ENGLISH FOR FINANCIAL LITERACY

ENGLISH FOR FINANCIAL LITERACYPresented by:Catherine LawrenceMargaret Stasiak(Toronto Catholic District School Board)

Financial literacy quiz answers and results

1. c (51%)

2. d (38%)

3. a (81%)

4. d (57%)

5. b (43%)

6. a (94%)

Fact or fiction? quiz answers and results1. Fiction. 1 in 3 Canadians have not made any investments or have any

savings. 

2. Fiction. 49.8% of Canadians had difficulty with simple tasks involving numbers and basic math. 

3. Fiction. 55% of men felt they would have enough money for their retirement needs, compared to only 46% of women. 

4. Fact. 19% of Canadians and 29% of those under the age of 25 felt that making minimum payments on their credit cards would allow them to pay off their debt quickly.

5. Fiction. 78% of Canadian parents agree that teaching children financial skills is essential. But less than half have actually taught their children about managing and investing their money.

What is financial literacy?

The report of the task force defines financial literacy as

“having the knowledge, skills and confidence to make responsible financial decisions”.

Task Force on Financial Literacy and Canadian Centre for Financial Literacy: findings and recommendations• Newcomers as a very diverse group:

▫ wide spectrum of wealth, education and literacy levels▫ varied norms, attitudes and experiences with money▫ rely on social network; distrust financial institutions▫ key barriers: language proficiency, cultural assumptions

related to financial issues• the Government of Canada to provide relevant financial

information and education services for recent newcomers to Canada through:▫ orientation services ▫ the Immigrant Settlement and Adaptation Program▫ the Language Instruction for Newcomers to Canada Program

Project needs assessment

•Instructor survey

•Learner survey

•Focus groups

English for Financial Literacy

• integrates financial literacy topics with LINC/ESL curriculum

• provides curriculum framework and classroom materials

• activities designed to provide practice in language and skills underlying financial literacy

• focus on skills and information

• support for instructors: background information

Organization of document• Three volumes:

▫Volume 1: ESL Literacy, CLB 1, and CLB 2

▫Volume 2: CLB 3, CLB 4, and CLB 5

▫Volume 3: CLB 6, CLB 7 and CLB 8

• Each volume to be accompanied by an audio CD• Volume 1 and 2 to include supplementary numeracy

section• Online activities to accompany print version

Each volume will include the following sections:

•Banking

•Consumer Affairs

•Education

•Employment

•Housing

•Personal and Family Finances

Each theme-based section will include:

•Planning framework

•Activities: grouped by topics

•Teaching notes