Industry reaffirms collective commitment to financial literacy

Advocis, Canadian Securities Institute, and RBC set out initiatives to provide educational resources and information

Industry reaffirms collective commitment to financial literacy

With Financial Literacy Month just around the corner, different organizations representing Canada’s financial services industry have unveiled their plans to raise the level of awareness and education among consumers and investors.

Among other activities, the Financial Advisors Association of Canada (Advocis) has announced a number of youth-focused initiatives, including an activity-based “Fin Lit Kit,” a financial literacy game on the popular Roblox platform, and a continuation of the hypothetical “Junior Financial Advisor” designation introduced in 2020.

The organization is also planning weekly shows on Instagram Live with advisors, new advisor-written articles on the website, and a special edition of the Coffee Talks webinar series hosted by Dr. Supriya Syal from the Financial Consumer Agency of Canada.

“We believe that our member-clients and the public interest are best supported when entire families can be involved in financial advice, and that young people are enthusiastically brought into these discussions as they grow up,” said Julie Martini, vice president for Public Affairs and Marketing at Advocis. “The intergenerational wealth transfer which has already begun makes this especially relevant, but Canadians of all ages can benefit from greater financial literacy – and we look forward to how we and our professional membership can contribute.”

For its part, the Canadian Securities Institute (CSI) is hosting a series of free webinars open to all Canadians hoping to reach their financial goals. Aside from a presentation titled Baby Boomers, Millennials, and Wealth Transfer: What You Need to Know held on October 27, the institute is covering:

  • Newcomers: Fast Track Your Financial Career in Canada (November 3);
  • Investors' Guide to Digital Assets (November 10); and
  • A Woman's Guide to Personal Finance (November 17).

RBC has also launched its online Financial Literacy for Indigenous Peoples Course, developed in collaboration with the First Nations Child & Family Caring Society, which aims to help Indigenous people on their wealth-building journey with access to resources and information on managing personal finances.

The program was created in response to a recommendation from a gathering of First Nations youth in 2019 discussing the need for changes to child welfare and a compensation that the Canadian Human Rights Tribunal had ordered to be paid to First Nations children, youth and their families.

“We know from the research and recommendations of Indigenous peoples that receiving a lump sum in compensation can be a stressful and even re-traumatizing experience,” said Dale Sturges, national director, RBC Indigenous Financial Services. “By providing straightforward, accessible information, as was recommended, our hope is that this financial literacy program will be a useful tool for people.”