Thank you very much, Chair and members of the Standing Committee on Finance. Junior Achievement is extremely pleased to be here with you today to discuss an issue of great importance to our organization: financial literacy. Before I specifically address Bill C-28, I would like to provide a brief overview of Junior Achievement and highlight why financial literacy is so important to our organization.
Junior Achievement is a not-for-profit educational organization dedicated to inspiring and preparing youth to succeed. Junior Achievement's educational programs on financial literacy, work readiness, and entrepreneurship are delivered at no cost to elementary, middle, and secondary schools coast to coast—every province.
Each day, we have the opportunity to see the positive impact financial literacy education and Junior Achievement have on youth. In Canada, Junior Achievement reaches over 226,000 students in 9,472 classes. That is over 232,000 hours of instruction annually from over 13,500 dedicated mentors in over 400 communities. Since 1955 over 4 million students have participated in Junior Achievement programs.
Junior Achievement recognizes the need and importance of support for financial literacy education within our schools. Junior Achievement is a trusted resource in the education space. For over 55 years, Junior Achievement has established relationships with teachers and schools, and they have invited us into the classroom to help ensure that our youth develop the financial literacy skills that are critical for their personal success.
The unique learning experience provided to our participants is rooted in more than 13,000 volunteer mentors who deliver our programs. Our mentors provide experiential learning to offer students real-world knowledge of financial literacy. By delivering engaging education programs to young Canadians, Junior Achievement is helping to fulfill the need for financial literacy education in schools.
Based on third-party research done by the Boston Consulting Group, we know these programs are having a positive impact on today's youth by putting financial literacy into practice with programs like “Economics for Success”, “Dollars with Sense”, and the “Company Program”, to name a few. I encourage you to actually look at that report. It shows the return on investment from investing one dollar.
Our past participants, who we call achievers, credit Junior Achievement programs with being the driving force behind their financial literacy skills of budgeting, long-term planning, and investing. In fact, over 75% of achievers believe Junior Achievement Canada programs have a significant impact in developing their financial literacy skills. Achievers save more, borrow less, and do better financially than the average Canadian. As a result, they are more self-reliant, put a lower burden on the social safety net, and provide for their own retirement.
Junior Achievement plays an important role in financial literacy education, but the fact is that we all play an important role in improving financial literacy. There is no doubt that early behaviour and skills development are essential in ensuring lifelong financial success. By building youths' knowledge at an early age, we are preparing them to make sound financial decisions and informed choices throughout their lives. By providing tools and programs that put financial literacy concepts into practice, we can help youth connect basic economics to their daily events.
We strongly support the efforts of the federal government to improve financial literacy. Junior Achievement's goals are closely aligned with the Financial Consumer Agency of Canada's mandate to promote consumer awareness and ultimately improve financial literacy.
Junior Achievement was pleased to be a participant in the consultations undertaken by the task force on financial literacy. As you know, the task force report clearly identified the need for action to improve financial literacy and to drive Canada's future success.
Further, it highlighted how non-profit organizations like Junior Achievement and those of my other colleagues at the table today can play not an optional but an essential role in ensuring a financially secure future for Canadians. That is a vision we support, and we feel it needs to be reflected in the financial literacy leadership role put forward in Bill C-28.
Junior Achievement supports the objective of Bill C-28 to appoint a financial literacy leader at FCAC. Strengthening financial literacy must be a key priority for FCAC, and appropriate resources need to be provided to support the key initiatives.
Junior Achievement believes that the role of the financial literacy leader will further encourage collaboration and coordination on financial literacy across the country. Having a financial literacy leader at FCAC will ensure continued focus on and measurable results in improving the financial literacy of Canadians.
Junior Achievement is one of those organizations working to make a positive impact on improving financial literacy. We believe there is a great opportunity to support and build on the efforts that are taking place across the country. We believe the financial literacy leader should leverage the work of national organizations that already have national bilingual distribution. Leveraging existing work will ensure consistency and will help to reach Canadians. Junior Achievement strongly believes that an important commitment within this new role must be to work with organizations and experts across the country to ensure that all Canadians can benefit from the work that has already been done. Junior Achievement sees great opportunity to work collaboratively with the new financial literacy leader towards our mutual goal of strengthening financial literacy of Canadians.
We are pleased to support Bill C-28, and Junior Achievement looks forward to working with the federal government's efforts to encourage financial literacy for our next generation of leaders.
Thank you.