Money Matters: Financial literacy for adult learners

A new, unique program

ABC CANADA Literacy Foundation (ABC CANADA) is raising funds to create a new, free, national financial literacy program, Money Matters, for adult learners in communities across the country. While financial literacy programs exist for children and newcomers to Canada, there is a gap in the market for a program that addresses adults with literacy issues.

Rationale - Almost 50% of Canadians struggle with simple tasks involving math and numbers

The International Adult Literacy Survey in 2003 confirmed that the quantitative literacy (numeracy) skill level of Canadians is lower than reading or writing skills levels. 49.8 per cent of adult Canadians struggle with simple tasks involving math and numbers - higher than the 42 per cent of adult Canadians who struggle with reading. Furthermore, according to Patterns of Participation in Canadian Literacy and Upgrading Programs written by ABC CANADA in 2001, between 50 and 80 per cent of adult learners enrolled in literacy programs ask for help with numeracy skills.

Low numeracy impacts Canadians’ social, economic and physical well-being in dramatically measurable ways, ranging from mild embarrassment to serious inability to find a job. Additionally, it will further strain the workforce, impede corporate efficiency, and lessen the quality of life for people at home, at work, and in the community. If left unchecked, the low numeracy skills in Canada could affect Canada’s ability to compete in the global economy.

Impact

Higher literacy and numeracy levels increase opportunities for social and family interaction, participation in community activities, employability, and career advancement – significant contributions to Canada’s Knowledge Advantage. Financial literacy, in particular, is key to improving the life of adult learners. Without understanding the basic skills involved in managing one’s money, it is very difficult to break the cycle of poverty. Adults with low literacy, already enrolled in literacy programs, would receive substantial benefit from learning more about how to manage their money and overcome barriers to achieve economic self-sufficiency. Support from the Aviva Community Fund will help ABC CANADA with the funds needed to develop and launch a new, unique program, Money Matters, designed to help adult learners make appropriate decisions in managing their personal finances while gaining confidence in dealing with money.

Objectives

1. Develop, in conjunction with an adult learning educator, new financial learning tools and resources for the adult literacy practitioners across the country.
2. Connect volunteers from the financial sector to local adult literacy centers
3. Generate awareness among Canadians about the importance of financial literacy skills.
4. Measure and evaluate the success of the program.

Location

Money Matters will be managed out of the ABC CANADA office in Toronto, but activities will be national in scope. The program materials will be created for ABC CANADA's network of 400 adult literacy centres located in communities in every province and territory across the country.

Helping Make Sense Out of Money

As the creator of Family Literacy Day, a successful program that reinforces the benefit of for both an adult and child of reading as a family, ABC CANADA would work with its network of over 400 literacy partners to make Money Matters another success. Funding from the Aviva Community Fund would allow ABC CANADA to create and launch the program in 2010 and help thousands of adult learners gain financial skills critical to their future success.