Canadians and Their Money

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V. Accountability ..................................................................................................... 73Monitoring National Progress ......................................................................... 74Participating in International Assessments..................................................... 76Improving Program Evaluation........................................................................ 78Reporting to Canadians ................................................................................. 79Investing in Research ..................................................................................... 82Conclusion: The Way Forward............................................................................. 85Appendices............................................................................................................. 87Appendix A: Summary of Recommendations......................................................... 87Appendix B: Members of the Task Force................................................................ 91Appendix C: Highlights from the National Financial Literacy Index....................... 92Appendix D: Accountability and Evaluation in Other Countries ............................ 96Appendix E: Selected Bibliography........................................................................ 97List of FiguresFigure 1: National Average Scores, National Financial Literacy Index(2009 data) ............................................................................................ 13Figure 2: Who’s Struggling? Who’s Doing Better?............................................... 14Figure 3: Ratio of Household Debt to Income(January 1990–September 2010).......................................................... 15Figure 4: Key Results from the 2003 International Adult Literacyand Skills Survey.................................................................................... 17Figure 5: The Proposed National Strategy on Financial Literacy......................... 18Figure 6: National Strategy on Financial Literacy ................................................ 19Figure 7: Shared Responsibility – Many Stakeholders Can ShapeCanadians’ Financial Literacy............................................................... 25Figure 8: National Advisory Council on Financial Literacy................................... 29Figure 9: Life Events............................................................................................. 31Figure 10: Essential Skills – Money Math............................................................... 33Figure 11: Participation in RRSPs........................................................................... 56Figure 12: Awards for Excellence in Financial Education...................................... 69Figure 13: Hypothetical Pamphlet to Illustrate Skill Level Requiredto Understand Banking Information...................................................... 71iiTASK FORCE ON FINANCIAL LITERACY
AcknowledgementsContributions of many Canadians assisted the work of the Task Force.We would like to thank numerous individual Canadians and organizations for takingthe time to participate and to give us their invaluable input during our consultationphase following the publication of our consultation document Leveraging Excellence(February 2010). Together, we explored the wide-ranging and often complex issuessurrounding financial literacy as summarized in What We Heard (September 2010). 1The suggestions made during our consultations covered diverse ground within ourmandate as well as topics beyond its scope. This report brings forward only thosesuggestions that relate directly to our mandate.We also separately consulted with provincial ministries of finance and educationas well as the Council of Ministers of Education, Canada. Their time, interest andknowledgeable perspectives greatly benefited the work of the Task Force.Several experts and practitioners undertook research on our behalf on topics relatedto our mandate. Their in-depth work and analyses greatly assisted our efforts.During our consultations we took stock of financial literacy best practicesinternationally. In developing our recommendations, we continued to monitordevelopments around the world. We are grateful for the willingness of internationalrepresentatives to share helpful insights with the Task Force and Secretariat;particularly from Australia, New Zealand, the United States, the United Kingdomand the Organisation for Economic Co-operation and Development.1 Leveraging Excellence and What We Heard are available from www.financialliteracyincanada.comTASK FORCE ON FINANCIAL LITERACY – Acknowledgements 1
Page 1 and 2: Report of Recommendations on Financ
Page 3: Table of ContentsAcknowledgements..
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 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
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Throughout the public consultation
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since 1982. His report, entitled
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Take-up of Government BenefitsEarli
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Programs for SavingIn our deliberat
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programs. We encourage, as a supple
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When it comes to online learning, h
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Public Awareness CampaignCreative a
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Fraud Prevention and EducationWe pr
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Self-Assessment ToolStudies and sur
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contests could also be used to fost
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ear a responsibility to communicate
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The federal, provincial and territo
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4.5.Planning ahead (thinking about
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students have acquired some of the
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and offer funding and professional
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To that end, the Government should
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Important research gaps remain, how
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Conclusion: The Way ForwardSuccess
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AppendicesAppendix A: Summary of Re
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19. The Task Force recommends that
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Appendix B: Members of the Task For
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2520151050Most Canadians are making
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2520151050Few Canadians keep themse
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Appendix E: Selected BibliographyTh
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Ipsos Reid. (2009). CSA Investor In
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Standing Senate Committee on Bankin
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