McMaster University announced today that a $1-million gift from Mackenzie Financial Corporation and Power Financial Corporation will set up an innovative endowed chair at the DeGroote School of Business.

The Mackenzie Financial Chair in Evidence-Based Financial Planning will be a unique research venture that will accelerate knowledge in the field and improve consumers' understanding of basic financial investing and planning principles.

"One of the universal realities that has emerged from the current global economic crisis is that the average Canadian does not know enough about the fundamentals of investing, financial markets, economics and business strategy to make informed choices about their personal finances," says Peter George, president of McMaster University. "We are extremely grateful to Mackenzie Financial and Power Financial Corporation for this gift that will help improve the financial literacy of Canadians."

The investment of $500,000 from each company, further leveraged through the University's contribution of matching funds, amounts to a $2-million investment.

"We are delighted to make this gift along with Power Financial Corporation," says Charles R. Sims, president and chief executive officer of Mackenzie Financial Corporation. "The Mackenzie Financial Chair in Evidence-Based Financial Planning will become a leader in creating research that can provide advisors and investors a deeper understanding of the need for and benefits of financial planning."

Research themes may include:

Paul Bates, dean of the DeGroote School of Business, says that interest in financial matters among students is strong and that the DeGroote Finance Association is one of the largest student groups on campus. Furthermore, says Bates, nearly one-quarter of all DeGroote MBA graduates work in the financial sector.

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