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Re: Financial literacy is a shared responsibility. Let’s get it right, InvestmentExecutive.com, Aug. 12, 2024

As president and CEO of United for Literacy, a national organization dedicated to promoting literacy in every province and territory, I was pleased to read Andy Mitchell’s opinion piece about financial literacy and the importance of equipping young people with essential future-ready literacy skills. At United for Literacy, we witness daily how vital strong literacy skills are — including financial and digital literacy — for success in school, work and everyday life.

We view financial literacy as an extension of numeracy and essential life skills. Financial literacy enables people to make informed decisions, manage their finances effectively, and enhance their overall well-being. This is as true for those with generational wealth as it is for those who are building their financial acumen.

Financial literacy is a crucial issue for people at all levels of income. For example, high-income earners can face significant challenges because they may lack effective budgeting and financial planning skills.

Financial literacy opens doors to opportunities for everyone. It is essential for a more equitable society, by teaching individuals to budget, save, manage debt and plan.

The non-profit sector, already serving the most underserved populations, plays a crucial role in complementing provincial and federal financial literacy initiatives.

One in five Canadian adults ranks at the lowest level of literacy, according to the Programme for the International Assessment of Adult Competencies. This literacy gap often correlates with limited financial literacy skills, as individuals who struggle with reading typically also struggle to understand financial literacy concepts.

This is one of the reasons why, since 2021, we’ve worked with the Ministry of Education of Ontario to develop financial literacy resources in English, French and Oji-Cree, aimed at helping youth understand and manage their finances. These resources, such as the Grade 9 appreciation and depreciation module and the Grade 12 macroeconomics suite, help youth relate financial concepts to their own lives, whether planning for their careers or higher education or managing a household budget.

These resources have also been used to train teachers, parents and other adults on how to teach literacy skills, so they can help build an enduring culture of financial literacy.

Since financial literacy is not one-size-fits-all, our approach emphasizes the importance of meeting learners where they are and tailoring our resources to be accessible and inclusive no matter where one starts from.

United for Literacy is trying to address these issues by partnering with newcomer settlement agencies, schools, shelters and Indigenous communities to reach those who have fallen through the cracks of traditional education. Last year, we partnered with more than 500 community organizations across Canada to deliver literacy programs in more than 180 communities, reaching over 40,000 Canadians of all ages.

Thank you again for raising this important issue. Let’s continue this conversation and explore how — together — we can empower Canada’s youth with the financial literacy skills they need to flourish. Since 2005, United for Literacy has partnered with the financial industry to host a game night in Toronto in support of literacy, raising $4.2 million. We would be pleased to discuss how you can get involved with the 2025 game night in March.

Mélanie Valcin is president and CEO of United for Literacy (formerly known as Frontier College).