Financial literacy: A key building block for communities and young Ontarians

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The heart of Desjardins Ontario Credit Union isn’t banking, says CEO Billy Boucher. It’s building. 

“It’s helping people create a foundation to build their lives on, giving them tools to succeed,” says Boucher. “We focus on empowerment, and that’s the core of our mission.” 

Desjardins Ontario Credit Union is part of the largest financial cooperative in North America and has been a guiding hand for newcomers and a resource for communities both big and small. Boucher emphasizes that what has set Desjardins apart, and why it continues to grow in popularity, is its community-first approach, which hasn’t changed since its inception over a century ago. 

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One of organization’s fundamental building blocks is financial literacy, particularly for young people.. 

Boucher explains that Desjardins’ longstanding investment in financial education is particularly relevant this November, which is Financial Literacy Month. Starting from the youngest Ontarians, “we want kids to understand that money isn’t just something to spend, it’s a tool that can shape (your) future.” 

Desjardins’ School Caisse program, for instance, is an initiative that was introduced nearly 120 years ago by Desjardins Group’s founder Alphonse Desjardins. Today, children between five and 13 years old are encouraged to practice saving and spending responsibly, while at the same time recognizing the value of community and cooperation. 

It’s a program enthusiastically endorsed by Penelope Charbonneau, a parent and teacher. 

“I first learned about the School Caisse when I started teaching in the early 2000s,” she says. “I was replacing a teacher on leave, and she had already established the program with her students. I was blown away.” 

Charbonneau observed children regularly bringing money to save, doing so without hesitation or fear, because the program taught valuable lessons about financial responsibility in a non-intimidating way. “The children were learning that money isn’t just for spending. (They were taught that) it can grow when saved,” she says. 

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“It was clear to me that both the school and parents cared deeply about their kids’ financial education, and that was so important. It urged me to do it with my own children.” 

Charbonneau says that while she personally worked to instill good financial habits in her children from an early age, School Caisse was a fantastic partner to her as a single parent of three at first, and eventually a married parent of seven. “It was really a trust-building exercise,” she explains. “Even if they couldn’t see their money, it was still there. It helped them understand the difference between needs and wants, and set goals for their future.” 

Charbonneau believes that the School Caisse program has provided a unique opportunity for her children to understand their role within the family and community when it comes to finances. “It’s not just about money for money’s sake,” she says. “It’s about creating value in people’s lives. My kids have learned to create wealth not just by saving but by offering something of value, whether it’s a lemonade stand for construction workers or babysitting services. These activities teach them that they have power and value, and that financial well-being is about contributing to society.” 

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Financial Literacy Month is the 14th edition of the initiative launched by the Financial Consumer Agency of Canada (FAC) during November, but Boucher says that Desjardins’ commitment to helping Canadians build their financial resilience is year-round. He wants all of Canada – especially its youngest citizens – to release the fears of talking and learning about financial matters, like debt, investments or savings goals. For Boucher and his peers, Financial Literacy Month is a time to celebrate Desjardins’ continuous mission to empower people as early as possible. 

“We want to help young people grasp the basics of saving just as much as we want to offer newcomers the financial tools they need to integrate and feel good in their new home,” says Boucher. “Our aim is to nurture financial stability.” 

Charbonneau agrees. “Desjardins, School Caisse – (they) teach kids the value of money,” she says. “(Kids are) taught that the (financial institution) doesn’t take money from you – it provides a service to help you achieve your goals and to make a difference. 

“Sometimes people think, ‘Oh, I could have whatever I want if I just won the lottery,’” she muses. “But sometimes it’s a matter of just knowing how not to fall victim to your spending habits. Sometimes it’s just putting a bit away, a little at a time, and watching it grow. In my experience, and in my kids’ experience, what this program does is create great self-esteem, because kids develop a sense of responsibility, of purpose and of the ability to say yes to themselves.” 

For more information, visit desjardins.com/ontario. To help your child learn about money with fun tools and a new app: schoolcaisse.com. 

 This story was created by Content Works, Postmedia’s commercial content division, on behalf of Desjardins Ontario Credit Union. 

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