Financial Literacy

The Department of Financial Literacy works to enable low-income earners to better manage their limited financial resources in order to become self-reliant and contributing members of their communities and work towards a more secure future.

This is done through money management education, saving incentive programs for asset development, and character-based loans to improve credit while maintaining and securing housing.

Why we exist

In 1999, the first of the savings incentives programs, or 'Individual Development Account' (IDA) programs begin with Fair Gains, Youth Fair Gains and Saving Circles. These programs are based on research concluded by Sherradin and his book, Assets and the Poor, that demonstrates that assets, rather than income alone, are key to moving a person living in poverty to a life of prosperity. By combining high ratio interest and money management education, these programs provide participants with the opportunity to get a jump-start on developing assets in their lives. As Sherradin suggests, IDAs are an alternative approach to eliminating poverty that support people to make plans for their future, accumulate savings, invest, use financial assets to reach life goals and to pass along these assets to their children.

Creating opportunities for low-income earners to become less vulnerable to the shocks and the systemic trends that impact their lives has been another area key area of work. In 2005, a single person earning minimum wage, $7 per hour, would have to work 56 hours per week to earn just slightly above the poverty line. For a single parent of two children, she would have to work 88 hours per week. The combined effect of a low provincial minimum wage and a lack of affordable housing in Calgary means that for many people earning at or around the minimum wage, it is very difficult to pay average market rent rates, let alone save for security and utility deposit. When a crisis hits, the ability to pay rent or a utility bill can leave an individual or family on the verge of becoming homeless. The 2005 launched Calgary Rent Bank, based upon the work of the Security Deposit Loan Program that started in 1999, provides loans to pay for security rent or utility deposit, or rental or utility arrears. Money management e ducation is offered to loan recipients to help them learn new ways of managing their finances now and into the future.

Since the inception of the department, all of the work in financial literacy has been based on a strong foundation of money management education, delivered both in-house to program participants and to groups in the community through the Money Management Program. Workshops are adapted and delivered to a wide variety of audiences in the community on a range of topics including assets, budgeting, consumerism, credit and banking.

Department Mission

Partnering to build sustainable futures by providing alternative financial tools and money management education.

Programs and Services

Find information on our programs and services in Financial Literacy.

Contact us

Contact the Financial Literacy Coordinator at 204-2675
or email for further information