Financial Literacy Modules

PURPOSE: To provide residents of the Northwest Territories with the knowledge, skills and abilities required to manage their finances from young adults through to retirement.

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MINISTRY

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Department of Education, Culture and Employment, Government of the Northwest Territories

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DESCRIPTION

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The Financial Literacy Modules are intended to support residents of the Northwest Territories at varying literacy levels to enhance their skills in personal financial management, understand their rights as consumers, and plan for financial security over their lifetime.

Many small communities in the Northwest Territories do not have banks so the modules also address online and phone banking as well as traditional banking methods.

The 11 modules include:

• Household Budgeting;

• Income and Taxes;

• Bank Accounts;

• Banking;

• Credit;

• Financial Planning Tools;

• Consumer Awareness;

• Managing Debt;

• Payday Loans;

• Mortgages; and

• Retirement.

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RESULTS

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Delivery of the Financial Literacy Modules includes community organizations, other government departments, as well as delivery in Adult Basic Education. Organizations that have requested to be able to deliver the Financial Literacy Modules must be trained utilizing ‘Facilitating Adult Learning,’ which is a workshop developed by the Department of Education, Culture and Employment that aids delivery agents in understanding andragogy and the strategies utilized to deliver adult education. Results show that in Adult Basic Education, there is an 83 percent completion rate. Secondary benefits of the modules have been that community organizations trained to deliver the modules have found that their staff are more confident in delivering other workshops as well.

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FURTHER INFORMATION

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Education, Culture and Employment

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