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.

Talk With Our Kids About Money Day

The “Talk With Our Kids About Money” Day 2015 is fast approaching. The event is taking place Wednesday April 15th.

We encourage members of the media to participate in “Talk With Our Kids About Money twokamDay.” There will be opportunities to do stories, interviews, panel discussions, articles, and more.

The program encourages Canadians to have conversations with youth about money and personal finance. The annual event takes place the third Wednesday in April, this year, April 15, with a “Home Program” for families and a “School Program” for Grade Seven students and teachers. Both parents and teachers can visit the online hub, http://www.talkwithourkidsaboutmoney.com, free for anyone to access, and updated with resources and curriculum ideas.

Some of the Launch Activities that will be taking place in Québec that could attract media coverage on the “Talk With Our Kids About Money Day” on Wednesday April 15th are:

  • At LEARN Québec in Laval – from 9:30 am to 11:00 am
    2030 Dagenais Blvd. West, Laval
    A Videoconference involving teachers and students in virtual classes at several remote sites across the province. Seven sites will participate in this activity. The presenter will be located at the site in Laval. Brian Smith Vice-President Quebec Operation and Financial Literacy expert will be having a conversation on money topics and will be inviting students to participate in a fun and engaging activity. With this activity we are hoping to reach out to as many students and teachers as possible on the TWOKAM Day on Wednesday April 15th. Sonia Zahabi, Branch Manager representing BMO will be joining Brian Smith Vice-President, Quebec for the Canadian Foundation for Economic Education for this activity.
  • At École secondaire La Voie CSDM – 12:30 pm to 1:30 pm
    6755 La Voie Street, Montreal
    An Open House activity to celebrate Talk With Our Kids About Money Day. The student population and teachers will be invited to join in the conversation.
  • At Carrefour jeunesse-emploi Côte-des-Neiges – 5:00 pm to 7:00 pm
    6555 chemin de la Côte-des-Neiges, Montreal
    An Intergenerational Activity will take place involving participants from different generations, seniors, parents and youth. They will be encouraged to share their experiences and stories on money topics.

If you are interested or if we can help in any way, please contact us and we will be pleased to assist you.

Brian Smith
Vice-President – Quebec Operations
FCEE
514-817-3941
bsmith@cfee.org

Jacynthe Dallaire
Provincial Coordinator in Quebec
Talk With Our Kids About Money
FCEE
514-278-8789
jdallaire@cfee.org

 

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.

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.

Monnaie Money At The National Conference on Financial Literacy

The Monnaie Money team was out west in Vancouver last week for the National Conference on Financial Literacy. The theme of the conference was “Strengthening Financial Literacy Through Collaboration”.

Conference topics included:

1) Exploring ways to move the dial on financial literacy indicatorsFinlitConference
2) Preliminary results from “The 2nd Canadian Financial Capability Survey
3) Examples of successful collaboration
4) Best practices in program evaluation
5) The launch of The National Financial Literacy Resource
6) Case studies in changing financial behaviour

It was a great opportunity to network with other organizations in the financial literacy industry.  Focus groups were held to make recommendations to the National Financial Literacy Steering Committee.

We really enjoyed the presentation from the youth the Enactus St. Lawrence College, “Manage Your Money Project”. In addition, we were interested in the various topics on financial behaviour which focused on why we make certain decisions when it comes to money. Bravo to the Financial Consumer Agency of Canada and to all the individual and agencies involved.

Financial Literacy in Canada is definitely heading in the right direction.

8 Things That Financial Literacy Can Do For You

November is Financial Literacy Month in Canada  Several organizations across the FLM_logo_Vert_No_Date_rgbcountry are holding various events to promote the importance of financial literacy skills.   From contests to workshops, learning the basic money management skills and being aware of threats to one’s wallet in terms of fraud schemes and scams are essential.   Becoming a better money manager is an investment that you can reap the benefits in the short and long term if you are willing to acquire the necessary skills and remaining informed.

Below are 8 results that can be seen when one selects to become financial literate.

1. Know where your money is coming and going

By creating a monthly budget, you can track your cash flow. From your pay cheque or pension benefits to groceries expenses, your budget will tell you the level of surplus or debt that you must manage. This financial literacy skill will assist you in making decisions such as how much you should put aside in a savings account or reducing expenses to avoid going into further debt.

2. Control your spending

Using a credit card to go shopping can be dangerous. Credit cards can prompt you to spend money that may not have in the bank. By being aware of your access to credit and interest rates, you can control your spending knowing the short and long term consequences of going into debt. Instead of using a credit card, you may select to use your debit card or cash to shop.

3. Prepare for your financial future

Do you have plans to buy a house? Would you like to retire comfortably? The financial literacy skill of long term saving is essential. Knowing how much to save per month and types of investment tools that are available to you is a responsibility that must be taken seriously and requires discipline. For young individuals, financial literacy will instruct you to start saving and investing early to benefit from compound interest over a long period time. Middle-age individuals will have the ability to shelter their money from taxes and retired individuals should be able to reduce debt levels and better manage funds given increasing household expenses.

4. Manage your debt

One of the major needs for financial literacy is dealing with debt. From avoiding the use of debt (i.e., credit cards, personal loans, etc.) to understanding interest payments, being able to deal with debt can make life easier from a personal finance point of view.

5. Increase your awareness of potential fraud

Fraud prevention is an aspect of financial literacy. In order to protect yourself from financial fraud, it is wise to be aware of the common and prevailing approaches that fraudsters gain access to your personal and banking information. March is Fraud Prevention Month, when the Competition Bureau of Canada executes their campaign to share tips to avoid fraud of all kinds.

6. Have your money work for you

Want to have your money work for you? If so, then it is time to become more informed on the different types of investment avenues for your needs. By understanding the different options and respective their benefits and pitfalls, you can decide where to put your money to watch it grow over time.

7. How to best use credit

We all have access to credit in different forms such as credit cards, personal loans and mortgages which entails incurring debt. To avoid the difficulties that are linked to going to debt via using credit, it is best to have the skills to know the best situations to use credit and sound strategies to pay back money with the least amount of interest.

8. Understand how banks work

The majority of your money is probably is in a bank; however, do you know how your bank manages your deposits? What type of products and services that you can benefit from to help to your money to grow? By becoming more financial literate, you will be able to compare difference banks in terms of what they offer and decide to move your money to another financial institution to meet your financial goals.

Acquiring the basic financial literacy skills to avoid common money management problems is an ongoing process. Although you can gather as much information as you can from different sources and organizations, it is your responsibility to apply the practical tips to improve your financial situation for the future.

Keep informed on what is shared on Twitter regarding financial literacy, click on the hashtags, “finlit” and “financialliteracy

S.M.A.R.T.

Image

$MART