New report provides snapshot of Canada's community financial education field

TORONTO, Nov. 26, 2015 /CNW/ - National charity Prosper Canada has released a new report demonstrating the impact of the TD Financial Literacy Grant Fund, Canada's first national granting program dedicated to building the financial literacy of Canadians with low incomes, and providing a snapshot of Canada's growing community financial education field.

Released at the national 2015 ABLE Financial Empowerment Conference, Building Financial Education: Impact and Insights from the TD Financial Literacy Grant Fund highlights the reach and impact of a $10.4 million investment by TD Bank Group towards strengthening financial education in Canada -- an investment that enabled over 75,000 Canadians with low incomes to build their financial literacy. 

"The TD Financial Literacy Grant Fund helped to build Canada's emerging community financial education field and, as our report shows, is leaving an important legacy of skilled educators, tailored resources for Canadians with low incomes, new knowledge and ongoing programming," said Elizabeth Mulholland, Chief Executive Officer of Prosper Canada, the Fund's administrator. "Our goal now is to leverage this legacy to build greater sustainability, reach and impact for the future."

"We have been proud to support the TD Financial Literacy Grant Fund," said Scott Mullin, Vice President, Community Relations, TD Bank Group. "Through our involvement in financial education, TD has gained a strong appreciation of the barriers that vulnerable Canadians can face when it comes to building a better financial future. We have also seen the tremendous impact that can be achieved by working with community partners across Canada to build financial literacy and create real pathways to opportunity for Canadians and their families." TD Bank Group is a Co-Founder and supporter of the Prosper Canada Centre for Financial Literacy.

The TD Financial Literacy Grant Fund was established by TD and Prosper Canada to break down financial literacy barriers that pose a particular hardship for people with low incomes. One hundred and thirty-nine grants were awarded to projects in every province and the Northwest Territories. Grants targeted initiatives serving people with low incomes, including those focused on low-income youth, newcomers, Aboriginal people, people living with a disability, people in conflict with the law, seniors, people facing homelessness and people living with mental health issues.

The Grant Fund report captures key practitioner insights on the financial literacy needs of Canadians living in poverty and offers suggestions on how to design and deliver effective programs that address these needs. The report also provides a snapshot of the nature and diversity of the community financial literacy field in Canada today and some key challenges it faces, including:

• Ensuring community educators are well trained and equipped
• Capacity to meet high program demand
• Limited evaluation resources and expertise
• Sustainable funding.

Prosper Canada is inviting organizations from all sectors to help address these challenges by:

• Increasing financial education training opportunities
• Integrating financial literacy supports into other social and financial services
• Supporting the creation and sharing of relevant, high quality financial literacy resources; and
• Enhancing evaluation support.

Prosper Canada  will be engaging stakeholders in an ongoing dialogue on how all sectors can work together to advance quality financial literacy education that effectively meets the needs of Canada's low-income and vulnerable populations.

Click to read the report, Building Financial Education: Impact and Insights from the TD Financial Literacy Grant Fund.

Prosper Canada

Prosper Canada, is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation. Prosper Canada works with government, business and community partners to develop and promote financial policies, programs and resources that remove barriers and help more Canadians to prosper. The Prosper Canada Centre for Financial Literacy is co-founded and supported by TD Bank Group. To learn more about Prosper Canada and the Prosper Canada Centre for Financial Literacy, please visit www.prospercanada.org.

TD Community Giving

TD invests in communities to make a positive impact where it does business and where our customers, clients and employees live and work. In 2014, TD donated over $82 million to support community organizations in Canada, the United States and the United Kingdom. In Canada, we focus on Education and Financial Literacy, Creating Opportunities for Young People, and the Environment. For more information, visit www.td.com/corporateresponsibility.

SOURCE Prosper Canada

Image with caption: "Photo courtesy of TD Financial Literacy Grant Fund grantee, YWCA Metro Vancouver, featuring mother and daughter from YWCA Crabtree Corner. (CNW Group/Prosper Canada)". Image available at: http://photos.newswire.ca/images/download/20151126_C8573_PHOTO_EN_551789.jpg

Image with caption: "Students at Operation Springboard's Community Learning Hub in Scarborough Ontario. Operation Springboard is a TD Financial Literacy Grant Fund Grant recipient. (CNW Group/Prosper Canada)". Image available at: http://photos.newswire.ca/images/download/20151126_C8573_PHOTO_EN_551787.jpg

For further information: Media Contact: Prosper Canada, Julie McFayden, Manager, Marketing & Communications, 416-665-2828 ext. 231, [email protected]