The pilot project* implements a rewards-based web portal that delivers financial education using a number of formats including video, comprehension questions and an engaging variety of tools and calculators. The aim is to provide an innovative approach to delivering financial education that has the potential to lead to sustained behaviour change and improved levels of financial well-being in Canada, particularly in the workplace.
Based on the feedback and data captured, the pilot project is demonstrating that the Money Fit Challenge is a successful model to reach Canadians with a lot of interest from key stakeholders and all sectors.
The pilot project has also identified site feature enhancements, and a need to increase marketing strategies and to further promote the availability of this turn-key initiative. As part of the larger initiative, a post-assessment will be administered to users, which will help to determine the impact of the Money Fit Challenge on strengthening financial literacy.
Multiple studies and research show that money problems are cited as the greatest source of stress for Canadians. In fact, a 2014 survey by the Financial Planning Standards Council found that 42% of Canadians rank money as their greatest source of stress – higher than work, health or family obligations. The are many reasons for financial stress. Canadian adults today confront an array of challenges when it comes to making financial decisions and managing their money. While some Canadians seem to have a good grasp on their finances, there are many who lack the knowledge, skills, tools and resources to handle money matters.
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