The 16th ANNUAL BENEFITS CONFERENCE
Watson Parojcic Financial
Niagara Falls, ON
“Aboriginal Financial Literacy
Initiatives”
June 6, 2013
Paulette Tremblay, PhD, MA, B.Ed, BA, ICD.D, CAPA
Mohawk of the Six Nations Grand River Territory, Turtle Clan
AFOA Canada - Director, Education and Training
Presentation Overview
AFOA Canada
What is Financial Literacy?
AFOA Canada Aboriginal Financial Literacy Initiatives
 Demystifying Finance for Elected Aboriginal Leaders
 Dollars & Sense
 International Literature Review of Indigenous Financial Literacy
 OFIFC – Train the Trainer in Financial Survival Skills
 Atlantic Chiefs & CFOs – Community Financial Needs
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AFOA Canada – Founded in 1999
1- Vision & Mission
Vision
AFOA Canada is the centre for excellence,
information and certification in Aboriginal
management.
Mission
Building management proficiency and
connections that enhance effective Aboriginal
governance, administration and self-reliance.
AFOA Canada
2- How we do this.
1. Education & Certification
2. Professional Development
3. Networking and knowledge sharing
4. Capacity development research
5. Participate in development of financial management, accounting,
reporting standards, and senior administration
6. Promote what works well
7. Supporting Aboriginal accountability and governance efforts
8. Encourage Aboriginal youth to enter the profession – Youth awards and
scholarships
AFOA Canada
3 – Who we are.
Head Office in Ottawa
8 Chapters
Aboriginal
controlled
Governed by
Board of Directors
Non-profit
Non-political
AFOA Canada
4 – Membership
AFOA’s membership is comprised of:
Chiefs, Band Administrators
Aboriginal Financial Managers
Directors & Officers
Program Managers
Economic Development
Consultants
Tribal Council members
Chief Financial Officers
Accountants
Chief Executive Officers
Government
Regional Composition
March 2013 STATISTICS
Total members: 1,583
350
300
317
287
267
235 238
250
200
150
100
72
42
50
18
38
46
22
1
0
BC
AB
SK
MB
ON
QC
ATL
YT
NT
NU Corp Inter'l
Aboriginal People
1- Definition
Section 35 of the Constitution Act, 1982
recognizes three original peoples of Canada:
First Nations (Indians), Inuit and Métis.
Each population is distinct from the others
and has a unique history. Within each group
there is also considerable diversity.
2- Aboriginal Population in Canada
In 2011:
1, 400, 685 Aboriginal people – 4.3% total
Canadian population
 851,560 identified as First Nations – 60.8%
total Aboriginal population
 451,795 identified as Métis – 32.3% total
Aboriginal population
 59,445 identified as Inuit – 4.2% total
Aboriginal population
National Household Survey, 2011, Statistics Canada
Financial Literacy – Financial Know How
1 - Definition
Having the knowledge to understand personal and
broader financial matters
Having skill to apply that knowledge and understanding
to everyday life
Having the confidence to use the skills and knowledge
to make responsible financial decisions that are
appropriate to the individual’s situation.
Task Force on Financial Literacy (Appointed June 2009)
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Financial Literacy – Financial Know How
2 – Aboriginal Financial Literacy
Great need to build math and money skills
and how to make financial decisions
Journal of Aboriginal Management (JAM, Issue 11, October 2012)
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Aboriginal Financial Literacy Initiatives
1A.-Demystifying Finance for Elected Aboriginal Leaders (2011)
One day workshop and guidebook
Purpose – Provide elected officials in First
Nations with the knowledge to understand
and interpret financial reporting and
information
Plan to develop part 2 to this workshop
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Aboriginal Financial Literacy Initiatives
1B.-Demystifying Finance for Elected Aboriginal Leaders (2011)
Building Financial Literacy – Topics Covered
Leadership Roles & Responsibilities -Chief & Council, Admin, Finance Dept
Basic Financial Concepts & Reporting -Accounting, Bookkeeping, GAAP
Financial Reports – the Financial Statements, Statement of Financial Position,
the Common Government Reporting Model, Statement of Operations,
Cash Accounting vs. Accrual Accounting, the Audit
Budgets & Budget Controls
Financial Governance and Decision Making – Finance Committee, Audit
Committee, Policies, Procedures, Regular Financial Reviews
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Aboriginal Financial Literacy Initiatives
2A. Dollars & Sense Development
Aboriginal youth and finance
November 2010 - TD Bank Financial Group provided the
funding that made this project possible. AFOA would like to
thank them for this significant contribution.
November 2010 – Engaged firm to develop materials for
this project.
March 2011 – Development of a half day workshop with a
Youth Manual, Facilitator Manual and Videos was
completed.
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2B. Dollars & Sense - Why Important?
Increase financial knowledge to:
Handle finances and use money wisely.
Make informed decisions.
Determine real costs of products and services.
Build financial resources by saving.
Develop good savings habits.
AVOID – high levels of debt, financial problems in the
future, and being a victim of fraud.
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2C. Dollars & Sense
Key Themes of Workshop
Introduction Activity
Theme 1 – Principles of Effective Money Management
Theme 2 – Income and Expenses, Budgeting and Goal
Setting, Saving and Investing
Theme 3 – Purchasing, Consumer Awareness, Credit and
Risk, Banking That’s Right for You
Theme 4 – How Sound Financial Practices Impact You and
Your Community
Closing Activity
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2D. Dollars & Sense
Initial Delivery
September 2011 – Saskatoon Tribal Council engaged AFOA to
deliver 8 Dollars and Sense workshops in six schools.
November 2011 – May 2012 - Six workshops were conducted in
6 First Nations schools:
- 3 schools - K to G9;
- 2 schools – K to G7; and
- 1 school – SK to G8.
Approximately 120 students attended the workshops.
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2E. Dollars & Sense
Results
Recommended Revisions
Timing to reflect school schedule
Pace was too fast – too much to cover
Use of applicable examples & story telling based on
experiences
More interactive exercises to engage students
Consider reading levels and attention deficit students
Consider students with parents on social assistance
Less Powerpoint and more interaction
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2F. Dollars & Sense - Pilot
Revised workshop materials – developed module for students
in grades 11 & 12.
Customized agenda to match school periods.
November 2012 – delivery of secondary school module in
First Nations community in Ontario
Twenty students participated in the session.
Conducted pilot evaluation of delivery.
Students rated the session on all items an average of 84% to
92% in terms of finding the session to be practical, applicable
to community, well organized, and presented in appropriate
manner.
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2G. Dollars & Sense
Future Direction
DEVELOPMENT OF MODULES
Secondary School Module – G 11 & 12
Middle School Module – G 7 & 8
Elementary School Module – G 3 & 4
Customized Modules
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2G. Dollars & Sense
Delivery of Modules
At targeted grade levels within modules
Customized to meet needs of school(s)
Selecting module facilitators
Training sessions for facilitators
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Aboriginal Financial Literacy Initiatives
3A. International Literature Review of Indigenous
Financial Literacy
December 2012 – Applied for and received grant from
the TD Financial Literacy Grant Fund
Objective – Conduct an international literature review
and produce a research report on the current state of
Indigenous financial literacy in Canada, United States,
Australia and New Zealand
Project Timeline – January – December 2013
Future – Hold international conference
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3B. International Literature Review of Indigenous
Financial Literacy – Research Questions
1. What has been done over the last 12 years – 2000 –
2012?
2. What relevant Indigenous financial literacy
education and training programs and curriculum
exist across the four stages of the life cycle: children;
adolescents, adults, and elderly?
3. Where are the gaps?
4. What education and training programs are most
needed to address Indigenous learning gaps and
priorities?
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3C. International Literature Review of Indigenous
Financial Literacy – Project Steps
1. February 2013. Engaged an Aboriginal consultant to
conduct research.
2. May 2013. Set up an international Advisory Committee
to review materials produced and oversee the study.
3. March & May 2013. Preliminary search of primary
sources produced very little Indigenous financial
literature studies. Search of secondary sources has
produced approximately 50 relevant Indigenous
studies.
4. June 2013. First Advisory Committee teleconference to
review findings and provide feedback.
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Aboriginal Financial Literacy Initiatives
4 – OFIFC – Train the Trainer in Financial Survival Skills
October 2012 – Asked to write proposal for development of a ten
hour workshop to train Friendship Centre trainers
Financial Literacy – Defined as knowledge of financial concepts,
skills and attitudes where knowledge is translated into behaviours
that result in good financial outcomes.
Financial Survival Skill Topics
Financial planning, budgeting & savings
Borrowing & investing
Earning Income – employment, business, self employment
Government programs – student loans, EI, Disability, Retirement
Life events & financial stability
Financial negotiation
Banking and banking services
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Aboriginal Financial Literacy Initiatives
5 – Atlantic Chiefs & CFO’s Community Financial Needs
WHO. Working with the Assembly of First Nations (AFN),
Aboriginal Affairs and Northern Development Canada (AANDC),
Atlantic Chiefs and CFOs
PURPOSE. Identify financial literacy and acumen needs of First
Nations communities.
INTENT. Based on needs and gaps, AFOA Canada to develop
materials and workshops.
TIMELINE. Project just beginning – complete by end of fiscal
period, March 31, 2014.
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Questions & Answers
Nia:wen!! Thank You!!
For more information please contact:
Dr. Paulette Tremblay, PhD, MA, BEd, BA, ICD.D, CAPA
Director of Education & Training
ptremblay@afoa.ca
Randy Mayes, CAFM
Manager, Education & Membership
rmayes@afoa.ca
Odessa Belanger
CAPA Administrative Assistant
obelanger@afoa.ca
Telephone:
Website:
(866) 722-2362
www.afoa.ca