“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
Why did SEDI create the Canadian Centre for Financial Literacy?
In 2008, after several years of working on financial literacy initiatives and conducting market research, SEDI concluded that front-line organizations serving vulnerable groups across the country had two key unmet needs when it came to the delivery of financial literacy programs:
- Training to help organizations build their capacity to deliver financial literacy programs.
- A way for front-line agents to connect with others working in the area of financial literacy in Canada, share information and best practices and find reliable resources.
Based on these findings, SEDI decided to create a new division, the Canadian Centre for Financial Literacy, and dedicated it entirely to responding as effectively as possible to the needs of community organizations to offer financial literacy training to their clients. Consequently, the Canadian Centre for Financial Literacy would move financial literacy forward in the country.
These two identified needs became the pillars of the CCFL, along with a third area: consulting for large nonprofits, governments and companies interested in financial literacy initiatives.
For operational and communications reasons, it was more effective for SEDI to create a new entity, or division, to focus on financial literacy. SEDI’s other departments remained dedicated to the organization’s broader areas of work: research and social program and public policy innovations related to socioeconomic development.
Does the CCFL have its own Board of Directors?
The CCFL is a division of SEDI hence it is under the governance of SEDI’s Board of Directors. SEDI also has an Advisory Committee on Financial Literacy, which makes recommendations on SEDI’s financial literacy initiatives, including the CCFL.
Who are the CCFL’s funders?
Funding for the CCFL operations comes from TD Bank Financial Group, a founding sponsor of the CCFL. The Centre’s programs are funded by an array of supporters in the public and private sector as well as foundations. To view some of the CCFL’s supporters and the initiatives they invest in, please click here. [CCFL Projects]
Who are the CCFL’s partners?
The CCFL’s partners are community-based organizations across Canada who have sought the Centre’s partnership to improve their capacity to deliver effective financial literacy programs. The CCFL’s partners receive training and have access to resources relevant to the field. To learn more about how you and your organization can work with the CCFL, please click here.[Services]
What are the CCFL’s target groups?
Through extensive market research, the CCFL identified five key target groups – youth, Aboriginal Peoples, newcomers to Canada, families with children, and women – and has prioritized its activities with a focus on these groups.
Does the CCFL conduct research?
As a division of SEDI, the CCFL collects statistical data and feedback from program participants that are used by SEDI to evaluate the effectiveness of initiatives and approaches. Major research projects in the area of financial literacy are conducted by SEDI.
Does the Centre’s mandate also include influencing public policy change?
Policy research and development remain one of SEDI’s core areas of work. Although the CCFL may participate in research projects and public policy recommendations, SEDI is the lead organization for these initiatives. The CCFL strives to be a catalyst for action to increase financial literacy in Canada.
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