Canadians and Their Money

considering the purchase of a financial product or service; or when individuals applyor check their eligibility for, or obtain benefits from, government programs. Learnersretain only some of what they have been taught, particularly when the subject matteris outside the realm of everyday experience. Thus, financial education needs to bereinforced throughout life.In the WorkplaceThe workplace offers an effective channel for reachinga large number of Canadians from all walks of life. It is arelevant setting: it is the primary source of income formost people and a place where they may be motivatedto learn more about financial matters.“Abundant research exists to unreservedly statethat employees who are well informed and incontrol of their personal finances are happierin their families and communities, and moreeffective and safer in the workplace.”– Faye Forbes-Anderson(participant in public consultations)By best estimates, employers in Canada already pay for the vast majority of theformal and informal training and education received by adults of working age.Typically, this training is directly related to job performance and skills. Increasingly,however, with encouragement from governments, employers have taken on a rolein basic skills training, such as projects under way in Alberta to deliver literacy andnumeracy education in the skilled trades. Canadian employers, often together withlabour organizations, also offer employee benefits programs that may includecounselling services, workplace learning sessions, retirement plans and retirementpreparationworkshops.We urge employers and labour organizations to make a concerted effort to helpaddress the financial literacy of their employees and members as part of their overallwell-being. Both workers and employers stand to gain. Research demonstrates alink between financial well-being and a more productive, engaged workforce. 1515 Garman, T. (2007). “Workplace Productivity and Financial Literacy.” Retrieved from www.georgiaconsortium.org/research.aspx and Shepell-fgi Research Group. (2009). Financial Distress Impacts Health and Productivity:Employees Turning to EAP for Help. Spring. Retrieved from www.shepellfgi.com/EN-US/AboutUs/News/Research%20Report/index.aspTASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning 39