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Headline Details Tailored financial education can improve debt and finance management.
Why is this important?
Financial education tailored to individual needs equips people with the skills to make informed decisions about their unique financial situation.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Related priorities
This headline relates to the following National Financial Literacy Strategy priorities and target outcomes:
Related findings
After being enrolled in a debt reduction program for up to two years, the total amount of debt paid off is $1 million across 186 participants, or over $5,000 per person on average.
Initiative: Credit Canada GOLD
Adopter: Credit Canada
Participants in a financial coaching program improved their credit score by 4% on average after 3 months.
Initiative: Credit Canada GOLD
Adopter: Credit Canada
Participants of the FinLit U program reported keeping track of spending and income more frequently after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
Participants of the FinLit U program reported more frequent saving after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
Participants of the FinLit U program reported more frequently paying bills on time after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
Participants of the FinLit U program reported more proactive debt reduction after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
Participants of the FinLit U program reported seeking help with money more actively after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
Participants of the FinLit U program reported staying within their means more often after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.
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