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FCAC and BCSC Launch New Educational Resource for Young Canadians

September 4, 2008

The Financial Consumer Agency of Canada (FCAC) and the British Columbia Securities Commission (BCSC) today launched The City, a new financial education resource, designed to help young Canadians improve their knowledge of today’s complex financial reality.

“The City is a comprehensive and easy-to-use tool that will engage both teachers and students alike, while making learning about money matters relevant and effective,” said FCAC Commissioner Ursula Menke. “In a world where today’s youth quickly develop a keen interest in money it is important that they acquire strong financial life skills early so they can avoid making costly mistakes.”

The City is a free, web-based teacher resource that engages youth by using an imaginative and interactive hands-on approach to learning, providing practice in real-life skills and making financial concepts easy to understand. As each topic is introduced, students learn through eight “life stage characters,” each of whom faces different financial circumstances.

The City features 2 components – a classroom resource for teachers, comprised of 11 learning modules, and 8 interactive self-directed modules for teachers, youth and members of the general public. The City is available, in both English and French, at themoneybelt.gc.ca.

The City is modeled on a successful, award-winning teacher resource the BCSC developed for educators who teach Grade 10 students the Planning 10: Finances course, which is mandatory in B.C. high schools. The resource is used in all 60 of B.C.’s school districts and has been delivered to more than 1,400 teachers since it was introduced in November 2004.

“Learning how to manage money and key financial concepts in high school can help young people meet their life goals and better understand how to manage their finances,” said Doug Hyndman, BCSC chair. “We are excited about our partnership with FCAC and glad to see that teachers and students across Canada will have access to this innovative resource.”

The program meets learning outcomes related to financial literacy in courses such as career planning, business education and mathematics in every province and territory. FCAC is also rolling out optional teacher training workshops, so that educators can become comfortable with The City’s topics, or discover ways to incorporate the flexible modules into their existing lesson plans.

FCAC ensures compliance with the consumer protection laws, and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally-regulated financial institutions.

The British Columbia Securities Commission (BCSC) is the independent provincial government agency responsible for regulating securities trading in the province. The BCSC protects investors and fosters efficient capital markets through the administration of the B.C. Securities Act. The commission also educates investors through a comprehensive investor education program that is delivered through InvestRight.org.

 Contacts: FCAC Sylviane Desparois Communications Officer 613-941-4990 desparois.sylviane@fcac.gc.ca  BCSC Ken Gracey Communications Officer 604-899-6577 kgracey@bcsc.bc.ca

SOURCE: Financial Consumer Agency of Canada and British Columbia Securities Commission




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