literacy Canada releases two new Money Matters videos
TORONTO, June 26, 2019 /CNW/ - National literacy organization ABC Life Literacy Canada (ABC) has just released two new videos relating to its Money Matters program ? an introductory financial literacy course targeted at adult literacy learners. The videos highlight the success of two program adaptations: Money Matters for Indigenous Peoples and Money Matters for Newcomers and New Canadians.
The non-profit organization hopes the videos will be leveraged by the hundreds of literacy groups, employers, community centres and settlement centres running the program to recruit new learners to the course.
Since 2011, the Money Matters program has reached over 28,700 adults. It was tailored to work with newcomers to Canada and Indigenous Peoples in 2015 and 2016 respectively.
In the two new videos, which can be seen on YouTube and ABCMoneyMatters.ca, learners from each of the customized programs are interviewed about what they learned in the course. The videos also include an interview with one of the volunteer-tutors from TD Bank Group, the founding sponsor of the program since 2011.
Isaac, a learner from the Indigenous Peoples program talks about how he learned the importance of saving:
"I'm a compulsive spender and I like spending money, so one thing I learned was to open up a savings account and send money from your chequing account to your savings account to help you save money."
The Money Matters program has proven to be very effective for the Indigenous community, many of whom don't have a bank account.
During the pre-workshop survey, Indigenous Peoples program participants were more likely to be struggling with financial literacy than learners in both the Money Matters Core and Newcomers and New Canadians programs. A lower proportion of learners participating in the Indigenous Peoples program indicated that they were engaging with savings opportunities and more than half (58%) indicated that they had no saving method. Additionally, a greater proportion of learners indicated they did not engage with financial institutions because they 'did not want to' or 'did not have the paperwork to open an account'.
In the second video, Newcomers and New Canadians learner Olusegun talks about credit cards. In many immigrant communities, the credit economy is a new concept, so courses like this that highlight the difference between credit and debit cards are extremely important.
He says: "What I learned was to spend your credit cards wisely, don't overspend, and don't pay on the due date. Don't wait until the due date, pay it as soon as you get your bill to avoid the extra charges on it."
The Newcomers and New Canadians program differs from the two other Money Matters programs in that it is aimed at individuals who may not already have knowledge of Canadian banking systems and financial opportunities.
While more than half of newcomers in the program had university-level education, 65% of learners increased their feelings of confidence with respect to managing their money.
Literacy groups and other organizations running Money Matters are encouraged to share these videos to promote their programs and recruit new learners. Any groups interested in running Money Matters should contact ABC Life Literacy Canada. For more information on the program, visit www.ABCMoneyMatters.ca.
Story: Financial literacy program proving to be effective in minority communities
About ABC Life Literacy Canada
ABC Life Literacy Canada® is a non-profit organization that aims to strengthen organizations that promote adult learning by developing and supporting the use of high-quality introductory learning materials and resources written in clear language. We envision a Canada where everyone has the tools and opportunities they need to improve their literacy and essential skills. For the latest news and information on adult literacy please visit www.abclifeliteracy.ca, follow us on Twitter or join our Facebook page.
SOURCE ABC Life Literacy Canada
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