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The 16 th ANNUAL BENEFITS CONFERENCE Watson Parojcic Financial Niagara Falls, ON “Aboriginal Financial Literacy Initiatives ” June 6 , 2013. Paulette Tremblay, PhD, MA, B.Ed , BA, ICD.D, CAPA Mohawk of the Six Nations Grand River Territory, Turtle Clan - PowerPoint PPT Presentation
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The 16th ANNUAL BENEFITS CONFERENCEWatson Parojcic Financial
Niagara Falls, ON
“Aboriginal Financial Literacy Initiatives”
June 6, 2013Paulette Tremblay, PhD, MA, B.Ed, BA, ICD.D, CAPA
Mohawk of the Six Nations Grand River Territory, Turtle ClanAFOA Canada - Director, Education and Training
Presentation OverviewAFOA CanadaWhat is Financial Literacy?AFOA Canada Aboriginal Financial Literacy Initiatives Demystifying Finance for Elected Aboriginal Leaders Dollars & Sense International Literature Review of Indigenous Financial Literacy OFIFC – Train the Trainer in Financial Survival Skills Atlantic Chiefs & CFOs – Community Financial Needs
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AFOA Canada – Founded in 19991- Vision & Mission
Vision AFOA Canada is the centre for excellence,
information and certification in Aboriginal management.
MissionBuilding management proficiency and connections that enhance effective Aboriginal governance, administration and self-reliance.
AFOA Canada2- How we do this.
1. Education & Certification
2. Professional Development
3. Networking and knowledge sharing
4. Capacity development research
5. Participate in development of financial management, accounting, reporting standards, and senior administration
6. Promote what works well
7. Supporting Aboriginal accountability and governance efforts
8. Encourage Aboriginal youth to enter the profession – Youth awards and scholarships
Head Office in Ottawa
8 ChaptersAboriginal controlledGoverned by Board of Directors
Non-profit
Non-political
AFOA Canada3 – Who we are.
AFOA Canada4 – Membership
Chiefs, Band AdministratorsAboriginal Financial ManagersDirectors & OfficersProgram ManagersEconomic Development ConsultantsTribal Council membersChief Financial OfficersAccountantsChief Executive OfficersGovernment
Regional CompositionMarch 2013 STATISTICS
Total members: 1,583
AFOA’s membership is comprised of:
BC AB SK MB ON QC ATL YT NT NU Corp Inter'l0
50
100
150
200
250
300
350
287317
267235 238
4272
1838
2246
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Aboriginal People1- Definition Section 35 of the Constitution Act, 1982
recognizes three original peoples of Canada: First Nations (Indians), Inuit and Métis.
Each population is distinct from the others and has a unique history. Within each group there is also considerable diversity.
2- Aboriginal Population in CanadaIn 2011:1, 400, 685 Aboriginal people – 4.3% total
Canadian population 851,560 identified as First Nations – 60.8%
total Aboriginal population 451,795 identified as Métis – 32.3% total
Aboriginal population 59,445 identified as Inuit – 4.2% total
Aboriginal population National Household Survey, 2011, Statistics Canada
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Financial Literacy – Financial Know How 1 - DefinitionHaving the knowledge to understand personal and broader financial matters Having skill to apply that knowledge and understanding to everyday life
Having the confidence to use the skills and knowledge to make responsible financial decisions that are appropriate to the individual’s situation. Task Force on Financial Literacy (Appointed June 2009)
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Financial Literacy – Financial Know How 2 – Aboriginal Financial Literacy
Great need to build math and money skills and how to make financial decisions Journal of Aboriginal Management (JAM, Issue 11, October 2012)
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Aboriginal Financial Literacy Initiatives1A.-Demystifying Finance for Elected Aboriginal Leaders (2011)
One day workshop and guidebook
Purpose – Provide elected officials in First Nations with the knowledge to understand and interpret financial reporting and information
Plan to develop part 2 to this workshop
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Aboriginal Financial Literacy Initiatives1B.-Demystifying Finance for Elected Aboriginal Leaders (2011)
Building Financial Literacy – Topics Covered
Leadership Roles & Responsibilities -Chief & Council, Admin, Finance Dept
Basic Financial Concepts & Reporting -Accounting, Bookkeeping, GAAP
Financial Reports – the Financial Statements, Statement of Financial Position, the Common Government Reporting Model, Statement of Operations, Cash Accounting vs. Accrual Accounting, the Audit
Budgets & Budget Controls
Financial Governance and Decision Making – Finance Committee, Audit Committee, Policies, Procedures, Regular Financial Reviews
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Aboriginal Financial Literacy Initiatives2A. Dollars & Sense Development
Aboriginal youth and finance
November 2010 - TD Bank Financial Group provided the funding that made this project possible. AFOA would like to thank them for this significant contribution.
November 2010 – Engaged firm to develop materials for this project.
March 2011 – Development of a half day workshop with a Youth Manual, Facilitator Manual and Videos was completed.
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2B. Dollars & Sense - Why Important? Increase financial knowledge to:
Handle finances and use money wisely.
Make informed decisions.
Determine real costs of products and services.
Build financial resources by saving.
Develop good savings habits.
AVOID – high levels of debt, financial problems in the future, and being a victim of fraud.
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2C. Dollars & SenseKey Themes of Workshop
Introduction Activity
Theme 1 – Principles of Effective Money Management
Theme 2 – Income and Expenses, Budgeting and Goal Setting, Saving and Investing
Theme 3 – Purchasing, Consumer Awareness, Credit and Risk, Banking That’s Right for You
Theme 4 – How Sound Financial Practices Impact You and Your Community
Closing Activity
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2D. Dollars & Sense Initial Delivery
September 2011 – Saskatoon Tribal Council engaged AFOA to deliver 8 Dollars and Sense workshops in six schools.
November 2011 – May 2012 - Six workshops were conducted in 6 First Nations schools: - 3 schools - K to G9; - 2 schools – K to G7; and - 1 school – SK to G8.
Approximately 120 students attended the workshops.
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2E. Dollars & Sense Results Recommended Revisions
Timing to reflect school schedule
Pace was too fast – too much to cover
Use of applicable examples & story telling based on experiences
More interactive exercises to engage students
Consider reading levels and attention deficit students
Consider students with parents on social assistance
Less Powerpoint and more interaction
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2F. Dollars & Sense - PilotRevised workshop materials – developed module for students in grades 11 & 12.
Customized agenda to match school periods.
November 2012 – delivery of secondary school module in First Nations community in Ontario
Twenty students participated in the session.
Conducted pilot evaluation of delivery.
Students rated the session on all items an average of 84% to 92% in terms of finding the session to be practical, applicable to community, well organized, and presented in appropriate manner.
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2G. Dollars & SenseFuture Direction
DEVELOPMENT OF MODULES
Secondary School Module – G 11 & 12Middle School Module – G 7 & 8Elementary School Module – G 3 & 4Customized Modules
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At targeted grade levels within modulesCustomized to meet needs of school(s) Selecting module facilitatorsTraining sessions for facilitators
2G. Dollars & SenseDelivery of Modules
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Aboriginal Financial Literacy Initiatives3A. International Literature Review of Indigenous Financial Literacy
December 2012 – Applied for and received grant from the TD Financial Literacy Grant Fund
Objective – Conduct an international literature review and produce a research report on the current state of Indigenous financial literacy in Canada, United States, Australia and New Zealand
Project Timeline – January – December 2013
Future – Hold international conference
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3B. International Literature Review of Indigenous Financial Literacy – Research Questions
1. What has been done over the last 12 years – 2000 – 2012?
2. What relevant Indigenous financial literacy education and training programs and curriculum exist across the four stages of the life cycle: children; adolescents, adults, and elderly?
3. Where are the gaps?4. What education and training programs are most
needed to address Indigenous learning gaps and priorities?
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3C. International Literature Review of Indigenous Financial Literacy – Project Steps
1. February 2013. Engaged an Aboriginal consultant to conduct research.
2. May 2013. Set up an international Advisory Committee to review materials produced and oversee the study.
3. March & May 2013. Preliminary search of primary sources produced very little Indigenous financial literature studies. Search of secondary sources has produced approximately 50 relevant Indigenous studies.
4. June 2013. First Advisory Committee teleconference to review findings and provide feedback.
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Aboriginal Financial Literacy Initiatives4 – OFIFC – Train the Trainer in Financial Survival Skills
October 2012 – Asked to write proposal for development of a ten hour workshop to train Friendship Centre trainers
Financial Literacy – Defined as knowledge of financial concepts, skills and attitudes where knowledge is translated into behaviours that result in good financial outcomes.
Financial Survival Skill Topics Financial planning, budgeting & savingsBorrowing & investingEarning Income – employment, business, self employmentGovernment programs – student loans, EI, Disability, RetirementLife events & financial stabilityFinancial negotiationBanking and banking services
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Aboriginal Financial Literacy Initiatives5 – Atlantic Chiefs & CFO’s Community Financial Needs
WHO. Working with the Assembly of First Nations (AFN), Aboriginal Affairs and Northern Development Canada (AANDC), Atlantic Chiefs and CFOs
PURPOSE. Identify financial literacy and acumen needs of First Nations communities.
INTENT. Based on needs and gaps, AFOA Canada to develop materials and workshops.
TIMELINE. Project just beginning – complete by end of fiscal period, March 31, 2014.
Questions & Answers
Nia:wen!! Thank You!!For more information please contact:
Dr. Paulette Tremblay, PhD, MA, BEd, BA, ICD.D, CAPA Director of Education & Training [email protected]
Randy Mayes, CAFMManager, Education & [email protected]
Odessa BelangerCAPA Administrative Assistant [email protected]
Telephone: (866) 722-2362Website:www.afoa.ca