SOURCE: ABC Life Literacy Canada

ABC Life Literacy Canada

November 04, 2014 09:08 ET

72% of Canadians Are Not Fully Confident in Their Money Management Skills

November Is Financial Literacy Month and It's Time to Start Talking About Money

TORONTO, ON--(Marketwired - November 04, 2014) - Nearly 50% of Canadians struggle with simple tasks involving math and numbers. Beyond the personal impact to individuals and families, low numeracy skills affect Canada's ability to compete in the global economy. This November ABC Life Literacy Canada celebrates Financial Literacy Month by raising awareness of the importance of numeracy and money management through programs, online initiatives and advertising campaigns.

Financial Literacy is an essential skill. It refers to our ability to understand finances as they impact our lives and our confidence to use our skills and knowledge to make sound decisions around finances. Increasing the abilities and comfort level of Canadians to manage their finances and the use of math in everyday life is essential -- it supports secure households, a dynamic workplace, healthy communities and a competitive economy.

"Financial literacy is a shared responsibility, and Financial Literacy Month is an excellent opportunity for public, private and non-profit sector organizations to help Canadians improve their financial know-how and avoid costly mistakes," said Jane Rooney. "As Canada's Financial Literacy Leader, I am thrilled to see organizations such as ABC Life Literacy Canada step up to the plate with innovative initiatives like Money Matters."

In partnership with TD Bank Group, ABC Life Literacy Canada created Money Matters, a free financial literacy program for adult learners. Now in its fourth year, Money Matters is making an impact across Canada -- for learners and for the volunteer-tutors:

  • Over 80 learning centres across Canada have hosted Money Matters, reaching over 2,000 adult learners with over 15,000 hours of programming
  • TD employees have volunteered over 2,500 hours and 97% said they would participate again
  • 89% of Money Matters participants felt more confident making decisions about saving money after the program

"Financial literacy is about building a strong foundation of financial knowledge to enable confidence, good money management decisions and an improved quality of life," said Linda MacKay, Senior Vice President, Retail Savings and Investing, TD Bank Group. "By shining a spotlight on financial literacy each November, organizations like TD and ABC Life Literacy Canada aim to engage all Canadians in building a better future through financial know-how."

This year to celebrate Financial Literacy Month the Money Matters team has created three new resources to help all Canadians improve their money management skills: A Place to Start: Spending Plans, Financial Literacy for the Family and RESPs and Other Ways to Save. Download these and many other financial literacy resources at MoneyMattersCanada.ca. French resources are available at QuestionDargent.ca.

"The reach of Money Matters means that thousands of Canadians are able to improve their finances, and indeed their lives, with the skills they learn in the program," said Gillian Mason, President of ABC Life Literacy. "November is the perfect time to start conversations about money and to take the first steps in taking control of our finances. But more importantly, this is a year-long, life-long commitment that can lead to positive, lasting changes."

Join ABC and special guests from the financial literacy community for a live tweet chat on Thursday, November 20 from 1:00 - 2:00 EST to talk all things money-related (#FLMchat). 

About ABC Life Literacy Canada

ABC Life Literacy Canada is a non-profit organization that inspires Canadians to increase their literacy skills. ABC envisions a Canada where everyone has the skills they need to live a fully engaged life. Money Matters, developed by ABC with Founding Sponsor TD Bank Group is a free financial literacy and education savings program delivered to adult learners across Canada. For the latest news and information on adult literacy please visit www.abclifeliteracy.ca, or stay connected with us through Twitter and Facebook.

For more information about Money Matters, please visit: MoneyMattersCanada.ca

About TD Community Giving

TD Bank Group invests in communities in order to effect positive change in the places where it operates and where its clients and employees live and work. In 2013, TD donated over $74.7 million to support community organizations in Canada, the United States and the United Kingdom. In Canada, TD focuses on education and financial literacy, creating opportunities for young people and the environment. For further information, please visit http://www.td.com/corporate-responsibility.

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Contact Information

  • Stephanie Wells
    Manager, Communications
    ABC Life Literacy Canada
    Telephone: 416-218-0010, ext. 122