Press Releases

The Canadian Foundation for Economic Education and National Bank launch a new one-of-a-kind financial literacy program

Montreal, 8 February 2022 -

The Canadian Foundation for Economic Education (CFEE) and National Bank today announced that they are launching FinLit 101, a new online and interactive financial literacy program to help improve financial knowledge and capability and thereby help improve both financial health and mental health.  

Research is showing a strong link between financial health and physical and mental health. Prolonged periods of financial stress and anxiety are impacting the well-being of many Canadians. In contrast, making financial decisions that enable one to stay in control of their finances can help reduce stress and anxiety. The program will cover topics such as how to live within one’s means, setting financial goals and achieving them and establishing a strong sense of self-confidence when it comes to managing personal finances. These tips can help improve well-being – mental and physical.

FinLit 101 program highlights

  • Covers 10 modules and approximately 50 financial topics to support improvements to financial capability and managing one’s financial affairs. It enables any user to select specific topics of interest or to work sequentially through the modules for a complete financial literacy learning program.

  • Has been designed primarily for youth aged 15-18 but is relevant to anyone interested in improving their personal financial literacy.
  • Includes resources that are free, available in French and English, that will be continually updated and expanded going forward and that will serve as an ongoing support for improving financial literacy in Canada.

  • Contains sufficient learning material to support a half-credit course for any interested provinces, territories, or organizations providing youth programs. The FinLit 101 program can be used independently by youth for self-learning, or teachers can integrate it into their classroom instruction.

Information on the program is available on the CFEE website. The FinLit 101 website is now available for all to use.

CFEE and National Bank commend all efforts to help improve financial literacy and capability in Canada – thereby supporting Canadians in their efforts to sustain good mental health and better manage financial stress and anxiety. This program will make a significant contribution to helping Canadians, and youth in particular, in their efforts to build happy, healthy financial futures.

Quotes

Dr. Moira Somers, financial psychologist; consultant to families and financial advisors around the globe on matters relating to money, mental health, and well-being; author of Advice that Sticks: How to Give Financial Advice that People will Follow.
 
“There's no doubt about it: money management is a 21st century survival skill. Money and mental health intersect over and over again in life, jointly contributing to such things as relational well-being and family harmony, freedom of choice, access to education and healthcare services, and gender (in-)equality, to name but a few. But preparing our youth for successful adulthood requires that we talk to them about much more than the mathematics of money. I am excited to be joining with CFEE and National Bank today to launch the new FinLit 101 program to help improve both the financial health and mental health of Canadians – and especially our youth as we prepare them for their financial futures.”

Gary Rabbior, President of CFEE

“CFEE, along with others, has been working to bring attention to the correlation between financial health and mental health for some years now,” said Gary Rabbior, President of the CFEE. “We extend our thanks for the great support that has been provided by National Bank to enable us to undertake the most ambitious project in the almost 50-year history of CFEE. We hope, and believe, that FinLit 101 will positively impact the lives of thousands of Canadians in the coming years.”

Lucie Blanchet, Executive Vice-President – Personal Banking and Client Experience at National Bank

“In the current situation, many people are experiencing stress related to managing their finances. That’s why economic and financial education is more important than ever. We believe financial education needs to start early to ensure young people can build good financial habits. National Bank is proud to contribute to this goal through its partnership with the Canadian Foundation for Economic Education.”

About the Canadian Foundation for Economic Education (CFEE)
CFEE is a federally chartered, non-profit, non-partisan organization, founded in 1974, that works to improve economic and financial literacy and enterprising capability. CFEE works collaboratively with ministries and departments of education along with school boards, schools, educators, and teacher associations. CFEE also engages in activities to support and assist newcomers and past immigrants to Canada, and the general public including print resources, videos, workshops, and online resources. Overall, CFEE aspires to help Canadians of all ages be better prepared to undertake their economic roles, responsibilities, and decisions with confidence and competence.

About National Bank of Canada
With $356 billion in assets as at October 31, 2021, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as FacebookLinkedIn and Twitter.

For more information:
Joseph F. Clark
Communications Director
Canadian Foundation for Economic Education
jclark@cfee.org
Tel.: 905-726-3438
Cell: 416-893-8772