2/21/2008
OTTAWA, February 21, 2008 The Financial Consumer
Agency of Canada (FCAC) and the British Columbia Securities Commission (BCSC)
today announced a partnership to develop a comprehensive, Web-based tool to
help
young Canadians acquire strong financial life skills. This new tool is modelled
on BCSC's
teaching resource The City: Financial Life Skills for Planning 10,
currently used in high schools throughout British Columbia.
"There seems to be an emerging consensus that it is very important for
young Canadians to become financially literate. Understanding basic concepts
such as budgeting and savings, credit and debt, and financial planning will arm
students with the tools they need to navigate the financial realities of
adulthood," said FCAC Commissioner Ursula Menke.
BCSC first
developed this resource for educators who teach Grade 10 students the Planning
10: Finances course, which is mandatory in British Columbia. The resource's
innovative approach blends the use of fictional characters with real-life
financial activities and decisions, which are organized in a hands-on,
activity-based format. As each financial topic is introduced, students learn
the
concepts and information through eight "life stage characters", each
of whom faces different financial circumstances.
Since introducing the resource in November 2004, BCSC has delivered copies to more
than
1,400 teachers in all 60 of British Columbia's school districts.
"Our new partnership with FCAC will make our financial life skills program available to
all Canadians, and give even more students an opportunity to achieve their life
goals," adds Doug Hyndman, Chair, BCSC.
A recent survey of almost 6,000 adult Canadians, commissioned by the
Canadian
Securities Administrators (CSA), found that fewer than two in 10 (or 17
percent)
recall having taken courses in personal financial management in elementary
school. Furthermore, one-quarter of adult Canadians do not have any savings for
the future, and one in 20 have been victims of investment fraud.
"Many young Canadians leave high school with very weak financial skills
and little knowledge of the financial realities they will face. As a result,
they make costly mistakes with serious long-term consequences. We want to give
them a tool that will help them manage their finances and avoid financial
problems in the future," said FCAC Commissioner Menke.
FCAC will
launch the new resource, in English and French, on the Agency's Web site in
the fall of 2008.
FCAC ensures
compliance with consumer protection laws, and monitors compliance with the
codes
of conduct and public commitments that apply to banks and federally
incorporated
trust, loan and insurance companies. FCAC also provides consumers with accurate, objective
information about financial products and services, and informs Canadians of
their rights and responsibilities when dealing with federally regulated
financial institutions.
BCSC is
the
independent provincial government agency responsible for regulating trading in
securities in British Columbia.
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Media contacts:
Martine Bélanger
Media Relations Officer
FCAC
613-941-8982
belanger.martine@fcac.gc.ca
Ken Gracey
Media Relations
BCSC
604-899-6577
kgracey@bcsc.bc.ca
