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Financial Literacy Month Marked by Credit Union’s $600,000 Donation Supporting Youth Financial Education

Photo: Coast Capital Savings employees explain budgeting concepts to youth attending a public delivery of Dollars with Sense at Guildford Library, Surrey, BC on November 15, 2014. 

Coast Capital Savings, ensures thousands of B.C. teens will receive financial literacy training with a significant donation to Junior Achievement of British Columbia

November 24, 2014

Vancouver, British Columbia – Junior Achievement of British Columbia (JABC) is expanding its financial literacy program Dollars with Sense to reach 27,000 youth across British Columbia, thanks to a record donation from Coast Capital Savings of $600,000 over three years, the non-profit organization announced today.

The expansion of Dollars with Sense, a program that helps students develop financial literacy skills, addresses a need identified in several Canadian studies that found many youth have weak financial skills and little knowledge of the financial realities they will face in the future. A benchmark study completed in 2011, by the BC Securities Commission reported that nearly 4‐in‐10 (38%) young people admit they do not know how much they earned and spent in the last month, and less than half (44%) keep a budget to record income and expenses.

Today’s announcement, as part of the many activities occurring during Financial Literacy month, is welcome news.

“JABC is thrilled to be working with Coast Capital Savings to bring financial literacy education to more students across our province,”said Jan Bell-Irving, President, Junior Achievement of British Columbia. “By supporting Junior Achievement’s financial literacy programs since 2001 both financially and through volunteerism, Coast Capital Savings has helped thousands of BC youth to boost their financial literacy skills and better prepare them for long-term success.”

“Investing in the expansion of Dollars with Sense makes good sense,” said Don Coulter, Interim President and CEO, Coast Capital Savings. “Coast Capital Savings’ goal is to build a richer future for youth in our communities, and it is through this strategic partnership with Junior Achievement of British Columbia we can help impart the principles of good money management in a practical and simple way to young people across our province – paving the way for their future success and financial well-being”.

Junior Achievement of British Columbia’s Dollars with Sense program is designed for students in grades 7 and 8. Its interactive curriculum focuses on budgeting, money and credit management, saving and investing, and financial goal setting. Students are encouraged to learn these financial concepts and are given an opportunity to communicate and practice the concepts through individual and group activities.

As part of on-going efforts to raise the financial acumen of BC youth, the Dollars with Sense program is offered though workshops in 54 BC school districts and community centres around the province, including one held this month at a Surrey library as part of Financial Literacy Month. To learn more about Dollars with Sensevisit http://british-columbia.jacan.org/program/dollars-sense

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About Junior Achievement of British Columbia

Since 1955, British Columbia schools have relied on Junior Achievement (JA) to inspire and prepare our youth to succeed in an ever-changing global economy. This year, over 30,000 students in B.C. will benefit from JA programs delivered by volunteers from local business communities, who bring real-life experience into the classroom. JA programs focus on work readiness, entrepreneurship and financial literacy, giving students the confidence and skills they need to become the next generation of business and community leaders. Visit www.jabc.org for more information on Junior Achievement of British Columbia.

About Coast Capital Savings

Coast Capital Savings is Canada’s second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia and has exciting plans to grow. Product innovations include Canada’s first free chequing account from a full-service financial institution. Coast Capital offers one of Canada’s 10 Most Admired Corporate Cultures™ and was named one of 2014’s BC Top Employers. It is a member of Canada’s Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit www.coastcapitalsavings.com.

For more information please contact:

Rosine Hage-Moussa
Manager, Marketing & Communications
Junior Achievement of British Columbia
604.688.3887 ext. 231
rosine.hage-moussa@jabc.org

Erin McKinley
Sr. Media Relations Advisor
Coast Capital Savings
604.517.7657
Erin.mckinley@coastcapitalsavings.com

BACKGROUNDER

  • Financial literacy amongst youth in Canada is low. The Task Force on Financial Literacy set up by the federal government in 2009 found that almost 50% of Canadians have only a basic understanding of their investments; have very little savings and need to improve their financial literacy in order to add to the stability of our financial system and continue to strengthen the economy.1
  • The 2011 BC Securities Commission study found, out of 3000 youth responders, that:
    •     – Less than half (44%) keep a budget to record income and expenses.
    •     – Very few respondents, 1‐in‐10 (12%) have written financial plans.
    •     – Nearly 4‐in‐10 (38%) respondents admit they do not know how much they earned and spent in the last month.
    •     – 13% of respondents have shared financial passwords or PINs, while 6% have been the victim of fraud or ID theft.
    •     – A majority does not know the interest rate on their bank account (58%), nor did they shop around for their banking services (65%).
    •     – 37% pay monthly banking fees, but only 62% know how much those fees cost.2

By teaching financial literacy skills, in addition to entrepreneurship and encouraging youth to stay in school, Junior Achievement of Canada creates an annual return to society of $45 for every $1 spent.3

Over 75% of Junior Achievers cite Junior Achievement as having a significant impact in developing their financial literacy and decision-making skills.3

1. Canadians and their Money: Building a brighter financial future, Task Force on Financial Literacy, 2010
2. National Report Card on Youth Financial Literacy, British Columbia Securities Commission, 2011
3. Making an Impact, Assessing Junior Achievement of Canada’s Value Creation,The Boston Consulting Group, 2011


Coast Capital Savings employees volunteer their time to deliver Dollars with Sense at Guilford Library, Surrey, BC on November 15, 2014.

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