Launch of New Online Tool to Help Evaluate Financial Literacy Programs in Canada

TORONTO, ONTARIO--(Marketwired - Feb. 1, 2017) - Prosper Canada, the Canadian Bankers Association (CBA) and the Financial Consumer Agency of Canada (FCAC) have launched an online tool to help organizations evaluate their financial literacy programs. Available in French and English, this free, easy-to-navigate platform allows public, private and community-based groups engaged in financial education to design their own tailor-made evaluation plans.

The Financial Literacy Outcome Evaluation Tool offers organizations a collection of evidence-based financial literacy outcomes and indicators. The tool guides users through a series of questions about their program and evaluation goals and then suggests scales (sets of questions) and individual questions they can use.

"We're very excited to be launching this tool and offering financial educators rigorous metrics and practical help to evaluate their programs," said Elizabeth Mulholland, Chief Executive Officer of Prosper Canada. "Having a shared pool of evidence-based indicators will also enable us to begin using some common measures and, over time, to start exploring the comparative effectiveness of different financial education approaches."

The tool can be used by organizations with little or no experience evaluating programs. It's also a valuable resource for experienced evaluators.

The tool will help:

• Make evaluation of financial literacy initiatives easier, more rigorous, and more likely;
• Focus funders and delivery organizations on shared, evidence-based outcomes and indicators;
• Leverage existing research evidence to strengthen current and future programs.

"The banking industry has long supported efforts to improve the financial literacy of Canadians and the work done by financial education organizations in communities across the country," said Terry Campbell, President of the Canadian Bankers Association. "With this evaluation tool, financial literacy educators will now be able to evaluate the outcomes of their programs to ensure they are having the desired impact. We are very pleased to have been involved in this valuable initiative with Prosper Canada and the FCAC."

Prosper Canada led the development of the indicator collection and tool, in consultation with financial literacy practitioners and an advisory committee with CBA and FCAC representatives, other international financial literacy evaluators and key stakeholders. Funding for the development of the tool was provided by the Canadian Bankers Association.

"This tool offers a great opportunity to evaluate financial literacy programs across the country," said Jane Rooney, Canada's Financial Literacy Leader. "Measurement is a key part of strengthening financial literacy programs. We want to make sure financial education is effective and has the desired outcomes. FCAC welcomes this type of collaboration as it helps so many organizations that are working hard to strengthen the financial literacy of Canadian families."

This tool which can be accessed at www.outcomeeval.org, places Canada at the cutting edge of financial education evaluation globally.

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.

Canadian Bankers Association

The Canadian Bankers Association works on behalf of 59 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 280,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca

Financial Consumer Agency of Canada

The Financial Consumer Agency of Canada (FCAC) is an independent body working to protect and inform consumers of financial products and services. It was established in 2001 by the federal government to strengthen oversight of consumer issues and expand consumer education in the financial sector. On April 10, 2014, the Government of Canada appointed the first Financial Literacy Leader within FCAC to extend collaboration with stakeholders and coordinate activities that contribute to strengthening Canadians' financial literacy. Visit www.ItPaysToKnow.gc.ca. Like www.facebook.com/FCACan on Facebook. Follow @FCACan on Twitter.