Canadians and Their Money

National Strategy on Financial LiteracyI. Shared ResponsibilityWe believe that financial literacy is a matter of shared responsibility among manystakeholders, and have made it a key aspect of the National Strategy. Any campaignto improve financial literacy must recognize the involvement and contribution ofthese stakeholders, who have a powerful and legitimate role to play. In this section,we briefly describe the various players; then, through remaining sections, werecommend concrete ways in which they can work to build financial literacy fora more prosperous Canada.Financial Literacy StakeholdersIndividuals and FamiliesIndividuals and families – the intended audience of financial literacy programs – havean important role to play in the National Strategy. Canadians are faced with financialdecisions every day, some of which can have lasting consequences for the rest oftheir lives. We believe that Canadians should therefore strive to be knowledgeableabout the financial products and services they use, especially before making keydecisions such as getting a credit card, taking on a mortgage, obtaining insurance“Governments can help create the right and making investments. Parents have a role to play infinancial environment through appropriate fostering a home environment in which the whole family canpolicies and regulations, but the burden ofdiscuss and learn about money. Throughout this report wemaking financial decisions ultimately restswith individuals.”discuss ways in which Canadians can elevate their proficiency– TD Bank Financial Group in personal finance and adopt better consumer habits.While individuals and families must have basic knowledge and awareness to be ableto exercise their rights and understand their responsibilities with regard to financialproducts, it is up to governments and the private sector to foster conditions conduciveto financial literacy and consumer empowerment. This is vital to the ability of Canadiansto steer through not only the financial services sector, but also through our tax systemand social programs in order to enjoy the benefits to which they are entitled.20TASK FORCE ON FINANCIAL LITERACY – I. Shared Responsibility