Junior Achievement programs fill the need for financial literacy education

New research showcases why financial literacy education is essential

TORONTO, Nov. 1, 2012 /CNW/ - According to the latest research by Ipsos-Reid on financial literacy released by Junior Achievement today, 93% of Canadians believe it's important for volunteers to teach children the importance of budgeting their money.  In conjunction with Financial Literacy Month, Junior Achievement of Canada announced the new research, which shows that financial literacy is seen as extremely important by Canadians. Financial Literacy Month is held in November and highlights the need for financial literacy and programs, services and tools that help Canadians improve their knowledge, skills and confidence in making the best financial choices.

The research, which was conducted in October 2012, also showed that:

• Canadians believe that having mentors who volunteer to teach youth about managing finances, in general, is quite valuable.  92% of Canadians think it is important for volunteers to teach children how to manage their finances (62% 'very important' and 30% 'somewhat important').
• Canadians believe that important tools for teaching financial literacy aren't just for children.  Half (49%) of Canadians believe it's 'very important' for volunteers to provide parents with tools to teach their children about financial literacy, while four in ten (40%) think it's 'somewhat important'.
• One-third (35%) of Canadians think that it's 'very important' for volunteers to teach children the role of business, while nearly half (47%) say it's 'somewhat important'.
• Residents of Ontario, Saskatchewan and Manitoba are the most likely to find the need to teach children about budgeting their money 'very important' followed closely by Atlantic Canadians, Albertans, British Columbians and Quebecers.

"The research clearly shows Canadians' support for financial literacy education for young Canadians," said Stephen Ashworth, President and CEO (acting), Junior Achievement of Canada. "By delivering engaging educational programs to young Canadians, Junior Achievement is helping to fill the need for financial literacy education in schools."

Junior Achievement is the largest youth business education organization in Canada and plays an important role in developing Canada's future leaders by providing them with the knowledge and confidence needed to define personal success, gain financial responsibility and enhance their workforce readiness. Last year alone, more than 226,000 young Canadians experienced a Junior Achievement program from over 13,500 committed business mentors.  Junior Achievement programs, including Dollars with Sense, Economics for Success and the Company Program are delivered by volunteer mentors to bring the business world experience into the learning environment.

"Junior Achievement recognizes the importance of financial literacy education for young Canadians," said Heather MacNeil, Junior Achievement volunteer.  "By building youth's knowledge at an early age, Junior Achievement is preparing them to make sound financial decisions and informed choices throughout their lives."

There is no doubt that early behaviour and skill development are essential in ensuring lifelong financial success. An analysis conducted by the Boston Consulting Group in 2011 showed that Junior Achievement programs make a significant impact in the financial literacy of students.  Over 75% of Junior Achievement past participants believe the organization's programs had a significant impact in developing their financial literacy skills. Achievers save more, borrow less, and do better financially than the average Canadian.

Junior Achievement provides tools and programs that put financial literacy concepts into practice, so that youth can connect basic economics to their daily life events. Junior Achievement provides students with knowledge on personal and business skills, such as money management, the role of business in shaping our lives, building blocks for a successful career, the impact of technology and innovation, running a business and more.

More about Junior Achievement of Canada
For more than 58 years, Junior Achievement has inspired and prepared more than 4 million youth to succeed. Junior Achievement programs are developed in alignment with three pillars: entrepreneurship; financial literacy; and work readiness. Through partnerships with both large and small organizations, as well as individual business leaders, Junior Achievement of Canada is able to inspire and empower young achievers by providing programs that prepare them for the workforce, educate on the importance of financial literacy and encourage youth's entrepreneurial spirit. For more information, visit www.jacan.org.

These are some of the findings of an Ipsos Reid poll conducted between October 9 to 15, 2012 on behalf of Junior Achievement. For this survey, a sample of 1,005 Canadians from Ipsos' Canadian online panel was interviewed online. The precision of Ipsos online polls is measured using a credibility interval.  In this case, the poll has a credibility interval of +/- 3.5 percentage points for Canadians. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.

* Please note that Junior Achievement of Canada's president and CEO (acting) Stephen Ashworth will be in Ottawa on November 1 to attend the Financial Consumer Agency of Canada launch of Financial Literacy Month.

Junior Achievement spokespeople are available across the country, including

Junior Achievement of British Columbia Jan Bell-Irving President 604-688-3887, ext. 225 www.jabc.org	Junior Achievement Ottawa Kathy McKinlay President and CEO, Ottawa Network for Education 613-366-3085, ext. 258 www.onfe-rope.ca/programs/junior-achievement
Junior Achievement of Central Ontario Sharda Prashad VP Finance and Operations 416-360-5252, ext. 236 www.jacentralontario.org	Junior Achievement of Peterborough, Lakeland, Muskoka John McNutt General manager 705-874-6960 www.ja-plm.ca/
Junior Achievement of Guelph Wellington David Gray Chairman of the Board 519-780-2003 www.jaguelphwellington.org	Junior Achievement of Prince Edward Island Betty Ferguson President & CEO 902-892-6066 www.japei.org
Junior Achievement of London and District Bev Robinson President & CEO 519-439-4201, ext. 224 www.jalondon.org	Jeunes Entreprises du Québec Jean-Pierre Gaumont Président directeur général 514-285-8944 www.jequebec.org
Junior Achievement of Manitoba Greg Leipsic President & CEO 204-956-6082 www.jamanitoba.org	Junior Achievement of Saskatchewan Darren Hill President & CEO 306-955-5267 www.jasask.org
Junior Achievement of New Brunswick Connie Woodside President and CEO 506-455-6552 www.janewbrunswick.org	Junior Achievement of South Western Ontario Barb Smith President & CEO Phone: [phone] www.jaswont.org
Junior Achievement of Newfoundland & Labrador Sandra Patterson President & CEO 709-753-9533 www.janewfoundland.org	Junior Achievement of Southern Alberta Scott Hillier President & CEO 403-781-2578 www.jasouthalberta.org
Junior Achievement of Northern Alberta & NWT Jay Ball President & CEO 780-428-1421, ext. 221 www.janorthalberta.org	Junior Achievement of Waterloo Region Aubrey Walters President & CEO 519-576-6610 www.jawaterlooregion.org
Junior Achievement of Nova Scotia Lynn Coveyduck President & CEO 902-454-4564 ext. 223 www.janovascotia.org

 

SOURCE: Junior Achievement of Canada

To arrange an interview with Stephen Ashworth, please contact:
Kristina Fixter, National director, communications and marketing
Junior Achievement of Canada
416-622-4602, ext. 229 or [email protected]