“Learning how to invest their hard-earned money wisely gives youth a better chance at life. This has become a real passion for me.”
Brian Smith, winner of the 2010 Passion for Financial Literacy SEDI Award
Launched in 2008, the Canadian Centre for Financial Literacy (CCFL) is a division of the national, charitable organization SEDI. The CCFL is the first of its kind in the country. It is the only Canadian centre that delivers easy-to-use money management training to low-income groups. It works through partnerships with community-based social agencies in an effort to effect positive change.
The goal is to educate Canadians to make informed decisions about their money and the financial resources available to them. To achieve this goal, the CCFL aims to combine efforts with governments, businesses and community organizations.
To date, it is estimated that over 4.7 million people are living on low-incomes in Canada. The CCFL was created to increase financial literacy among those who can’t afford a financial advisor and have difficulties managing an income, saving, and investing wisely.
The CCFL believes that, for a nation and its people to achieve lasting economic stability, financial literacy is key. Financial literacy is a basic skill that helps individuals to function in society and build a better quality of life.
There is no shortage of work to be done in helping people to make sense of their personal finances and make more informed decisions. One quarter of adult Canadians have no savings for the future. Less than half of the credit cards in circulation in Canada are paid off monthly. Most people aren’t really planning ahead for a rainy day.
In its initial phase, the CCFL will provide community organizations with financial literacy training, tools and resources that can be incorporated into their services. For the first five years of operation, the CCFL will seek to reach out to over 230,000 low-income people across Canada.
Learn more about the CCFL’s areas of work.
SEDI and TD Bank Financial Group are the founding sponsors of the CCFL.
SEDI is a Canadian national charity which has been at the forefront of initiatives that enable people to save and invest wisely and participate in the economic mainstream. The organization’s work focuses on three areas: financial literacy, asset building and entrepreneurship.
Since its founding in 1986, SEDI has helped shape significant social policies in Canada by conducting market and policy research and by acting as a knowledge broker between communities and governments.
In 2008, SEDI saw the need for a coordinated effort to increase financial literacy outcomes in Canada. The organization called upon the federal government to create a financial literacy task force that would make recommendations to the Minister of Finance on a national strategy. The task force was included in the 2009 Canadian federal budget and is expected to be established within the year.
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