News

01 Nov 2020

Conexus Credit Union and READ Saskatoon invite Saskatchewan families to celebrate Financial Literacy month

Saskatoon, November 1st, 2020– November is Financial Literacy Month, raising awareness of the importance of strong financial literacy habits as well as the free supports and programs available to Saskatchewan families. This month, Conexus Credit Union and READ Saskatoon are cooperating to provide fun, creative learning opportunities. Working together they are a piece of the support system facilitating financial recovery for our province’s families.

Today more than ever, literacy skill development is imperative to families’ financial recovery. According to Prosper Canada, in 2019 and pre-COVID:

  • fifty percent of working Canadians lived paycheque to paycheque
  • One-third of households were “asset poor”
  • 10 million working-age Canadians had no workplace retirement plan
  • The median retirement savings of households without workplace pensions was just $3,000
  • Consumer debt was at or near all-time highs
  • Personal insolvencies were at their highest level in a decade

“Financial literacy is a way we contribute to our communities that creates a lifelong impact on a critical life skill,” said Edna Boissonnault, Saskatoon Branch Manager, Conexus Credit Union. “Financial literacy is something we’re passionate about at Conexus and we’re happy to partner with READ Saskatoon to deliver these life-changing skills workshops within the community.”

READ Saskatoon offers money management workshops year-round helping to improve financial knowledge within the community. Topics include asset building, credit/debt repayment, budgeting, Registered Education Savings Plans, spending habits, and banking. READ Saskatoon Financial Literacy Program has demonstrated strong outcomes and a continued commitment from their volunteers. Conexus Credit Union’s investment ensures effective support to READ Saskatoon’s financial literacy programs.

“Daily observations made at READ Saskatoon reinforce ‘a lack of education and poverty is a proven fact.’[1] Strong literacy skills are the foundation-- they do not happen by chance. READ Saskatoon and Conexus Credit Union, ensure literacy foundations are created and maintained” says Sheryl Harrow-Yurach, Executive Director, READ Saskatoon. “This partnership continues to ensure that those who need the greatest access to growing their literacy skills, can confidently do it at no cost to themselves or their families.”

Three specific examples of how READ Saskatoon strives to place its financial literacy programming within the hands of those with the greatest need is demonstrated with:

  • Last year 68% of program participants do not own their own home (rent, board, shelters, couch surf, incarcerated, live with parents)
  • Last year 60% of program participants have grade 12 or less
  • 71% of program participants earn less than $30,000 per year

READ Saskatoon will be hosting several workshops throughout the month. For a second year, families can play Right on the Money; a financial literacy bingo card designed to support the conversation about money management with your child(ren). Bingo cards can be mailed to you, downloaded from READ Saskatoon’s website, or look for it in Bridges (November 5th), and Eagle Feather News. More details can be found on our website.

For more information on READ Saskatoon or learns details on the different financial literacy events this month, visit www.READsaskatoon.com.

About READ Saskatoon

Established in 1979, READ Saskatoon is a volunteer literacy organization that provides adult, family and financial literacy services to individuals and families. Literacy programs are delivered by staff and trained volunteers. Their vision is to help support a community that values literacy, and they believe that lifelong habits contribute to strong and resilient communities.

Sheryl Harrow-Yurach, Executive Director, READ Saskatoon, t. 306-652-5448   

About Conexus Credit Union 

Conexus is a forward-thinking credit union committed to our members and their financial well-being. Providing ease, access and value is key to our technological advances and services we bring to market for our members. We know banking is no longer a place you go, but a thing you do. Located across Saskatchewan, we are Saskatchewan’s largest and Canada’s sixth-largest credit union. As a credit union, our profits are returned to our members through our rates, no-fee accounts, community investment and more. Visit Conexus.ca for more information.

Laura McKnight, Public Relations Specialist, Conexus Credit Union, t. 306-751-8201


[1] Kovacs, Nicole and Laura McDiarmid. (2013). (Citing Rushowy, Kristin and Louise Brown, 2010.) Youth literacy programs: A review of the literature. London, ON: Child and Youth Network. Page 21. Retrieved from: http://londoncyn.ca/wp-content/uploads/2012/07/Literacy-Programs-A-Review-of-the-Literature-Final-Designed- Copy-2.pdf   

 

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