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Start Your Journey Toward Financial Wellness Today
The RBC Financial Literacy for Indigenous Peoples Course was created in response to calls from residential school survivors and First Nations youth who recommended financial training as a means to maximizing the benefits of financial compensation.
While some of the information is specific to persons receiving lump sum payments, the course is intended to provide knowledge about money and banking for all Indigenous people.
If you’ve received a lump-sum compensation payment ― or money from your first paycheque ― there are three steps you can take to start your financial future off on the right foot.
Breathe
Before making any financial decisions, it’s a good idea to take a breath and think about how you can use your money to achieve what’s important to you.
Have you received a lump-sum payment?
Studies show that receiving a large sum of money all at once can be highly stressful and sometimes even traumatizing. Coming into money can also become a positive opportunity, when you’re supported with knowledge and awareness.
Read About Sudden Wealth SyndromeHide Read About Sudden Wealth Syndrome
Sudden Wealth Syndrome
A report by the Aboriginal Healing Foundation (opens to external site) on the impact of compensation payments for residential school survivors, their families and communities found both positive and negative stories and experiences.
Coming into a large sum of money can be “highly stressful and sometimes even traumatizing,” particularly when the money received is compensation for harms or discrimination experienced.
While many survivors turned compensation payments into a positive financial opportunity, others experienced an increase in problems such as drug and alcohol abuse, pressure from family for money, and targeting by financial predators.
The impact of coming into a large sum of money is sometimes called “sudden wealth syndrome,” which brings about issues such as:
- Increased anxiety
- Impulse buying
- Feelings of social isolation
- Moodiness
- Money-related ruminations (thoughts, fixations)
- Guilt that makes it hard to make decisions and undermines pleasure
The report recommended financial literacy training as key to supporting future recipients of lump-sum payments.
Hope for Wellness Help Line
This Help Line offers immediate help to all Indigenous peoples across Canada, 24 hours a day, 7 days a week.
Call Toll-Free: 1-855-242-3310
Chat With a Help Line Counsellor Online (opens in new window)
Learn
In less than 2 hours, this non-credited course will teach you some key financial basics and help you protect, save, invest, share and spend your money wisely.
The course videos are each presented by a different member of the RBC Royal Eagles ― a fellowship of Indigenous and non-Indigenous RBC employees working together to support the needs of Indigenous clients and employees.
Watch the Course Introduction VideoPresented by Jessica Shute
This course is made up of five parts. Each part should take approximately 15 minutes each to complete and includes:
- A 1-minute video
- Reading material
- A quick activity
Complete all five parts in one day, or learn at your own pace and whenever it’s convenient for you.
Course Content
Presented by Terry Copenace
What’s Covered in Part 1:
- How to open a bank account
- Depositing a large sum of money
- Your banking options
Part 1 Reading Material and Activity
View About Money and Banking (Opens PDF in new window)
Presented by Chanel Stojanovic
What’s Covered in Part 2:
- About banks and other financial institutions
- Protecting yourself from scams and fraud
- Why you should avoid payday loans
Part 2 Reading Material and Activity
View Protecting Your Money (Opens PDF in new window)
Presented by Chris Hunt
What’s Covered in Part 3:
- How to create a budget
- Setting financial goals
- Money management for seasonal workers
Part 3 Reading Material and Activity
View Budgeting and Managing Your Money (Opens PDF in new window)
Presented by Eric Turner
What’s Covered in Part 4:
- Understanding credit
- Applying for credit
- Good debt vs. bad debt
Part 4 Reading Material and Activity
View Financing Your Goals with Debt and Credit (Opens PDF in new window)
Presented by Chad Garlow
What’s Covered in Part 5:
- Saving tips
- The difference between saving and investing
- Choosing the right investments
Part 5 Reading Material and Activity
View Saving and Investing Your Money (Opens PDF in new window)Statement of Completion
Congratulations on completing the RBC Financial Literacy for Indigenous Peoples Course! Add your name to this Statement of Completion, download or print it out and be proud of your achievement.
Get Your Statement of Completion(Opens PDF in new window)
Begin
Once you understand the options available ― and the impact they can have on your life ― you can take actions that will let you enjoy your money today and reach your goals for the future.
Financial Services for Indigenous People (opens to external site)More Helpful Resources
Hope for Wellness Help Line
This Help Line offers immediate help to all Indigenous peoples across Canada, 24 hours a day, 7 days a week.
Call Toll-Free: 1-855-242-3310
Chat With a Help Line Counsellor OnlineMcGill Personal Finance Essentials
McGill Personal Finance Essentials is a free online course that can help you continue your financial education. Taught by McGill professors, the course is open to everyone.
Learn More About the McGill Personal Finance Essentials Course (opens in new window)Our Commitment to the First Nations Child and Family Caring Society
This course was designed in collaboration with the First Nations Child and Family Caring Society, which provides reconciliation-based education, research and support to promote the safety and well-being of First Nations children and families.
Visit the First Nations Child and Family Caring Society Website (opens in new window)