Canadians declined from 13% to just over 4% (Source: The Future of Financial Education, Financial
Consumer Agency of Canada, 2011).
ratio rose from 91% to 148%. (Source: The Future of Financial Education, Financial
Consumer Agency of Canada, 2011).
Ninety-four percent of Canadians between the ages of 16 and 24 say being good with money is an important life skill. (Source)
However, only 36% believe in their ability to develop a budget. (Source)
Fifty-five percent of Canadian youth worry about money. (Source)
We use existing resources and institutions in place to empower Canadian youth through financial education. By integrating workshop-based teaching into existing curricula, university-level mentors provide Canadian high school students with a multi-faceted education in financial literacy. This not only gives them the confidence to make smart financial decisions and start them down the path toward economic success, but also enables them to improve the financial health of communities across the globe.
We partner with high schools as we adapt our financial education program to fit best the needs of the schools and individual students. Through hour long weekly sessions in small groups, taught by knowledgeable, engaging, university level mentors, we help bridge the financial literacy gap by fostering a community of shared intellectual resources.
We have adopted one of the most effective high school financial literacy curricula created, originally developed by Moneythink in 2009. Their curriculum has been adapted by PennyDrops to follow the Canadian Financial system, as well as to fit the needs of individual schools and students.
With our target mentor-to-student ratio of 5:1, we train a large group of passionate university level students who demonstrate both responsibility for their work and dedication to our mission. All mentors go through extensive training to ensure that they are equipped with the tools, skills and knowledge they need to effectively and engagingly deliver the curriculum.
PennyDrops sets up chapters at universities across the country, trains the chapter founders in all aspects of the PennyDrops program, and provides them with all the resources they need. The university chapters then send university-level mentors into local high schools to deliver our customized financial literacy program to students. All mentors go through extensive training to ensure that they are equipped with the tools, skills and knowledge they need to effectively deliver the curriculum in an engaging manner.
The curriculum focuses on the very financial concepts that we, and many of our peers, wished we had learned in high school. Core concepts of the PennyDrops Program include: mindful spending, goal setting, the banking system, credit, time-value of money, and investing. Based on the feedback we receive from teachers, students and mentors, we continually update the curriculum in order to maximize its effectiveness and relevance.
Time-value of money
As university students who, like many others, found themselves being thrown into the world of financial independence, it wasn’t difficult for us to see the common lack of personal financial knowledge amongst students like ourselves. Further conversations and months of research made the ever growing problem of financial illiteracy among Canadian youth increasingly apparent, motivating our co-founders, Meagan Prins and Brenden McKinney, to search for a solution. This solution was manifested in the development of PennyDrops. The organization was first developed in 2014, out of Femmedere, which is a student run social enterprise at McGill University that aims to educate and support marginalized populations in Montreal. Our goal is to mandate financial literacy education nationwide and to bridge the financial literacy gap by fostering a community of shared intellectual resources.
The demand for PennyDrops’ program is more than we could have ever anticipated and the growth opportunities are countless. If you’re interested in joining us as we pave the way to a more financially literate Canada, then you’ve come to the right place. Whether you’re a teacher, a parent, or a university student, please reach out to us for more information through the contact form below.