The Canadian Foundation for Economic Education (CFEE) and National Bank 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.
“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,” explained Dr. Moira Somers, financial psychologist; consultant to families and financial advisors around the globe on matters relating to money, mental health.
“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.”
FinLit 101 program highlights include:
-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.
