Canadians and Their Money

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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
“lunch and learn” seminars and workshops can be offered and should be open tocontract employees and students.For employees experiencing financial strain, employee assistance programs shouldoffer access to personalized financial crisis counselling. All levels of governmentshould support private sector organizations in providing financial learning and trainingto their workforces, by reviewing and modifying relevant funding mechanisms toensure that workplace financial literacy programs are eligible for tax assistance. Forthose employees whose workplace does not offer financial literacy programs, the taxsystem should provide equal assistance if they decide to pursue a financial literacyprogram on their own.Recommendation 6The Task Force recommends that employers incorporate financial literacy training into theircurrent workplace training programs and communications. To that end, the Government ofCanada, as well as provincial and territorial governments, should make workplace financialliteracy programs eligible for tax assistance. Governments should demonstrate leadershipas employers by developing workplace financial literacy programs for employeesthroughout their careers.In the Financial Services MarketplaceWe urge financial services providers to continue their contributions to financialliteracy and explore ways to participate further to help advance the NationalStrategy. Financial services providers have the reach, expertise and establishedrelationships necessary to deliver financial education to a large segment of thepopulation. Strengthening financial literacy should be viewed as a matter of brandbuilding,good business practice and corporate social responsibility. We agreewith the principle of good practice, adopted by the Organisation for EconomicCo-operation and Development, that financial education should be integral tothe good governance of financial institutions. 1717 Organisation for Economic Co-operation and Development (OECD). (2005). Improving Financial Literacy:Analysis of Issues and Policies. OECD Publications. p. 175.TASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning 41
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 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: considering the purchase of a finan
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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