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Plain Language and Financial Literacy

What is Financial Literacy?

Financial Literacy is the set of skills, knowledge and confidence that gives a person the “ability to make informed financial decisions”.

For the low literate, it is an essential skill for survival in modern Canadian society.

Financial literacy is needed by all consumers in a knowledge economy.

Newcomers to Canada and those with lower than average reading levels may face particular challenges in obtaining financial or consumer information.

Barriers, such as language, cultural and settlement problems also affect their ability to understand and use the financial and commercial systems in Canada.

Other low reading groups in Canada are also vulnerable in our economic system.

General poverty has been shown to limit an individual’s opportunities to build financial understanding.

People struggling with poverty have the most to gain from programs that can help them move towards self-sufficiency.

Links

For more information and resources useful for literacy classrooms, check on these websites:

• The FCAC (Financial Consumer Agency of Canada) has some very interesting materials but most are at very high reading levels.
• The Consumers’ Bureau of Manitoba has wonderful information - all in Plain Language at the grade 5 reading level.

Other sites with information but at a variety of reading levels and complexity are:

• Picture This! Financial Literacy Kit is a financial literacy kit for agencies serving low literacy adults and teens unfamiliar with the U.S. banking system. The curriculum emphasizes experiential learning through visual aids, pictorial stories, life skills and realistic examples.
• Building Your Future an engaging and relevant financial literacy curriculum to help teens master the foundational elements of personal finance and to prepare for life after high school.
• The Facilitator Guide consists of introductory notes and three separate modules – core, primary and secondary – with a CD-ROM of slides.
• Task Force on Financial Literacy the Department of Finance Canada invites you and all Canadians to assist them in this important initiative by sharing your views on financial literacy with them, until May 13, 2010.

Some sites with Financial Literacy Resources:

• Institute for social and economic development
• The Actuarial Foundation
• Consumer and Financial Literacy Professional Learning Program