Canadians and Their Money

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Multi-Stakeholder Collaboration“Efforts to improve financial literacyshould be a collaborative venturebetween government, the privatesector, the non-profit sector andconsumers. As such, we wouldsuggest the establishment of a bodywith senior representation from theseconstituencies that would be taskedwith identifying opportunities,implementing initiatives andmonitoring results.”– Manulife FinancialAs part of the Task Force mandate, we were asked torecommend a national framework for collaboration amongstakeholders. A formal collaborative partnership is necessaryif Canadians are to benefit from best practices, successfulprograms and initiatives in the financial literacy landscape.To that end, we propose the creation of a national advisorycouncil on financial literacy to work with the Financial LiteracyLeader (see Figure 8). The advisory council would be a multistakeholdergroup representing all regions of the country andcomprising a broad mix of expertise drawn from community-based organizations,the financial and private sectors, and governments. The membership must alsoreflect our country’s rich diversity.The advisory council would provide ongoing guidance and feedback to theFinancial Literacy Leader on the implementation and evolution of the NationalStrategy, including:• How to optimize its overall reach and impact for Canadians;• How to leverage partnerships and programs for greater benefit; and• How to fine-tune and adapt the National Strategy on the basis of progressmeasurement indicators (outlined in Section V. Accountability).The advisory council and Financial Literacy Leader should exchange ideas andfeedback and take a strategic view of financial literacy issues.We believe that establishing an advisory council has many advantages that willultimately result in greater success for Canadians. Such a body would:• Generate wider stakeholder interest and engagement in financial literacy;• Provide a dedicated, ongoing forum for communication and interactionamong stakeholders;28TASK FORCE ON FINANCIAL LITERACY – II. Leadership and Collaboration
• Enable stakeholders to be active in dialogue and action arising from theNational Strategy;• Allow for diverse views to be incorporated in the Strategy’s execution; and• Promote greater collaboration, coordination, efficiency and relationshipsacross sectors.The Government of Canada should work closely with key stakeholders to determinespecific details of the council before its creation, including structure, size, meetingfrequency and operating procedures.Recommendation 2The Task Force recommends that the Government of Canada establish an advisory councilon financial literacy, both as a forum for collaboration and to provide ongoing advice to theFinancial Literacy Leader on the implementation and evolution of the National Strategy.The council’s membership should reflect the diversity of the stakeholders with an interestin the National Strategy.Figure 8: National Advisory Council on Financial LiteracyEducatorsVoluntarySectorGovernmentFinancial LiteracyLeaderAdvisory CouncilFinancialServicesProvidersPrivateSectorLabourOrganizationsTASK FORCE ON FINANCIAL LITERACY – II. Leadership and Collaboration 29
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 and 22: Figure 4: Key Results from the 2003
Page 23 and 24: Figure 6: National Strategy on Fina
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: term. Further, the mandate should n
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
Page 87 and 88:
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
Page 97 and 98:
2520151050Most Canadians are making
Page 99 and 100:
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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