April 20th, 2016 is Talk with our Kids About Money

Be sure to circle April 20th, 2016 on your calendar.  It is  Talk with our Kids About Money Day.

money

This day is set aside to focus on  encouraging and supporting parents, guardians, and teachers to start or continue such talks with youth. Canada’s Task Force on Financial Literacy noted that improving financial literacy was a shared responsibility, that it would be a lifelong process, and that it was important for financial education to be provided in our public schools.

Visit the Talk with our Kids About Money website here.

Youth Talent Show for the Black History Month

MONNAIE- MONEY // Youth Talent Show for the Black History Month

cropped-facebook-banner.jpgSaturday February 27th 2016, at the Oscar Peterson Concert Hall located at 7141 Sherbrooke Street West, the Carrefour Jeunesse Emploi Côte-Des-Neiges presents the 6th Annual Monnaie Money youth artistic talent show to promote financial literacy and civic engagement.

This event will be an occasion for the public to witness to a dynamic talent show and to discover our program which helps youth to become financially responsible.
We also would like to encourage youth to be leaders within their communities.
Doors open @ 6PM
Info : Brian Smith – Carrefour jeunesse-emploi de Côte-des-Neiges
(514) 817-3941
brian.smith@hotmail.ca

The Monnaie Money Talent Show 2016 – Update

The Monnaie Money Talent Show would like to update you with the following announcements.

We will be presenting a Spring Fashion show produced by Carlton Fashions, this will take place at exactly 6:20pm, so we encourage you to come to the event at exactly 6:00pm when the doors opens.

At the end of the Monnaie Money Talent Show we will honoring 5 distinguished women who have contributed to the development of the Black Community in Quebec.

They are as follows:

  • Ivyline Fleming, President of the Jamaican Canadian Community Women’s League of Montreal Inc.
  • Yolande James, Political Analyst, Radio-Canada television (RDI TV), Former MNA and Québec Minister of Immigration and Cultural Communities, Minister of Family
  • Elizabeth Dembil, Executive Director of Le Carrefour de Liaison et d’Aide Multi-ethnique (CLAM)
  • Tiffany Callender, Executive Director of the Côte-des-Neiges Black Community Association.
  • Karen Licorish, Analyst TD Bank Group.

Also we are proud to announce that the artist Young Soul, the winner of the 2012 Monnaie Money Talent Show will be our special guest performer.

For media inquiries and tickets please contact
Brian Smith
(514) 817-3941
brian.smith@hotmail.ca
What you don’t know can cost you!

Talk With Our Kids About Money Day Program: Kit for Parents or Guardians

Last week, we provided a brief overview of Talk With Our Kids About Money Day Program, a financial literacy initiative from the Canadian Foundation for Economic Education and the Bank of Montreal.

The program’s website is a hub of wealth of information and tools that we decided to log in to see what it has to offer specifically to parents or guardians.

The section is broken down into the following five segments:

  • Overview – A brief review of the TWOKAM program and what it do for parents/guardians and children.
  • Resources – A listing of practical references and tools to show how parents/guardians can teach their kids about money management. Parents/guardians can access:
    o Activities that can done in your community
    o Games to help kids learn
    o Links on the web
    o Books that have stories about money management
    o References from BMO
    o Craft ideas
    o Movies, Music & TV about money
  • Tips and Suggestions – A collection of money management advice that you can share with children.
  • Helpful Links – An extensive list of links elsewhere on the web dealing with every day issues about money.
  • Contact Us – Parents/guardians can submit their questions and comments.
  • Share Your Stories – An opportunity to share your experiences with your children when it comes to talking about money.

Below is a screenshot of the sample set of advice provided in “Tips and Suggestion” section.

TIPS

Talk With Our Kids About Money Day Program

The Canadian Foundation For Economic Education along with the Bank of Montreal twokamintroduced the Talk With Our Kids About Money Day Program, an initiative to engage youth about money matters that will have an impact in their lives.   Although this is a year round initiative, the third Wednesday in April is selected to be Talk With Our Kids About Money (TWOKAM) Day.   This year, (TWOKAM) Day is April 15, 2015.

The topics that are covered in the program can be taught in the classroom and or covered by parents at home.

  • School teachers can find a special ‘Teacher’s Kit’, on the  program`s website that which includes ideas for saving money, lesson plans to share that information with the students, and pamphlets describing the “Money Talks” campaign for students to take home to their parents.
  • Parents can visit the website to gather ideas on how to discuss saving money with their children which includes recommended activities and is organized by age group.

In addition, there is a section for members of the media.   This specific section contains resources to learn about the program and information to better cover financial literacy when it comes young individuals.

In our next blog post, we will highlight the various tools and references that are contained in the TWOKAM `Parents/Guardian section.

Youth Talent Show for the Black History Month

Saturday February 28rd 2015, at the Oscar Peterson Concert Hall located at 7141 Sherbrooke Street West, the Carrefour jeunesse-emploi de Côte-Des-Neiges presents a MMTalentShowFINALyouth artistic talent show to promote financial literacy and civic engagement.

This event will be an occasion for the public to witness to a dynamic talent show and to discover our program which helps youth to become financially responsible.

We also would like to encourage youth to be leaders within their communities.

Mr. Douglas Lloyd from Blackmontreal.com will be the recipient of the Monnaie Money Award of Appreciation for 2015.

Monnaie Money Financial Literacy Video Contest 2014 Winners

On December 19th, 2014, Monnaie Money announced the winners of the 3rd Annual VC2014Financial Literacy Video Contest. The objective of the contest is to engage youth by providing a platform for them to illustrate their knowledge regarding person financial matters. The following videos were evaluated on:
1 – Originality
2 – Financial literacy message
3 – Overall presentation and relevancy to youth today

1st Place – #NoMoneyMoreProblems by Mags

2nd Place – First Job First Bank Account by JFK High School

3rd Place – Iuliu Pop & Sebastien Philemon

4th Place – Comment être financièrement responsable? By Sarah alias Double XL

5th Place – The Hundred-Dollar Studio By Liam Alexandre and Jeremy Devon

6th Place – Vidéo contest 2014 by CJS

A complete list of videos that were submitted for this year’s contest can be found at the Monnaie Money YouTube Channel and on Vimeo.

On behalf of all contest participants, Monnaie Money would like to thank the following supporting partners:

1st Annual Monnaie Money Financial Literacy Quiz

It is quiz time. Time to see whether you were paying attention to our blog posts FLM_logo_Vert_No_Date_rgbdiscussing financial literacy matters. To take the quiz, you will need a pen or pencil, a promise that you will not cheat by peeking at the answers at the end of the question. Good luck to all.

Q1. Which one of the following is NOT describe a credit union?
a) Members of a credit union are the owners of the financial institution
b) Credit unions offer low interest loans
c) Credit unions only offer sources of credit and low interest loans to its members
d) As compared to regular banks, they are very few credit unions that you walk into to perform regular transactions

A1. c) Credit unions offer a wide range of financial services going beyond credit and low interest loans. Some of the common services to banks include: savings and chequing accounts, online banking, mortgages and financial advice.

Q2. What are the best two ways to avoid paying additional fees when making a withdrawal from your bank account via an automated banking machine?
a) Withdraw the amount of money that you will need for fixed amount of time
b) Use your credit card instead of cash to pay for items
c) Withdraw your money from a machine that only belong to your bank
d) Ask to be exempted from the fees charged by the bank

A2. a) and c) Although all four options are viable to avoid paying additional fees, taking out the money you need for a fixed period and only from your bank’s machine are the best choices. Instead of being charged each time at your bank’s machine, withdraw money that will last you for a fair amount of time.

Q3. The major advantage of using your debit card instead of your credit card when it comes to shopping on a frequent basis:
a) You can spend unlimited amount of money without being charged interest
b) You can be exempt from user fees
c) Debit cards cannot be easily cloned and used by others
d) You can track your spending easier for budget purposes

A3. d) Each time that you select to use your debit card, your bank records when, where and how much money was spent. By accessing your record online or via your monthly statement, you see where your money is going and if you can control your spending.

Q4. Ronald has just received a gift of $1000 from his grandparents. He has an outstanding credit card debt of $200 at 19.99% and has borrowed against his line of credit at the bank where he owes $850 at 17.99%. Before depositing the sum of money, his grandmother insists that the gift should be a contribution to buying a pre-used car for him to drive to work. What is the best option for Ronald to do with his gift?
a) Honour his grandmother’s wishes and buy the car
b) Place $1000 in a high yield savings account
c) Pay off his credit card debt
d) Repay the money he borrowed from the line of credit

Q5. Upon checking your email, you notice that you have received a reoccurring message from your bank indicating that you have $250 waiting to be transferred into your chequing account. To satisfy your curiosity, you decide to open one of the emails where you find a message asking you to visit a website where you need to provide your bank account information to ensure that the money is deposited into your account. What do you do next?
a) Close and delete the email
b) Visit the website and provide the required information to complete the transfer
c) Forward the email to friends and family who use the same bank
d) Report that you are receiving the emails to your bank and the police

A5. d) A bank will never email you to inform you that money is waiting to be transferred into any account.   As a result, you should report to your bank and the police that you are a target of bank fraud.

Q6. Carol has started her career in marketing and earns $40,000 per year. Her plan is to start saving for her retirement; however, she would like to have money available in case of emergencies. Which of the following is the safest and convenient place for her savings?
a) Tax Free Savings Account (TFSA)
b) Mutual Funds
c) Registered Retirement Savings Account (RRSP)
d) At home in a glass jar

A6. a) A TFSA fits the needs of Carol because it allows her money to grow over time in a relatively safe investment where money can be withdrawn at any time without incurring a penalty. Selecting a RRSP restricts her from pulling out any cash unless she wishes to pay tax on income earned on the investment in the account.

Q7. In the event that there is a financial crisis in Canada and all banks fall into bankruptcy, how much of a $250,000 savings account is insured?
a) $0
b) $60,000
c) $100,000
d) $250,000

A7. c) Regardless of how much money that you have in your savings accounts, The Canada Deposit Insurance Corporation, a Canadian federal Crown corporation, insures Canadians’ deposits held at Canadian banks up to $100,000 in case of a bank failure.

Q8. The primary purpose of the Bank of Canada is:
a) To insure that all bank machine are well stocked with money
b) To be last option for Canadians to obtain a loan when other banks do not extent credit and loans
c) To be only issuer of paper money in Canada
d) To offer and insure all mortgages for Canadians

A8. c) As an user of the Canadian banking system, you will never have direct contact with the Bank of Canada.   Some of the bank’s main responsibilities are: issuing paper money in Canada, setting monetary policy and being the central bank for the federal government.