Canadians and Their Money

In some cases, programs reach many groups that are mostat risk of low financial literacy and limited access to financialinformation and help. The results of the 2009 CanadianFinancial Capability Survey suggest that low-incomeCanadians, low-wealth Canadians and families with children– the same groups targeted by certain federal benefits andprograms – are most likely to be among those needing helpin four of five areas of financial capability.“We believe the government has…aleadership role to play in providingfunding for program development,delivery and measurement in a varietyof format and media. And we believe thegovernment has an obligation to ensurethat existing and emerging governmentprograms like RESPs and the CanadaLearning Bond are well understood….”– Vancity Credit UnionGiven the major role that the Government plays in the economic lives of Canadians,we believe it should enhance the ability of Canadians to navigate social programs.To that end, we recommend that the Government use its existing benefit programsas opportunities to strengthen Canadians’ financial literacy. Just as consideringenvironmental impacts has become an integral part of the policy developmentand analysis process in the Government of Canada, so too, financial literacyshould be another lens through which to review new proposals or changes toexisting federal initiatives involving household finance.Recommendation 9The Task Force recommends that the Government of Canada promote financial literacythrough federal programs that reach Canadians directly (e.g., Employment Insurance,Old Age Security, CPP, Universal Child Care Benefits), and that provincial and territorialgovernments do the same with their respective programs.Canada Student Loans ProgramThrough its Canada Student Loans Program (CSLP), the Government of Canadaworks in partnership with most provinces and territories to deliver financial assistanceto eligible full- and part-time post-secondary students. The Government of Canadaprovides up to 60 percent of the assessed need, while the remaining 40 percent maybe provided in the form of provincial or territorial student loans. After finishing orleaving their studies, loan recipients enter into a repayment agreement. As partof the same application process, students may also receive grants that do nothave to be repaid.TASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning 45