Canadians and Their Money

While many companies already provide financial education to employees, theevidence suggests that there is considerable room for improvement, as the followingexamples illustrate:“Private sector involvementcould include incorporatingfinancial literacy (especiallyas it relates to vehicles forsaving a portion ofemployment income) intoworkplace training/newemployee orientation.”– Participant in online forum• A Desjardins Financial Security survey conducted in 2006 found thatnearly half of Canadians say they do not get enough help from theiremployer or labour organization with their retirement planning; 16 and• During our public consultations we heard that employers could bemuch more engaged in providing assistance to employees tomanage their financial affairs, particularly in the area of planningfor retirement. A general willingness was expressed by labourorganizations to take on an increased role in workplace trainingin this respect.Governments can promote best practices in workplace education and share relatedCanadian and international research findings. We also believe that the proposednational website on financial literacy (Recommendation 18) could be a valuableaid for employers and human resource practitioners by providing tutorials, guides,trainer manuals and other educational tools geared to the workplace.As major employers themselves, the Government of Canada together with provincialand territorial governments should lead by example in developing and demonstratingthe value of workplace financial literacy training. Employment in the federal publicsector alone, which includes the core public service, separate agencies, the military,the RCMP, and federal business enterprises, exceeds half a million Canadians. Eligiblefederal employees are currently offered a highly valued training program to help themprepare financially and otherwise for retirement.As part of this program, the Government of Canada can widen learning opportunitiesto sharpen financial skills beyond preparing for retirement, and can offer theseopportunities earlier in the career paths of public servants. In addition, less formal16 Desjardins Financial Security. (2006). Perfect Garden: The Psychology of Retirement. p. 9. Available at:www.desjardinslifeinsurance.com/en/life-events/thinking-retirement/Pages/rethink-retirement-survey-results.aspx40TASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning