Standards for Canadian organizations

2020 Edition

Workforce Development and Support Services (CA-WDS) 7: Financial Literacy

The organization promotes the achievement of identified financial goals by providing the individual with the knowledge necessary to effectively manage his or her finances.
NA The organization does not provide financial literacy education.
2020 Edition

Currently viewing: WORKFORCE DEVELOPMENT AND SUPPORT SERVICES (CA-WDS)

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Purpose

Job seekers who receive workforce development, support, and financial asset building services achieve increased economic self-sufficiency.
1
All elements or requirements outlined in the standard are evident in practice, as indicated by full implementation of the practices outlined in the Practice Standards.
2
Practices are basically sound but there is room for improvement, as noted in the ratings for the Practice Standards; e.g.,
  • Minor inconsistencies and not yet fully developed practices are noted; however, these do not significantly impact service quality; or
  • Procedures need strengthening; or
  • With few exceptions, procedures are understood by staff and are being used; or
  • For the most part, established timeframes are met; or
  • Proper documentation is the norm and any issues with individual staff members are being addressed through performance evaluations and training; or
  • Active client participation occurs to a considerable extent.
3
Practice requires significant improvement, as noted in the ratings for the Practice Standards. Service quality or program functioning may be compromised; e.g.,
  • Procedures and/or case record documentation need significant strengthening; or
  • Procedures are not well-understood or used appropriately; or
  • Timeframes are often missed; or
  • Several client records are missing important information; or
  • Client participation is inconsistent. 
4
Implementation of the standard is minimal or there is no evidence of implementation at all, as noted in the ratings for the Practice Standards; e.g.,
  • No written procedures, or procedures are clearly inadequate or not being used; or 
  • Documentation is routinely incomplete and/or missing.      
Self-Study EvidenceOn-Site EvidenceOn-Site Activities
No Self-Study Evidence
  • Training curricula and/or other informational materials on financial literacy topics
  • Community resource and referral list including financial service providers
  • Interviews may include:
    1. Program director
    2. Relevant personnel
    3. Job seekers
  • Review case records

CA-WDS 7.01

The organization provides basic financial literacy information in plain language with technical terms, abbreviations, and acronyms clearly defined.

CA-WDS 7.02

Financial literacy topics are adjusted according to the identified needs of the group or individual receiving services and include information regarding:
  1. predatory lending;
  2. banking;
  3. the establishment and maintenance of good credit;
  4. debt management;
  5. paying bills;
  6. investing in the future;
  7. insurance;
  8. tax basics;
  9. budgeting; and
  10. buying a home.

CA-WDS 7.03

Direct service personnel provide individuals with contact information for specific resources in the community including places to receive financial advice and debt counselling services.