In support of Financial Literacy month, Investment Industry Regulatory Organization of Canada (IIROC) is encouraging investors to use its online educational tool, IIROC AdvisorReport. It helps them make informed choices when working with advisors.

Each report provides information about an advisor’s educational qualifications, employment history with IIROC-regulated firms, the services and products he or she offers, and a record of disciplinary cases, if any, with direct links to related documents.

Read: Looking after wealthy clients

“Protecting investors is core to IIROC’s mandate and investor education is an important element of investor protection,” says Susan Wolburgh Jenah, IIROC president and CEO.

Since launching in 2010, members of the public and investment industry have generated more than 113,000 IIROC AdvisorReports, which detail the backgrounds of the more than 22,000 advisors at over 200 IIROC-regulated investment firms in Canada.

Visa teaches kids

Visa Canada launched Peter Pig’s Money Counter, an online educational game designed to teach children aged 4 to 7 the value of money. The game encourages players to grow their bank account by completing counting and sorting challenges.

Read: Help kids become money smart

“Peter Pig’s Money Counter is another example of using teachable moments to help young Canadians learn about the value of money in a fun and interactive way,” says Melissa Cassar, head of corporate and public affairs at Visa Canada.

Scotiabank strategy

Meanwhile, Scotiabank is introducing a life stages approach to financial literacy. It ensures people’s varying needs are met at any age.

Read: Retirement planning reloaded

The strategy identifies four life stages, including:

  • Starters – These people are at the beginning of their relationship with a financial institution, have little experience with financial products, and need to understand basic banking concepts.
  • Builders – These people are of varied backgrounds. Regardless of financial standing and career path, this life stage contains events that will shape their financial health.
  • Accumulators – These individuals are established in their line of work and may be married and/or have children. They have assets to protect. As they approach retirement, they may need more education.
  • Preservers/De-accumulators – No longer working and living on fixed incomes, these people may not be technically savvy or familiar with current banking technologies. At this life stage, the consumer is also more likely to be divorced, separated or widowed.

Read: Educate clients about advanced care directives