Canadians and Their Money

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Figure 5: The Proposed National Strategy on Financial LiteracyMissionStrengthenthe financialliteracy ofCanadiansRecommendationsShared ResponsibilityLeadership and CollaborationDelivery and PromotionAccountabilityOverallObjectivesPrioritiesLifelong LearningPublicawarenesscampaignPeriodicreportingto CanadiansFinancialliteracy: anessential skillGovernmentof Canadaprograms• Shared responsibility • Leadership and collaboration• Lifelong learning • Delivery and promotion • AccountabilityDedicated leadershipSinglesourcewebsitePrivatesectorreportingLeverage existing resourcesto increase the financialknowledge, skills and confidenceof Canadians. Measure the progress ofvarious segments of the Canadianpopulation across relevant indicatorsof financial literacy competencies.The formaleducationsystemResources forthe voluntarysectorRecommendationsFinancial literacy stakeholdersFraudpreventionand educationImprovingprogramevaluationFinancial literacytools and resourcesfor educatorsFirst NationscapacitybuildingMulti-stakeholder collaborationLearningin theworkplaceTake-up ofgovernmentprogramsClearcommunicationsInvestinginresearchAwards ofexcellenceMonitoringtrends andprogressFinancialservicesprovidersSavingstrategiesSelfassessmenttoolsParticipatingin internationalassessmentsIn the sections that follow, we set out our recommendations and the rationale behindthem. We believe these measures will, over time, make a significant impact andcontribute to the financial well-being of all Canadians. Realizing the goals of theNational Strategy will not happen overnight: it will require all those with a role to playto work in a coordinated fashion to effect meaningful, long-term change. We inviteeveryone to learn the key features of the proposed National Strategy and to play arole in its execution, for the benefit of Canadians today and future generations.18TASK FORCE ON FINANCIAL LITERACY – Financial Literacy Challenges and Opportunities in Canada
Figure 6: National Strategy on Financial LiteracyMission:Strengthen the financial literacy of CanadianssharedResponsibilityleadershipand collaborationlifelonglearningdeliveryand promotionaccountabilityTASK FORCE ON FINANCIAL LITERACY – Financial Literacy Challenges and Opportunities in Canada 19
Page 1 and 2: Report of Recommendations on Financ
Page 3 and 4: Table of ContentsAcknowledgements..
Page 5 and 6: AcknowledgementsContributions of ma
Page 7 and 8: www.financialliteracyincanada.comTh
Page 9 and 10: touches all residents, our recommen
Page 11 and 12: 3. Lifelong LearningWe believe that
Page 13 and 14: ensure, at the highest level, accou
Page 15 and 16: • Navigate the ever-changing fina
Page 17 and 18: Figure 1: National Average Scores,
Page 19 and 20: Figure 3: Ratio of Household Debt t
Page 21: Figure 4: Key Results from the 2003
Page 25 and 26: GovernmentsGovernments are uniquely
Page 27 and 28: play a crucial role in providing fi
Page 29 and 30: Figure 7: Shared Responsibility - M
Page 31 and 32: term. Further, the mandate should n
Page 33 and 34: • Enable stakeholders to be activ
Page 35 and 36: Figure 9: Life EventsReceivingunexp
Page 37 and 38: Figure 10: Essential Skills - Money
Page 39 and 40: We commend those authorities who ar
Page 41 and 42: Governments may consider leveraging
Page 43 and 44: considering the purchase of a finan
Page 45 and 46: “lunch and learn” seminars and
Page 47 and 48: The Role of Professional AdviceThe
Page 49 and 50: In some cases, programs reach many
Page 51 and 52: Student Loans Directorate at the De
Page 53 and 54: The UAS is also “designed to incr
Page 55 and 56: Throughout the public consultation
Page 57 and 58: since 1982. His report, entitled
Page 59 and 60: Take-up of Government BenefitsEarli
Page 61 and 62: Programs for SavingIn our deliberat
Page 63 and 64: programs. We encourage, as a supple
Page 65 and 66: When it comes to online learning, h
Page 67 and 68: Public Awareness CampaignCreative a
Page 69 and 70: Fraud Prevention and EducationWe pr
Page 71 and 72: Self-Assessment ToolStudies and sur
Page 73 and 74:
contests could also be used to fost
Page 75 and 76:
ear a responsibility to communicate
Page 77 and 78:
The federal, provincial and territo
Page 79 and 80:
4.5.Planning ahead (thinking about
Page 81 and 82:
students have acquired some of the
Page 83 and 84:
and offer funding and professional
Page 85 and 86:
To that end, the Government should
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Important research gaps remain, how
Page 89 and 90:
Conclusion: The Way ForwardSuccess
Page 91 and 92:
AppendicesAppendix A: Summary of Re
Page 93 and 94:
19. The Task Force recommends that
Page 95 and 96:
Appendix B: Members of the Task For
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2520151050Most Canadians are making
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2520151050Few Canadians keep themse
Page 101 and 102:
Appendix E: Selected BibliographyTh
Page 103 and 104:
Ipsos Reid. (2009). CSA Investor In
Page 105 and 106:
Standing Senate Committee on Bankin
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Canadians and Their Money

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