RBC and Seaspan are expanding a financial literacy program to at least 750 schools annually across Canada over the next three years, following a survey that found most Canadians believe they would have been better prepared to manage their finances if they had learned about money in school.
The expansion of the Dollars + Sense program, delivered through Everfi, comes as RBC's latest Financial Literacy Poll found that 83 per cent of Canadians believe more financial education during their school years would have better prepared them to manage money independently. More than half, or 52 per cent, said they spent years catching up financially because they were not taught about money when they were younger.
The program provides financial literacy courses for students in Grades 4 to 8, with lessons aligned to provincial and territorial curricula. It is available to schools at no cost and includes opportunities for RBC volunteers to participate in classroom learning, either virtually or in person.
"By expanding the Dollars + Sense program into more schools, we are helping the next generation with the knowledge and skills to manage money with confidence. Our commitment to Canadians begins long before they come to us for financial advice and continues as their needs change throughout their lives," said Erica Nielsen, group head, RBC Personal Banking.
Survey points to demand for earlier financial education
The RBC poll found broad support for introducing financial literacy into the school system, with 95 per cent of respondents saying it is as important as core subjects such as math and reading.
Additionally, 97 per cent agreed every student should have the opportunity to learn about money in school, while 88 per cent said students should begin learning about financial matters in the early elementary grades.
The survey also found a gap in public confidence about the financial knowledge of younger generations. Only 18 per cent of Canadians believe young adults today have the skills needed to manage their money, while 13 per cent believe children are currently developing good money-management habits.
Three-quarters of respondents said school is the best place for young people to learn about money, and 91 per cent said schools need the appropriate tools and resources to teach financial literacy.
The poll also found that 72 per cent of Canadians believe they would feel more in control of their finances today if they had received more financial education earlier in life. Meanwhile, 66 per cent said earlier financial education could have helped them avoid financial mistakes.
Regional results showed some differences in respondents' experiences and views. In Alberta, 61 per cent said they spent years catching up financially because they were not taught about money when younger, compared with 52 per cent nationally. In the province, 89 per cent said more financial education in school would have better prepared them to manage money independently.
Program includes classroom support and online courses
Dollars + Sense offers three financial literacy courses designed for students in Grades 4 to 8. Teachers can invite RBC volunteers into classrooms to answer questions and demonstrate how financial concepts apply to everyday situations.
The initiative is part of RBC's broader financial literacy efforts, which include programs aimed at families, online education and financial guidance resources.
RBC said its Mydoh money app for households has been used by more than 450,000 Canadians. The bank also said more than 400,000 people have registered for free online courses covering financial literacy, entrepreneurship and agricultural management.
Those courses were developed in collaboration with McGill University, Ivey Business School at Western University and the University of Guelph.
The bank also operates My Money Matters, an online advice hub providing financial information and resources for everyday money decisions.
"At RBC, supporting Canadians means more than helping them manage their money today. It's about giving them the knowledge to make informed decisions throughout their lives," added Nielsen. "Whether it's a child learning to save for the first time or an adult planning for a major milestone, we want Canadians to feel empowered and supported at every step."