Financial Literacy Evaluation

Evaluation is critical to measuring impact, building knowledge of effective practice and supporting continuous improvement of programs. Prosper Canada is working to support organizations engaged in financial education to effectively evaluate their financial literacy programs.

Strengthening evaluation of financial literacy programs in Canada (2015-2017)

Prosper Canada, the Canadian Bankers Association (CBA) and the Financial Consumer Agency of Canada (FCAC) are collaborating to strengthen financial literacy program evaluation in Canada. Over the next two years, we will develop a database of evidence-based financial literacy outcomes and indicators with an accompanying online tool that all organizations engaged in financial education can use to develop their own tailored evaluation plans.

This project will benefit private, public and community-based organizations seeking to improve the financial literacy of Canadians in the following ways:

  • Provide a common set of evaluation metrics and online tool that can be used for any  financial literacy initiative in Canada;
  • Make evaluation of financial literacy initiatives easier, more rigorous, and more likely;
  • Focus funders and delivery organizations on shared, evidence-based outcomes and indicators;
  • Make it possible to compare the effectiveness of diverse financial literacy interventions to identify what works best and for whom;
  • Leverage existing research evidence to strengthen current and future programs; and
  • Lay a foundation for the future online collection and comparison of national outcomes data.
Prosper Canada will lead development of the evaluation database and toolkit, in consultation with financial literacy practitioners, as well as an advisory committee comprising CBA and FCAC representatives, other financial literacy evaluators and key stakeholders, to review key findings and provide feedback on the evaluation metrics and online tool.

This project is funded by the Canadian Bankers Association.

Access the Financial Literacy Outcome Evaluation Tool to evaluate your financial literacy program at outcomeeval.org

Read the media release.

Contact us at info@prospercanada.org to learn more.