Financial Literacy Bootcamp
Vaughan Public Libraries
Innovation Synopsis
Financial Literacy Bootcamp is a five-week program that helps teens to boost their knowledge about different financial literacy topics and provides them with opportunities to practice what they have learned through gamification using the Personal Financial Lab website. Topics include budgeting, investing in stocks, and cryptocurrencies and digital assets.
Challenge/Opportunity
Information about financial literacy is already available to teens through several different avenues but it might not be taught to them in a fun way or be 100% accurate. The Financial Literacy Bootcamp at VPL is designed to help teens learn more about financial literacy in an environment that is fun, interactive, and focuses on providing information that is curated and appropriate for their grade level. It also allows VPL to offer a unique and niche program that will extend its current financial literacy programming to a group that is often hard to reach through existing programs and services. The Financial Literacy Bootcamp will ultimately support life-long learning for the teenage participants and provide them with a strong set of skills that they can use to make informed financial decisions for their futures.
Key Elements of Innovation
The Financial Literacy Bootcamp is a key way for VPL to facilitate access to technology and training that will help to develop the financial and digital literacy skills of the participants. The content of the program was developed from the resources available on the Personal Financial Lab website by a VPL staff member. Participants learn about a different topic each week and will put what they have learned into practice through games on the website, including a budgeting game and a stock market simulator. Registration covers the cost of a one-year subscription to the Personal Financial Lab website. The subscription allows participants to continue to have access to key financial literacy resources for a year after they have completed the program.
Achieved Outcomes
When the Financial Literacy Bootcamp was first offered in the early Fall of 2023, 11 participants consistently attended all five weeks (55 participants total). One of the topics that drew a lot of interest from those participants was Budgeting. The initial success of the Bootcamp led to a second session of the program being planned and offered in July and August this year. The current Bootcamp has drawn 12 participants for each of the three sessions offered so far (36 participants total) and has been popular with them and their parents.