Financial Literacy

What is it?

Financial literacy (or financial knowledge) is the the ability to apply skills, knowledge, and actions that allow a person to make informed decisions regarding money. For people experiencing disabilities or are Deaf, building financial literacy can be a challenge. This page documents some of these challenges and possible approaches to overcoming these issues.

Articles

This Articles section includes research papers, news articles, and other information published on the Internet.

• “Scotiabank study reveals top five banking challenges for newcomers to Canada” by Scotiabank. Summary of results from a survey of newcomers to Canada and the challenges they face accessing the financial system. This includes financial literacy, access to credit, and fraud.

• “Make Change that Counts: National Financial Literacy Strategy 2021-2026” Financial Consumer Agency of Canada. The Financial Consumer Agency of Canada’s plan to address financial literacy barriers in Canada. This includes reducing barriers through better methods and communication, making changes to the financial ecosystem to be more accessible, and building up skill and knowledge amoung Canadians.

• “Cracks showing in Canadians’ financial confidence as majority face barriers to feeling in control of money” Interac Corp. Article outlines challenges and anxiety Canadians face in accessing and managing their finances.

• "Financial Capability of Adults with Disabilities" by Nanette Goodman, et. al / National Disability Institute. The report highlights the challenges faced by people with disabilities in managing financial resources and making financial decisions, and provides a framework for designing programs, products, education, and services that may improve their financial stability and capability.

• “Consumer Vulnerability and Credit Card Knowledge Among Developmentally Disabled Citizens” by Phylis Mansfield / Journal of Consumer Affairs. This study represents an exploratory investigation of credit card knowledge among one vulnerable consumer segment.

• “Breaking Down the Barriers to seeking Financial Advice” by Tashia Batstone / Investment Executive. There is evidence of reduced financial anxiety with having a financial plan. The article explores the barriers seeking financial advice.

• “Financial Literacy: What It Is, and Why It Is So Important” by Lucie Blanchet / National Bank of Canada. Defines what financial literacy means, the impact it has, and how to increase capacity.

• “Financial Literacy helps Canadians get through tough economic times” by Elvira Truglia. Explores financial literacy, the impact of the COVID pandemic, and what it means for newcomers.

• “Financial Literacy and People Living with Disabilities” by Prosper Canada. This overview of financial literacy and people living with disabilities, including challenges facing consumers and approaches institutions can take to improve their reach by service and product design.

• “Identifying and Removing Psychological Barriers to Seeking Financial Advice” by Dr Laurence Ashworth and Dr Lynette Purda, Smith School of Business, Queen’s University. This study explores the psychological traits related to willingness to seek out financial advice.

Experiences

This Experiences section includes stories, perspectives, and experiences submitted by people experiencing disabilities or is Deaf. Where necessary, personal information have been changed to protect the privacy of the people involved.

• Ruth wanted to enroll her son in a financial literacy training program before he moved out to live independently. He is reliant on captioning or sign language interpretation. She could not find any financial literacy training that offered these accessibility services.

Other issues being raised or addressed

• Many people take advantage of educational programming and workshops from community organizations they’re connected to. (Deen Support Services)

• Financial literacy can also come from being in community with other people with disabilities and Deaf people to learn about programs, benefits, and services for them. (Deen Support Services)

• “Basic” financial literacy isn’t just about financial terms and services, it’s much more holistic for people who haven’t interacted very much with the financial system at all. This can include how to access banking, how to get ID, learning about bills and how to pay them, learning what’s a want vs what’s a need, learning about how credit and debt work, and learning how to set boundaries with friends and family who want you to contribute financially. (University of Alberta)

External groups

The External Groups section contains links to organizations or individuals who are working, advocating, or innovating in this space. The parties mentioned in this list are not endorsed by the IDRC.

• Prosper Canada - a charitable non-profit offering training and resources for people supporting people experiencing disabilities in Canada. Courses include financial literacy coaching and workshop training.

Contribute to this topic

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• Use the comment feature on this page by either: 1) highlighting text on the page and select “Comment”; or 2) using the “Comment” section at the bottom of the page.

• Completing the article submission web form or by completing the article submission Word document and emailing it to jhung@ocadu.ca.

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