Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

October 27, 2009 11:16 ET

FCAC and BCSC Add Two New Modules to Their Financial Education Resource, The City

OTTAWA, ONTARIO--(Marketwire - Oct. 27, 2009) - Young Canadians have new opportunities for learning about investments and insurance, as the Financial Consumer Agency of Canada (FCAC) and the British Columbia Securities Commission (BCSC), have announced the release of two new online modules for The City, a financial life skills resource.

Investments and insurance join the existing modules on income, expenses, budgets, credit, debt and financial planning, which have been core modules of The City since its release in the fall of 2008.

FCAC is promoting the importance of financial literacy with the help of teacher champions - teachers in every province who are dedicated to increasing awareness of The City. Since its release, schools and teachers have embraced The City and integrated it into classrooms across the country. "In a world where today's youth quickly develop a keen interest in money, it is important that they acquire strong financial life skills early so they can avoid making costly mistakes," said FCAC Commissioner Ursula Menke. "With the help of this online resource, many young Canadians have already had the opportunity to broaden their knowledge about personal finances and prepare for their lives after high school. Our goal is to work with provincial governments to get financial education into the high schools because we believe financial literacy is a life skill that everybody needs."

The program meets the learning outcomes related to financial literacy in courses such as career and life management, business education and mathematics in every province and territory. "The BCSC believes it is very important for young people to learn about investing as part of their overall financial life skills training. With the addition of the two new online modules, The City is now a very comprehensive program for young adults, and for all Canadians, to learn about managing and investing their money," said BCSC Chair and CEO Brenda Leong.

The City is a free, Web-based teacher resource that engages youth by using an imaginative and interactive hands-on approach to learning. It provides practice in real-life skills and makes financial concepts easy to understand.

The resource features two components: a classroom resource for teachers comprising 11 learning modules, and 10 interactive self-directed modules for students, youth and members of the general public. The City is available in both English and French at themoneybelt.gc.ca.

The City is modeled on a successful, award-winning teacher resource the BCSC developed for educators who teach Grade 10 students the Planning 10: Finances course, which is mandatory in B.C. high schools. The resource is used in all 60 of B.C.'s school districts and has been delivered to more than 1,400 teachers since it was introduced in November 2004.

About FCAC

FCAC fosters greater understanding of financial services in Canada through its consumer education materials and interactive tools. It provides accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions. In addition, through its financial literacy programs, FCAC helps Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC also ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.

About BCSC

The British Columbia Securities Commission (BCSC) is the independent provincial government agency responsible for regulating securities trading in the province. The BCSC protects investors and fosters efficient capital markets through the administration of the B.C. Securities Act. The commission also educates investors through a comprehensive investor education program that is delivered through InvestRight.org.


FOR BROADCAST USE

The Financial Consumer Agency of Canada (FCAC) and the British Columbia Securities Commission (BCSC) added two new online modules to their financial education resource, The City, which was released in the fall of 2008. Students will now have the opportunity to learn about investments and insurance in addition to learning about income, expenses, budgets, credit, debt and financial planning. The City is a free, Web-based teacher resource that engages youth by using an imaginative and interactive hands-on approach to learning, providing practice in real-life skills and making financial concepts easy to understand. The City is available in both English and French at themoneybelt.gc.ca.

Disponible en francais

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