Real Lessons About Money Earn an “A”

“Very informative and eye-opening.” “I could see the light bulbs going on over the students’ heads.” That’s what students and teachers say after experiencing “There’s Something About Money” financial literacy seminar for senior high school students, sponsored by the Canadian
Bankers Association (CBA). The CBA today released the 2004/2005 report card for the non-commercial seminar program, now in its seventh year, with both students and teachers from Newfoundland and Labrador awarding an “A” to the lessons about saving, budgeting, and managing credit wisely. The report card is being released as part of Investor Education Month.
Among the report card’s findings:

- 97 per cent of students and teachers rated the overall seminar
content good to excellent.

- nine out of 10 students felt better equipped to prepare for their
financial future as a result of the presentation.

- students believe the content is relevant to their lives and helpful
for their future planning, whether that’s attending college or
university, entering the workforce, or starting their own businesses.

“The bottom line is you can control money or have it control you - it’s
your choice. And, young people get it. They are recognizing the importance of
developing good money management skills early in life,” said Lindsay Williams,
Director, Atlantic Region at the CBA. “Students know that financial literacy
is a necessity in today’s world and can mean the difference between achieving
and falling short on the goals that they set for themselves; whether that’s
saving for their education, investing for the future or ensuring that they
don’t accrue debt they can’t handle.”
Since it began six years ago, over 3,900 sessions have been delivered to
115,990 students in communities across Canada. In Newfoundland and Labrador
there have been 19 seminars presented to 754 students.
The TSAM seminar is a free 75-minute program designed for high
school students in grades 10 and up and is delivered in-class by local community
bankers who volunteer their time and expertise. There are now 16 bankers from
Newfoundland and Labrador trained to deliver the program. Banks participating
in the seminar program throughout the country are BMO Financial Group, CIBC,
Canadian Western Bank, HSBC Bank Canada, Laurentian Bank of Canada, National
Bank of Canada, RBC Financial Group, Scotiabank and TD Bank Financial Group.
Students receive an information kit covering seven topic areas
along with additional resource material. Using a pop quiz, presenters walk students
through issues ranging from the importance of saving and budgeting, to the
power of compound interest to the cost of using credit and understanding
investing.
The in-class program is complemented by the “There’s Something
About Money” interactive website, a portal that provides young people with links to
hundreds of online resources about money management geared to their needs. The
portal was developed by the Your Money Network, a partnership of more than 50
organizations, including federal and provincial government agencies and
industry associations. The 2004/2005 TSAM Report Card is available on the
website at href="http://www.yourmoney.cba.ca">www.yourmoney.cba.ca.
Teachers and principals interested in arranging a seminar for their
school can contact the CBA at 1-800-263-0231 or visit the “There’s Something
About Money” website at www.yourmoney.cba.ca.

The CBA is a partner in Investor Education Month, sponsored by The
Council for Investor Education, which is a national forum of not-for-profit
organizations and regulators interested in empowering Canadians with the
knowledge to make more informed financial decisions.