"All you need to do is look at the success of the Bank Transfer Day on Nov. 5 to see that people are fed up with the banking practices in this country and around the globe," said James Clancy, NUPGE President.
Ottawa (13 Nov. 2011) - Credit Education Week is being launched on Nov. 14, as part of the federal government sponsored Financial Literacy Month, a new initiative to help educate Canadians on issues of finances . During the week, in various regions of the country several workshops will be held and information tables set up to advise the public on how to become more financially literate.
Sponsors of the week range from the big names in the financial sector: Capital One, Sun Life Financial, TD Canada Trust, BMO Financial Group, the Royal Bank of Canada (RBC) and VISA to financially-related groups such as Credit Canada, the Ontario Lottery Group, Harris & Partners Trustees in Bankruptcy, the Canadian Bankers Association and Money Mart.
The only community group sponsoring the week of activities, yet organizing the majority of workshops, is the YMCA.
"I find it truly shocking that here, we have big banks, trustees in bankruptcy and loan sharks such as Money Mart sponsoring a week of events to educate people how to budget better and other financial issues," says James Clancy, President, National Union of Public and General Employees (NUPGE). "When they could be doing so much more to truly help people."
Another high profile voice calling for the end of "irresponsible" lending practices of banks is popular television host of Til Debt Do Us Part, Gail Vaz-Oxlade. She is pressuring the banking industry to changes the way they do business altogether which would do more to save people from financial crisis than the current hypocritical education initiative.
In an interview with the CBC, she said,"[The banks] think they're going to teach us all about credit. We want to turn this back on them and say, "OK, we want to teach you that we're not going to put up with your bad lending practices any more."
She raises concerns about how the credit rating system allows banks to provide credit to many who can't afford it by rewarding those who only pay the minimum payments rather than the full amount and who punish those who pay off credit cards or close out loans. Or credit card companies providing cards to students with $15,000 limits, knowing that they'll never be able to pay them off.
"Show me what a financial institution is doing to help people get out of debt. Nothing. They're not educating them. They're not telling them the truth….So don't even bother with the "blah, blah, blah" about how much you [the banks] are supporting financial literacy. Because what you're actually doing is supporting financial ignorance. The ignorant customer is your best customer…."
Customers are starting to wake up to the real issues with the banks and take action with their feet.
"All you need to do is look at the success of the Bank Transfer Day on Nov. 5 to see that people are fed up with the banking practices in this country and around the globe," he continued. "For too long, CEOs and corporate executives profit off the nickel and diming of the 99%. We are saying enough is enough."
On Nov. 5, Bank Transfer Day, in a social-media organized campaign, hundreds of thousands of people protested at big banks and moved their money to smaller credit unions.
More information:
Smart Money: Consumer Defense for times like these series
NUPGE
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE
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