Financial Literacy Matters at CDIC
CDIC articles and updates
November is Financial Literacy Month in Canada and this year marks its 10th anniversary. The goal of Financial Literacy Month is to help Canadians better understand their finances. CDIC knows that when Canadians understand how deposit insurance works, they can make more informed financial decisions. While this is always important, the economic uncertainties of COVID-19 make it all the more so.
In that spirit, CDIC is joining forces with organizations across Canada, including the Financial Consumer Agency of Canada (FCAC), to raise awareness about the importance of financial literacy.
As part of CDIC’s public awareness program, we created fun and engaging educational tools in collaboration with different partners, to help Canadians understand how they are covered by CDIC and to challenge their financial knowledge.
Here’s how CDIC is promoting financial literacy this year:
- We have launched a financial literacy game called Earn and Learn
- We have partnered with influencers to promote financial literacy
- We have launched other financial literacy games in collaboration with member institutions
- We have partnered with the CFL to rebroadcast past Grey Cup games on the web as part of a series called CFL in 40, presented by CDIC
CDIC’s financial literacy game Earn and Learn
CDIC has launched a brand-new financial literacy game called Earn and Learn. It’s a fun online game that invites players to compete for prizes. In order to earn entries, players are encouraged to answer questions about CDIC’s deposit protection, watch videos on how CDIC protects their savings, and follow CDIC on social media to stay informed about our deposit insurance categories, member institutions and coverage rules.
Partnering with influencers
CDIC often collaborates with trusted personal finance and lifestyle influencers to support its public awareness initiatives. Deposit insurance can be a complicated topic and using influencers to promote CDIC, helps us spread the word about deposit protection while providing more details about how coverage works than we can cover in 30 second ad.
This month, CDIC partnered with financially-savvy influencers to reach Canadians. We collaborated with Steph & Den, a millennial duo who share insights on managing personal finance and establishing a career strategy, to create a YouTube video, a blog post, and a series of Instagram stories that highlight the importance of financial literacy and CDIC’s deposit protection. We also partnered with Jamie Damak from the blog Je suis une maman on a blog post and a Facebook live event centred around why financial literacy matters and CDIC’s role when it comes to financial stability in Canada (available in french only).
Partnering with member institutions
Like last year, CDIC is partnering with financial institutions on co-branded gaming experiences for their clients to promote financial literacy. Each game includes questions about CDIC, along with general trivia questions related to personal finance and questions provided by participating members. Three of our member institutions are launching games this November.
Partnering with the CFL
November is usually Grey Cup Month in Canada. At this time last year, CDIC, in partnership with the Canadian Football League (CFL), created an online financial literacy game for football fans that ran during the Grey Cup playoff season. This partnership raised CDIC’s profile and increased public awareness levels about CDIC deposit protection across Canada. This year, with the 2020 season cancelled due to the pandemic, CDIC has teamed up with the CFL in a different fashion. The CFL will re-air classic games, condensed in a 40-minute format on their YouTube channel. The series called CFL in 40, presented by CDIC will present eight iconic games in the month of November leading into what would have been Grey Cup week.
At CDIC, we understand the role that public awareness plays in building confidence and trust in our financial system. CDIC encourages Canadians to take advantage of the resources it offers to learn more about its free and government-backed deposit protection.
To learn more about our public awareness initiatives or to partner with CDIC, please contact Kristi Henry at firstname.lastname@example.org.