Providing financial literacy courses that will help individuals to improve not only their personal money management skills, but also to recognize the benefits of opening a Registered Education Savings Plan (RESP).
Thanks to funding from HRSDC, from Oct. 2010 – Sept. 2013 EFLS will be providing Financial Literacy courses with an RESP component to clients in Alberta either through direct delivery or via train the trainer in partnership with other local organizations.
In providing Financial Literacy courses, EFLS recognizes that individuals will gain stronger skills and be better able to manage their finances by learning:
The benefits of tracking spending and keeping receipts
How to live within a budget
To recognize and control spending leaks
To adjust a budget and spending to suit individual values
Ways to address destructive or negative financial related behaviors
How to improve credit and use credit wisely
How to reduce and pay off debts
Methods to protect oneself from scams and identity theft
Effective use of debit and credit cards
As part of the ESCO project, EFLS will adapt its materials to include an RESP component that will encompass the following:
Defining and clarifying exactly what an RESP is
How to find the money to save in an RESP
Different types of RESP options
RESP related incentives offered by the Government of Canada
How RESPs operate, and what can and cannot be done with them
The benefit to families and children of saving money in RESPs
How post secondary education can significantly impact one’s earning potential
How we will do it?
EFLS will work in partnership with other community organizations in Edmonton or within 450 kms. Each partnership will differ, and EFLS will be able to provide direct delivery to clients or provide train the trainer to allow the partner organization to deliver the materials. EFLS will look to work with any suitable organizations, and EFLS materials will be focused on low-moderate income clients.
EFLS will provide gift cards to clients to obtain their comments on the impact of the course. EFLS will also provide a limited amount of clients with attendance incentive gift cards to evaluate how this impacts on a client’s ability to attend and learn from the course.
EFLS materials will contain a strong behavioural content to support their learning, and increase a client’s ability to apply desired skills in their life.
What help do we need?
EFLS is currently seeking to partner with other community organizations and agencies in Edmonton and surrounding areas (within 450kms). Each agency should have a desire to enhance the skills of their clients, and recognize how important financial literacy is to their clientele. EFLS can then conduct a needs analysis to identify if it is a suitable partnership, and if so, what the responsibilities of each partner organization will be.
Ideal partner organizations will include organizations that have experience in delivering courses & workshops for the following population segments:
Low income households with children
As the needs arrive, EFLS is looking to find local facilitators for occasional contract work. If you have experience as a facilitator and feel that you would be interested in facilitating 1-3 courses per year please send us a copy of your resume.