Money Matters Financial Literacy Program Returns $3.33 for Every $1 Invested

Evaluation and metrics are a primary topic of conversation within financial literacy circles.  For this reason, the industry is talking about data just published showing that for every $1 invested in the Money Matters financial literacy program, approximately $3.33 in social value is returned.

TD Bank Group and the Government of Canada have been supporting the Money Matters program, which was created by the non-profit ABC Life Literacy Canada to help individuals and families learn basic and important financial concepts to enable them to make better informed financial decisions.  The reported success of Money Matters comes on the heels of new data highlighting the growing levels of financial illiteracy throughout Canada, where millions of individuals are struggling with their personal and household financial capability.

The Money Matters is provided throughout many regions in Canada and it is offered to individuals without charge.  TD Bank also has been facilitating the active involvement of the company’s employees in the program, with more than 2,000 hours having been devoted by over 200 TD employee volunteers teaching elements of the Money Matters initiative to more than 1,000 participants.

The results of the Money Matters program have been evaluated and analyzed by SiMPACT Strategy Group by measuring several key metrics.  For example, the firm found that educating individuals on how to better manage their debt, combined with teaching the virtues and benefits of saving, would yield over $95,000 in lowered interest payments on debt, while assisting participants by circumventing debt would drive additional savings of up to $750 per participant.

Financial literacy professionals have long believed that evaluation and metrics will help illustrate the effectiveness of high quality financial education programs in serving to eradicate financial illiteracy and, for that reason, many industry observers are pleased with the results of the SiMPACT analysis of the Money Matters program.  As the financial education industry continues to expand at a rapid clip, it is widely anticipated that more such evaluations – and similar positive results – should be seen in 2014 and beyond.