startsmart - fcssaafcssaa.org/sites/default/files/free money party, momentum.pdf · startsmart...
TRANSCRIPT
![Page 1: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/1.jpg)
StartSmart Unclaimed FREE Education Money &
what we can do about it
Joe Ceci, Public Policy Manager Lora Pesant, Financial Literacy Facilitator Mike Brown, Public Policy Coordinator November 13, 2014
![Page 2: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/2.jpg)
Business Development Career Skills Financial Literacy
Momentum: A Community Economic Development Organization
![Page 3: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/3.jpg)
Activity • In groups of four, share:
– Your name & where from – When you were young, what did you want
to be when you grew up? – What you hope to learn at this session
![Page 4: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/4.jpg)
Public Policy Program • Momentum also runs an advocacy program that works with
government to bring about systems change in Calgary and Alberta. • Some issues we are currently working on?
• RESPs • Provincial Poverty Reduction Strategy • Payday Lending • FCSS Provincial Funding • Canada Jobs Grant
![Page 5: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/5.jpg)
What Why Who
StartSmart Program
![Page 6: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/6.jpg)
StartSmart Program Rationale
• People who complete Post Secondary Education (PSE) earn higher median incomes than non-recipients of PSE (Statistics Canada, 2006).
• The most significant determinant of whether a child will pursue post secondary education is parental financial support (Dubois, 2002).
• Children with savings accounts in their names are six times
more likely to attend college rather than those without (Elliot & Beverly, 2010).
![Page 7: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/7.jpg)
StartSmart Program • Started in 2008 • Workshops delivered at over 65 community
partner organizations • Over 3,500 StartSmart workshop participants • Over 1,200 RESPs opened by participants • RESP sign-up events • New: 24 Community Champions trained to
deliver RESP information in the community
![Page 8: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/8.jpg)
What does education cost? • Post-secondary education is estimated to
cost $140,000 for children born in 2014. • According to BMO, parents expect to cover
almost half this cost. • 73% of parents are concerned they won’t be
able to afford the costs.
![Page 9: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/9.jpg)
Common conditions: Contract Fees Penalties Restriction
Banks Group Plan Providers
3
Flexible savings Can be opened with $0 Family/Individual Plan
![Page 10: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/10.jpg)
Free Government Money Canada Learning Bond Children born in 2004 or after Families who receive the National Child Benefit Supplement (family income of approximately $44,000 or less).
$500 – one time payment $100 each year until your child is 15
Alberta Centennial Education Savings Children born in 2005 or after Parents Living in Alberta
$500 – one time payment
4
![Page 11: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/11.jpg)
Matching Money
Canada Education Savings Grant
20%
Additional Canada Education Savings
extra 10% or 20%
Alberta Centennial Education Savings
$100 at ages 8, 11, 14
5
![Page 12: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/12.jpg)
Steps to Open an RESP 1. Documents:
Parent & child both need ID and Social Insurance Number (SIN)
2. Bank Appointment to open RESP
![Page 13: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/13.jpg)
CLB Uptake – Alberta (as of March 2014)
Municipality # of CLB Eligible # of CLB Bens Uptake (%) Airdrie 3,477 1,033 29.7% Calgary 69,700 26,348 37.8% Edmonton 61,354 18,249 31.1% Fort McMurray 3,940 901 22.8% Grande Prairie 5,215 1,068 20.5% Lethbridge 6,033 2,048 33.9% Medicine Hat 4,249 1,276 30.0% Red Deer 6,570 2,140 32.6% Sherwood Park 3,154 958 30.4% Spruce Grove 2,748 557 20.3%
![Page 14: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/14.jpg)
CLB Average Uptake – All of Alberta (as of March 2014)
# of CLB Eligible # of CLB Bens Uptake (%) Alberta 258,809 74,045 28.6%
• Momentum has data for all Alberta postal codes current to March 2014. • Feel free to contact us for the numbers for your municipality, county, or
municipal district
![Page 15: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/15.jpg)
Participant Barriers • What barriers could participants face in
opening RESPs and receiving the CLB? • How could you help alleviate those
barriers?
![Page 16: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/16.jpg)
Addressing Barriers • Plain language work book • Individual Follow-Up • Partnership is key! • Child care services • Transportation subsidies • ID subsidy program • Bank Buddy volunteer program • One stop-shop events
![Page 17: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/17.jpg)
Free Money Party!
![Page 18: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/18.jpg)
Free Money Party cont’d
• Family friendly • Banks and Service Canada to attend an
event. • Removes the barrier of intimidating bank
atmosphere • Moves RESPs into the community • Child minding or children’s activities
![Page 19: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/19.jpg)
Moving Forward – Building Community Capacity
• Education Savings Week (Nov 17-21, 2014) • Webcast www.momentum.org/startsmart • Facilitator Training • Financial Institution engagement • Training Tax Clinic Volunteers • School boards & health care centres
![Page 20: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/20.jpg)
Developing Advocacy Strategies • ACES Grant
– Budget 2013: Government announced phasing out of the grant • Rationale: Program did not meet goals
of increased uptake by low income families.
– Momentum approached the government
and made case for ACES continuation
![Page 21: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/21.jpg)
Developing Advocacy Strategies, Cont’d
• Relationship Building • Letter Writing • Managing Change
– Ministers change but civil servants do not
• Involving program staff as subject matter experts
![Page 22: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/22.jpg)
Advocacy on RESPs • Social housing asset exemption
– To qualify for social housing, Albertans must have no more than $7000 in assets
– Assets must be liquidated to that level • RRSPs up to a certain amount are exempt
– RESPs are not exempt
![Page 23: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/23.jpg)
Advocacy on RESPs • Momentum has been pushing for RESPs to
be an exempt asset – Families should not sacrifice a child’s
education for appropriate housing
![Page 24: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/24.jpg)
School Board Advocacy • Momentum approached Calgary Board of
Education (CBE) & Calgary Catholic School Division (CCSD) – Idea is to partner and send info with students to
parents – Hold info sessions on parent teacher nights in
schools – CCSD sending 30,000 RESP info packets home
with K-6 students
![Page 25: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/25.jpg)
Could Teachers be Education Savings Champions? http://www.youtube.com/watch?v=JVkArqprDuw
![Page 26: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/26.jpg)
Want to be a champion for RESPs and the CLB? • Momentum offers a facilitator training
program for StartSmart – Learn how to increase the uptake of
RESPs in your community – Momentum staff can travel to your
community to deliver training
![Page 27: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/27.jpg)
Increasing Uptake • How are you going to work to increase
Canada Learning Bond uptake in your community?
![Page 28: StartSmart - FCSSAAfcssaa.org/sites/default/files/Free Money Party, Momentum.pdf · StartSmart Program . My job is to make sure that every parent in the Calgary area, especially lower-income](https://reader036.vdocuments.mx/reader036/viewer/2022062604/5fb884fe11166b651a6620cd/html5/thumbnails/28.jpg)
Thank you! Joe Ceci – [email protected] Lora Pesant – [email protected] Mike Brown – [email protected] Website: www.momentum.org