About MONEY project
We are really excited to announce that the Community Sector Council Newfoundland and Labrador (CSC) has received approval from the TD Financial Literacy Grants Fund and Social and Enterprise Development Innovations (SEDI) for a project to broaden the array and delivery methods of personal financial management information and services for economically disadvantaged people in NL. CSC’s proposal was one of 19 approved across the country from 271 applications submitted.
MONEY (Many Opportunities Not Experienced Yet) will explore new ideas and adapt proven methods to help meet the financial literacy needs of NL consumers. Working with Credit Counselling Services NL and other partners, the project will highlight good practices, work toward filling gaps in existing services, and train trainers through demonstration projects in one urban and one rural location. The MONEY project will also look at the potential of a toll-free telephone referral warm line.
Through interaction with and among groups and consumers, MONEY will compile information on financial literacy programs and providers in NL, what works, what does not, who is being served, who is not, what methods people feel comfortable with, what the barriers are, how to break them down and whether people realize they have a need.
Collaborating with consumers, community workers, educators, government agencies, financial institutions and professionals, MONEY will build a ‘good practices template’, including a core program with delivery tips, strategies for dealing with clients and a community promotions campaign. This user-friendly tool will be expandable and transferable. Through the demonstration projects, MONEY will investigate the viability of a peer learning process.
CSC has a long track record of identifying priority issues, launching community-based programs – many targeting low-income people – and influencing public policy. Through multi-agency, multi-sector partnerships, we serve as catalyst and incubator. An initial conversation pre-proposal with a dozen potential partners confirmed:
- A need for improved accessibility to personal financial management information
- Large gaps in services
- Inconsistent, irregular delivery
- Barriers to take-up
- Support for CSC-led collective action.
CSC connects with thousands of charities, nonprofits and community groups in NL and across Canada, building capacity within the community sector through research, consultation and training and touching numerous economically disadvantaged individuals. Penelope Rowe, CEO Community Sector Council NL, says, “We are excited to have this opportunity provided by TD and SEDI to build a network of community-based and professional financial literacy expertise. We intend to improve the availability of practical information so that more people have access to supports to help them more wisely handle their money.” Information will be available at www.communitysector.nl.ca in the New Year.