Banks are an active and essential part of the daily life of most Canadians – 99 per cent of Canadians have an account with a financial institution, and so millions turn to banks every day for services and advice to help them save, plan for retirement, start businesses and buy homes.
As a result, banks already provide their customers and potential customers with a wealth of educational material, information, tools and services geared to helping them make the best financial choices.
But they go beyond this. Banks in Canada are also leaders in supporting financial literacy activities and initiatives in communities across Canada.
There are many community organizations delivering financial literacy to vulnerable groups across Canada and many of these programs are supported by banks and involve bankers. Not-for-profit credit counselling agencies provide help for borrowers who are having difficulty repaying their debts, for example, and banks provide volunteers for credit counselling boards and donate millions of dollars to support the work of credit counselling agencies in their communities.
The Financial Consumer Agency of Canada also maintains the Canadian Financial Literacy Database, a list of resources, events, interactive tools and information offered by financial education providers, including banks, and private and not-for-profit organizations across Canada. Resources to help with budgeting and money management, banking, fraud prevention, and more are available.
More information about the banks’ individual efforts to improve financial literacy can be found in their Public Accountability Statements.