MONNAIEMONEY FINANCIAL LITERACY PROJECT

Newsletter My  Priorities!  My  

Future!  

May 10th, 2013

Financial literacy provides the foundation of saving and investing wisely. It is the basics for the responsible use of credit and money and the making informed financial decisions that can affect our families and our future. The MonnaieMoney Financial Literacy Project will provide fundamental tools for youth.

The objective of the project is to bridge the gap between what people know and what they need to know with respect to personal financial skills and provide opportunities for personal empowerment and enhanced self-sufficiency.

For the past four years the Carrefour jeunesse-emploi de Côte-des-Neiges and the Jamaican Canadian Community Women’s League of Montreal Inc. have been very active in promoting financial literacy to the wider community in the city of Montreal.

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Monnaie-Money Pancake Breakfast 2013

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On Saturday May 4th 2013 at the Manoir Notre-

Dame-de-Grâce, we held our famous Community Pancake

Breakfast for the youth and their families in the Greater

Montreal area.

Present at this event to meet the community were

Helen Fotopulos, Côte-des-Neiges & NDG city

councillor, ING Direct and the Royal Bank of Canada. This

A successful event making a difference in the lives of our youth and our community…

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year, the venue was packed as approximately 300 people

attended to enjoy a breakfast and get more informed to better

manage their finances.

The event was also successful in the way that it

gathered leaders and volunteers from various cultural

backgrounds, age groups, youth and elders who were very

helpful during preparations as well as the closure. All this

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contributed to develop a sense of belonging.

The Carrefour jeunesse emploi de Côte-des-Neiges

and Jamaican Canadian Community Women’s League of Montreal Inc. would like to

thank all the sponsors, partners and participants of

this annual Community Pancake Breakfast, especially the staff at Le Manoir NDG.

Online Resources

A website created by the Autorité des marchés financiers, the regulatory and oversight body for Québec's financial industry:

http://www.tesaffaires.com/index.php/en/

A website from the Financial Consumer Agency of Canada (FCAC), an independent body working to protect and inform consumers of financial products and services:

http://www.fcac-acfc.gc.ca/eng/index-eng.asp

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On  April  25th,  2013,  we  presented  of  our  financial  education  project  Monnaie  

Money  by  addressing  statistics  regarding  the  financial  health  

of  the  Canadian  youth  population  as  well  as  topics  discussed  with  young  people  

targeted  by  this  project  through  our  workshops  (need,  desire,  budget,  consumption,  

savings,  etc.).    

The  presentation  was  given  at  the  Université  du  Québec  de  

Montréal  (UQÀM),  by  Maleesa  Phommavongsay,  

administrative  assistant  and  Monnaie  Money  project  

facilitator  as  well  as  a  2008  graduate  of  UQÀM.  

 The  presentation  was  

requested  from  the  Association  des  responsables  d’aide  

financière  des  universités  du  Quebec,  a  group  of  

professionals  from  17  different  universities  that  is  also  

concerned  about  the  debt  of  local  as  well  as  foreign  student  

leaders.  

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 It  showed  results  from  a  study  of  the  Financial  Consumer  Agency  of  Canada  (FCAC)  which  had  statistics  about  

debt,  including  overall  student  debts,  usage  of  financial  products  and  services.    

 Most  students  are  having  a  hard  time  to  pay  off  their  

credit  cards  as  well  as  their  school  loans.  36%  of  young  

Canadians  have  a  debt  of  over  10  000$  and  more  and  1  out  of  5  reported  a  debt  of  20  000$  

and  more.1      

Also,  about  four  in  ten  young  Canadians  (37%)  report  that  there  has  been  at  least  one  

month  in  the  past  year  when  they  did  not  have  enough  

money  to  cover  their  expenses.  

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 In  conclusion,  there  needs  to  

be  more  partnerships  between  community  

organizations  working  in  financial  literacy  and  the  

school  system.      

                     

 1Source:  Financial  Consumer  Agency  of  Canada  (FCAC),  

http://www.fcac-­‐acfc.gc.ca/eng/resources/surveystudies/youthfinlit2008/youthfinlit2

008_04-­‐eng.asp  

UQÀM Monnaie Money Special presentation

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5 Money saving tips for the summer! Spend your summer wisely…

Cook out. Using the stove or baking in the oven creates a lot of excess heat in your house and uses a lot of electricity. Consider taking time to light up the barbecue, grill outside so that you can keep your house cooler.

Dry laundry outside. If you have the ability to hang up laundry outside, let the sun and warm summer breeze do the drying for you. Even if you can’t hang up clothes outside, try partially drying your clothes and letting the air dry the rest.

Garden up. As the summer begins, it is a perfect time to be on the lookout for plant sales. Growing up your own vegetables and fruits is not only healthier for the body, but it can also save you money.

Enjoy the great outdoors. Try camping instead of booking a resort. It can cost a fraction of the cost of a traditional vacation and it will be a unique experience you will remember. Check the National Park Services and look for a safe campsite near you.

Ditch Your Car. With rising gas prices and nice weather, how much money could you save if you walk, bike or carpool to work? This may take some adjustment, plan ahead to change habits and you will save money as well as getting some exercise. Nothing like doing groceries by bike!

Last but not least…Prepare your summer budget in advance! Need some help?

Check out the online budget calculator of the AMF's site:

http://www.tesaffaires.com/index.php/en/calculators/monthly-budget

Carrefour Jeunesse-Emploi de Côte-des-Neiges 6555, Côte-des-Neiges, # 240 Montreal, Quebec, H3S 2A6 Jamaican Canadian Community Women’s League of Montreal, Inc. 5465 Queen Mary Rd, # 300 Montreal, Quebec, H3X 1V5

UPCOMING COMMUNITY EVENT…

Join us for a free barbecue and some financial knowledge!

Brian Smith, MonnaieMoney Project Coordinator (514) 342-5678 ext. 228 / (514) 817-3941

From 10 am to 1pm!

DATE: July 1st, 2013