TORONTO, Nov. 26, 2013 /CNW/ - A new partnership between two of Canada's financial literacy leaders is providing parents with an unbiased and free online resource to help them teach their kids about money.
Investor Education Fund (IEF), founded and supported by the Ontario Securities Commission (OSC), and CPA Canada, the national body representing the new Chartered Professional Accountant (CPA) designation, are announcing the joint effort as part of Financial Literacy Month.
"Partnering with the Chartered Professional Accountants of Canada underscores IEF's goal of finding the most innovative ways of sharing high-quality financial literacy resources with Canadians," says Tom Hamza, president, IEF. "We feel that CPA Canada has great expertise and a perspective that our audiences can benefit from. We look forward to continuing our educational efforts together."
CPA Canada resources are part of an expanded IEF InspireFinancialLearning.ca website that helps teachers and students - and now parents - teach kids about money. The new resources include a series of articles and activities for parents of children aged five and up that cover various facets of personal finances - such as learning how to save money, track spending, set goals, make charitable decisions and even invest. Robin Taub, CPA, CA, author of CPA Canada's A Parent's Guide to Raising Money-Smart Kids and a regular contributor to IEF's Masters of Money blog, is the lead writer and researcher on the project.
The new content responds to the keen interest expressed by many Canadian parents in helping their kids develop money and investments skills. A September 2013 study by IEF showed that:
- 92 per cent of parents think it's essential for their children to know how to manage money
- Only 44 per cent of parents believe their teens are ready to manage money
- 81 per cent of parents are unsure or don't think that their kids are being taught financial skills in high school
CPA Canada's Nicholas Cheung says his organization welcomes the opportunity to work collectively with IEF. While IEF and CPA Canada support and contribute materials for financial literacy education in Ontario schools, both organizations recognize the enhanced value achieved when money management is emphasized and practiced at home.
"It is important that we find ways to put parents more at ease when they are talking money with their children," explains Cheung, who is a director with CPA Canada. "Our organization's research revealed that parents who are most successful at teaching money management skills familiarize their children with the family's financial situation. Being open and transparent about money matters helps to spark conversation, produces a higher level of trust and helps youth develop their own financial goals."
About Investor Education Fund
Investor Education Fund (IEF) is a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help you make better money decisions. IEF offers research-based financial information to consumers via GetSmarterAboutMoney.ca and to students, parents and teachers through InspireFinancialLearning.ca and extensive classroom programs.
About CPA Canada
CPA Canada is the national organization established to support unification of the Canadian accounting profession under the Chartered Professional Accountant (CPA) designation. It was created by the Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) to provide services to all CPA, CA, CMA and CGA accounting bodies that have unified or are committed to unification. As part of the unification effort, CPA Canada and the Certified General Accountants Association of Canada (CGA-Canada) are working toward integrating their operations.
Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.
For information about CPA Canada financial literacy resources, visit www.financialdecisionsmatter.com.
About Financial Literacy Month (Canada)
Financial Literacy Month is a national event held each November to emphasize the importance for Canadians of making informed financial decisions. Co-ordinated by the Financial Consumer Agency of Canada (FCAC), it aims to increase financial knowledge, skills and confidence. Financial Literacy Month is supported by public organizations with a mandate for or interest in financial literacy across the country, as well as by individual companies in the financial and investment sectors.
SOURCE: Investor Education Fund (IEF)
For further information:
Investor Education Fund