Canadians and Their Money

III. Lifelong LearningThe Task Force believes that financial literacy is an essential life skill for allCanadians and that it is acquired through lifelong learning. In this section,our recommendations are grouped into three sections:1. FoundationsWe discuss the importance of the formal school system in buildingfoundational knowledge about financial matters, and the value of havingfinancial literacy officially recognized in Canada as an essential skill.2. Beyond the ClassroomMoving beyond the classroom, we explore ideas to deliver financial educationduring those life events when people are likely to be receptive to it andprepared to practise it – for example, acquiring one’s first credit card, applyingfor a mortgage, pursuing a career and preparing for retirement – the rationalebeing that people retain more of what they learn when the information isspecifically relevant to their circumstances at the time (see Figure 9).3. Learning and BehaviourFinancial education, by itself, is not necessarily appropriate for everyone, orat all stages of life. We identify behavioural incentives and mechanisms thatmay also encourage people to act in financially positive ways, particularlywhen it comes to saving and investing for retirement.Taken together, formal classroom education, timely informal education at key lifeevents and the application of insights gleaned from behavioural research shouldhelp elevate Canadians’ financial literacy so they can make wise financial choicesthroughout their lives.30TASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning