ANNUAL REPORT 2015
Growing and changing with Albertans and the economy
From the Desk of the Executive Director
The theme for our 2014 AGM was “Money Mentors Role in the Alberta Economy”. By summer 2015, it became quite apparent
that Money Mentors had an even bigger role to play in helping Albertans as the state of the provincial economy took a turn for
the worse.
Since my last address in 2014, we have witnessed a drastic change in the economic outlook of Alberta and the financial
alteration has impacted many Alberta residents immensely, “In November 2015, 61,300 Albertans collected EI — compared to
30,300 during the same time a year earlier” (Huffington Post, January 22, 2016).
With the drop in oil prices, the Alberta economy lost close to 66,000 jobs from November 2014 to November 2015 (CBC
Calgary, 24 December 2015). The current uncertainty and job loss, are a reality unfolding too close to home. The economy is
now the main topic that dominates most discussions in Alberta homes.This drastic adjustment and uncertainty has affected
many families, and individuals on almost every economic level. First, Albertans who are currently employed are worried
about their job security and some have even taken pay cuts. Second, many who are laid off and currently looking for jobs are
experiencing limited job offers. Third, numerous companies have a hiring freeze - forcing unemployment rates to skyrocket.
Money Mentors Growth 2015
As an organization with a clear mission of assisting Albertans to elevate their financial woes, we have not deviated from our
responsibility and the role we play in a prosperous or challenged Alberta economy. Since January 2015, Money Mentors has
taken a number of proactive measures to provide support, resources, and tools to Albertans as they tackle their respective
financial positions head-on.
With our dedication to promote healthy money management in the province, we increased staff in our financial literacy
department to assist in providing a wide-range of financial literacy initiatives provincial-wide. We continue to develop and
present relevant financial education courses online, and in-person seminars - aimed at addressing many current financial
questions Albertans have in these challenging economic times.
Money Mentors school program has also taken on a very successful trajectory with countless schools requesting our youth
presenters in their classrooms to present “Budgeting and the Wise Use of Credit”. We have also embarked on developing
more resources to enable flexibility and continuity of personal money management content for youth. The goal is to make
such resources readily available for youth to access well beyond a traditional classroom setting. In November 2015, we
formally launched finlitab.ca to help propel our message of financial literacy among all grade levels in schools and youth in the
community throughout Alberta for a bright financial future.
To conclude our growth in 2015, I was particularly excited to announce the opening of our seventh office in the Wood Buffalo
region specifically in Fort McMurray. While the exact opening date this spring is yet to be determined, the opportunity for Money
Mentors to expand and serve Northern Albertans in a time of financial difficulty speaks volumes. It is another reflection of
Money Mentors commitment to assist every Albertan who needs any of our services.
Provincial Economy changing Albertans
With all of these personal financial challenges, many Albertans will be relying on our numerous services to navigate onto a
better financial path. Additionally, as the economy bounces back, people who were laid off will be looking for ways to catch up
on their incurred debts as they will be returning into the workforce gradually.
At Money Mentors, we are fully committed to providing the utmost service, resources, and guidance to all Albertans regardless
of age, financial position or location. We are fortunate to have knowledgeable and passionate staff who are very dedicated in
making sure Albertans are well informed about their finances. Through our various services and programs, we will continue and
be ever ready to serve Albertans in a prosperous or challenged economy.
JIM THORNE
BETTERPATH
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AABETTER
BRIGHTERFUTURE
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AABRIGHTER
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Message from the Chair of the Board
Summary of 2015 Economy
Countless layoffs and the continuous dropping of oil prices were the headlines that dominated our media landscape in Alberta
throughout 2015. For example, “The Canadian Association of Petroleum Producers said in its most recent update that 40,000
jobs have been directly lost due to plummeting oil prices, and tens of thousands more have been affected indirectly by less
money being spent in the wider economy” CBC, Jan 19, 2016).
Alberta’s unemployment rate dramatically increased and social agencies such as Foodbanks witnessed higher demand for their
services. It was a very difficult year for thousands of Albertans and the ripple effect of the economic downturn which begun in
2014 lingers well into 2016 with no signs of abating.
Money Mentors Growth and Role in Alberta
Amidst the undesirable and pessimistic news, Money Mentors continues to be among the most trusted agencies that Albertans
look for assistance. Over the past year, Money Mentors responded to the sudden change in Alberta by increasing its capacity to
serve Albertans from diverse socioeconomic backgrounds across the province.
During 2015, the organization offered personal financial information to over 30,500 Albertans. Additionally, Money Mentors
increased its community presence and messaging. Through presentations, hosting events and involvement in stakeholder
relations activities, Money Mentors spoke to over 22,000 Albertans.
Money Mentors online courses saw over 2,100 Albertans access personal financial content with a click of a button. This
innovative means of presenting financial education has been a great resource since inception as it allows Albertans to access
personal finance information regardless of geographical location or time of day.
The most exciting and timely announcement was Money Mentors expansion into the Wood Buffalo region. When we open our
new office it will provide access to many communities in and around Northern Alberta such as Aboriginal communities and other
Albertans living beyond Grand Prairie and Edmonton.
Why Money Mentors Matters
As the provincial economy remains uncertain, consumer behaviour across the province is shifting. People are reducing spending
to adopt more frugal lifestyles. Second, the demographic in Alberta is increasingly changing with new residents arriving from
other provinces or outside Canada in search of a better opportunity – even during our economic downturn. Third, the cost of
living in Alberta is still relatively high by Canadian standards and personal finance is an ongoing battle for thousands of Alberta
families.
When you consider these facts and other rapid changes in the province, it becomes apparent that Money Mentors will continue
to play a valuable role in our society. Deeply rooted in Alberta, Money Mentors serve one distinct purpose: To educate Albertans
in personal money management and the wise use of credit, and to provide alternatives for families and individuals facing
financial crisis.
Money Mentors played an integral role in 2015 and continues to provide essential services to Albertans during these difficult
times. I would like to reserve my last words to the wonderful staff at Money Mentors. Your contributions to personal financial
independence, poverty reduction, and financial literacy promotion do not go unnoticed. Albertans rely on your support on a daily
basis and you consistently exceed their expectations. On behalf of the entire board, we want to thank-you for serving Albertans
as you are a source of strength and comfort for thousands of people and their families during these challenging economic times.
SHAWN GRAHAM
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Financial Literacy Continuing Education
Online Courses
Now three years into the Money Mentors free online course
initiative, the programs have been received very well. Money
Mentors is currently running “Budgeting Bootcamp”, “Break the
Cycle”, “Tackle Debt” and “Credit Cross-Training”. Introduced
in 2015 were “R & R in Retirement” and “Enrich Your Kids”.
Money Mentors plans to increase course options is a way to keep
financial literacy top of mind among Albertans. These programs
are for our clients, as well as the general public. Having access
to high quality financial literacy programming with ease is
something we will continue to promote province wide.
2013: 635 unique users
2014: 2,420 unique users
2015: 2,171 unique users
Financial Fitness Classes
2015 has continued to bring success towards Money Mentors’
Free Financial Fitness Classes. With promotion of these events
increasing, we are seeing great return from clients as well as the
general public. Our classes now include: Break the Cycle: Spend
Less and Save More, Credit Rating IQ, Tackle Debt, R & R in
Retirement, Enrich Your Kids, and The Holiday Spending Treadmill.
In 2015, two new seminars were developed and will be introduced
in 2016. These courses are Fraud Detection & Prevention, and
Credit & Lending.
2013: 493 attendees
2014: 680 attendees
2015: 725 attendees
Continuing Education Participants
by the Numbers
202
725
Onsite Financial Fitness Classes
with Partner Organizations
2,171
Our education initiatives continued to extend to Lunch & Learns
with corporations as well as community groups hosting sessions
for their clients. In 2015, we offered 12 presentations across
the province, reaching 202 participants interested in enhancing
their financial literacy. This saw a small decrease due to Alberta’s
current economic downturn.
Online Courses
A BETTER PATH
Financial Fitness
Seminars
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Youth Financial Literacy Initiatives
Elementary School Programming
- “Grade Four Reads” Initiative
In 2014, Money Mentors’ youth presenters were invited into
elementary school classrooms throughout Alberta to introduce
money management concepts to younger students. A fun-filled
45-minute class beginning with a reading of “Rock, Brock,
and the Savings Shock” by Sheila Bair, followed-up with an
interactive craft-based activity and discussion focused on
personal saving goals. We continued this initiative with a strong
goal in mind for 2015.
Classes: 104
Students: 2,423
This surpassed our 2014 numbers by 624 students, and we
increased the amount of classes we were in by 32.
Junior High Programming
New Grades Launched: 7, 8, and 9
2015 marked the launch of three new grade presentations
in schools for all 6 Money Mentor locations across Alberta
(Calgary, Edmonton, Grand Prairie, Medicine Hat, Red Deer
and Lethbridge). This years’ focus was on expansion into
various schools, as well as stakeholder relations. With a
team of twenty youth presenters- college and university
students hired to deliver the presentation as peers, Money
Mentors provided financial literacy presentations to many
students across Alberta.
Grade 7: 72 presentations, 2,089 students
Grade 8: 13 presentations, 373 students
Grade 9: 4 presentations, 103 students
High School
460 classes, 13,558 students
Post-Secondary
10 presentations, 444 participants
Youth in the Community
23 presentations, 340 participants
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Money Mentors Events in 2015
Stampede Breakfast
Money Mentors third annual Stampede Breakfast was held in Calgary on Saturday July 4, 2015 in the parking lot of the
organizations office.
Over 600 Calgarians RSVP’d for the event and were fed breakfast by Lino’s Catering. Pancakes, sausage, eggs, and syrup filled
the air, as live entertainment rolled out and was provided by Calgary-based Nashville recording artist Lori Kole.
Balloon animals were made for all children and adults, as the line dancing and celebrating of the start of Calgary’s Greatest
Show on Earth began.
Financial Literacy Events
During the month of November (financial literacy month),
Money Mentors hosted a free speaking engagement, for
the third time, on November 10 in Calgary and November
24 in Edmonton.
The events themed: Let’s Talk About Money, It Just Makes
Cent$, were well attended with inviting speaker and
financial expert, Preet Banerjee. His focus was based
around the mentality and psychology that correlates with
our spending habits.
Attendees learned why they need to change their
money mindset, and how to do so. Attendees learned to
unlock their full potential from a money management
perspective.
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2015 Client Demographics & Trends
Average Age
43
Male
Female
54%
Single
Married
Common-Law
Separated
Divorced
Widowed
43%
46%
30%
8%
8%
9%
2%
Average Number of Dependents
Average Gross Income
Average Unsecured Debt
Average Number of Creditors
Average Monthly OPD Payment
0.6
$67,112
$24,945
6
$499.25
Ages of OPD Clients
66+
5%
56-65
13%
46-55
19%
36-45
25%
25-35
34%
<25
4%
0%
5%
10%
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15%
20%
25%
30%
35%
40%
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2015 Statistics
Stakeholders Reached by Category
3151
Networking Events # Reached
22,463
Display/Tradeshow Stakeholders Reached
30
Trustee # Reached
2052
Stakeholder Visits # Reached
Presentation Audience #
7817
428
Bank Visits
0
5000 10000 15000 20000 25000
How Albertans Hear About Us
Other
10%
Stakeholder
Referrals
21%
Advertising
21%
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Web
29%
Word of Mouth
19%
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Clients by Service
Adult
Education
3098
OPD
950
Credit
Counselling
7192
Youth
Education
19330
Total Number of clients in 2015: 30,570
Money Returned to Creditors (in Millions)
20
18
16
14
12
10
8
6
15.2
17
19
17.8
11.8
4
2
0
2011
2012
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2013
2014
2015
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Board of Directors
Shawn Graham - Chair
Post-Secondary Education Institution Representative
Bethany Care Society
Lorne Broski - Vice Chair
Association of Canadian Financial Corporation
CHIP Home Income Plan
Brian Buk - Treasurer
Canadian Bankers Association Representative
Scotia Private Banking
Lynne Sande - Secretary
Provincial Financial Institution Representative
Credit Union Central Alberta Ltd.
Baldev S. Dhah
Public Member
Provincial Government Services Representative
Dave Mohammed
Public Member
B.C. Assessment
Brenda Purschke
Alberta Human Ecology & Home Economics Association
Fran Genereux
Alberta Human Ecology & Home Economics Association
Doug Mushka
Canadian Bankers Association
Legal Counsel
Greg P. Shannon
Legal Counsel
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Management Team
Jim Thorne, Executive Director
William Akoto, Marketing & Communications Manager
Colleen Hochhausen, Director Financial Literacy
Lara Holowenko, Debt Programs Manager
Christian Holynaty, Operations Manager
Administration Team
Corey Baker, Administration Coordinator
Brian Betz, Documents Coordinator
Credit Counselling Team
Financial Literacy
Calgary
Laura Lee Billings
Jason Krausert
Dolores Ongaro
Paula Sangster
Glen Sharegan
Mandy Olsson
Stacey Townsend
Red Deer
Eric Everitt
Edmonton
Kathy Anderson
Debbie McEwen
Denise Olson
Laurel Wyton
Fort McMurray
Bev Blish
Grande Prairie
Iris Martin
Medicine Hat
Nikki Obrigewitch
Lethbridge
Barb Kennedy
Rose Nijhawan
Kym Thorogood
Pamela Quist
Pam Weatherby
Kimberley Spring
Stakeholder Relations Team
Linda Mak
Rachel Nielsen
IT & Communications
Glenn Zandboer
Alyssa Fischer
Client Services Representative Team
Carole Blanch
Daria Chubaty
Sandy Lazorko
Suzanne McKay
Arianna Velez
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Youth Presenter Team
Calgary
Edmonton
Red Deer
Elizabeth Tseung
Laura Lucas
Samantha Pedersen
Furqan Butt
Nuha Soliman
Dustin Seaward
Alex Gray
Zubayr Chohan
Jessica Luck
Erika Ratzlaff
Lethbridge
Maria Sarro
Collin Campbell
Tamara Dennis
Taylor Jensen
Natalie Graveline
Douglas Kiss
Sana Kaleem
Andrea Oklobdzija
Crystal Su
Kyle Goldsmith
Grande Prairie
Ben MacKay
Monica Kreiner
Chantell Legacy
Matthew Oldach
Medicine Hat
Allison Knodel
Melissa Learmont
Ronnie LaPierre
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