Studies in Education
Much more to financial knowledge than just understanding the lingo: Kevin Maynard of CFEEOctober 28, 2021
While financial literacy is important, the real goal of financial education is to help Canadians leverage that knowledge to help boost their capability for career, financial and “enterprise” development.
So says Kevin Maynard, Vice President and Chief Operating Officer of the Canadian Foundation for Economic Education (CFEE). He spoke recently to Save with SPP via telephone.
CFEE, he explains, is “a national not-for-profit organization that operates in every province and territory.” CFEE programs are also offered in the U.S. and worldwide, he adds.
The organization was established back in 1974 with roots at the University of Toronto’s Ontario Institute for Studies in Education (OISE). CFEE has grown to be a leader in education as and independent non-profit organization.
“Our focus is our (educational) resources, programs and supports to Canadians,” explains Maynard, with the emphasis on helping build “confidence and competence.”
Financial literacy is a component of CFEE’s “pillars,” he explains.
“It’s not just about knowledge,” he explains. CFEE programs are designed to help Canadians leverage knowledge to make decisions, and boost their capabilities. CFEE’s four pillars, which are key to the design of its educational programs, include:
- Career Development Capability
- Financial Capability
- Economic Capability
- Enterprising Capability
The first pillar is to boost people’s abilities to find opportunities for work. The second looks at financial literacy, the third is about applying that financial knowledge to boost individual economic potential. The last pillar is about entrepreneurial education as a source of “income generation,” he explains.
COVID-19 has moved many of CFEE’s programs online. “Since January 2021 we have (presented) virtual workshops for more than 10,000 Canadians,” notes Maynard.
“It’s all about understanding supply and demand,” he says. As an example, when thinking of a career choice, are you aware of skill sets that are in demand, he asks. Are you looking for a job that offers security? He says CFEE education programs focus on separating individual “wants and needs” from clear choices around decision making.
Thanks to the support of partners in the financial sector, CFEE is offering programs for free across the country. Programs are delivered through a “network of stakeholders,” he says, which includes parents, teachers, community-based organizations, newcomer groups, senior groups, and many more.
As an example, CFEE senior workshops are held across Canada at senior centres, recreation centres and now, “virtually” due to the pandemic.
The programs make sure seniors are ready for “the life events that they may face in their golden years.” It’s more, he says, than just knowing the numbers about the Canada Pension Plan and Old Age Security. “It’s knowing what you want to achieve, and how to go about doing that,” he says. Seniors, he adds, may find themselves “transitioning into another form of accommodation” during their latter years, a move that can have “cognitive, spiritual and emotional aspects.”
A local group that has participated in CFEE programs is the Saskatchewan Council on Aging (SCOA) Hub Club.
And seniors need to pay attention to their physical health as they age. Will changing physical health become “important to you in terms of where you live… will you have to make changes in one to three years, or five years out, due to (declining) physical and cognitive abilities?”
So a senior’s budget needs to take those potential changes into account, since unexpected changes can bring an unpleasant financial surprise.
Financial education needs to be targeted to the needs of those receiving it, Maynard explains. “It’s very much a point in time thing. There’s no real use in teaching a 12-year-old about RRSPs,” he says. “The focus has to be on life events that are relevant for the target group.”
Sixteen targeted programs can be found on the CFEE website, as well as links to print, video and web-based resources. The “News” section covers such topics as helping to control “in-app” purchases by kids, fintech for younger people, financial literacy research and news about math skills and how they relate to job searches.
With targeting in mind, CFEE is working on new resources targeted for seniors, including an online seniors’ education program with modules focused on challenges faced by seniors. Another new program targeted at seniors aims to equip them with tools to begin discussions with their adult children about end of life planning. Other resources include Money and Youth – a student’s guide was developed in the mid 90s which has since evolved with a teacher’s resource component and a parent’s guide – to help people educate their kids.
As November is financial education month, Maynard notes the importance of older adults “to have conversations with their older children about subjects like powers of attorney and why they are important, wills, executors, funerals and burials.”
We thank Kevin Maynard and CFEE for taking the time to talk with us.
He’s certainly right about the need for seniors to have flexible budgets. Having had both parents find themselves living out their last years in long-term care, we understand how the cost of living can suddenly change radically.
Having a good retirement plan in place will add to your flexibility in coping with the ups and downs of your golden years. If you have a pension plan or retirement savings arrangement through work, be sure you are taking full advantage of it. If you don’t, and are wondering how to save for retirement on your own, the Saskatchewan Pension Plan, celebrating 35 years of operation, has all the tools you need for a do-it-yourself retirement system. Check them out today.
Written by Martin Biefer
Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing and classic rock, and playing guitar. Got a story idea? Let Martin know via LinkedIn.