A new report by the credit union system is showcasing promising aspects of specific financial literacy approaches that can be used to help to improve the financial capacity of members.
Canadian Central’s latest System Brief, Financial Literacy: What’s best and what’s next is the result of research undertaken by a committee of experts and practitioners in the credit union system. Inspired by the results of the federal Task Force on Financial Literacy the committee looked at over 60 programs offered by financial institutions and other organizations. Based on a set of criteria like interactivity and scalability, the System Brief highlights eight specific programs or approaches that hold promise as what’s next for consumer financial education.
Throughout Financial Literacy Month this November, Canadian Central will be highlighting two specific programs from the report:
Also among the eight highlighted programs are those that use interactivity and principles of behavioural economics to reduce elder fraud and encourage savings among people with lower incomes.