Canadians and Their Money

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Capacity-building activities could include staff training and development, informationand knowledge sharing among practitioners, and an annual professional developmentconference. Governments might wish to begin with a pilot project to ensure that thefinancial literacy education offered is useful and relevant for Canadians and thatthe voluntary organizations delivering the services have adequate capacity.Governments are also encouraged to partner with business, where appropriate,to build the capacity of voluntary organizations.Recommendation 14The Task Force recommends that the Government of Canada, as well as provincial andterritorial governments, invest in the capacity of the voluntary sector to offer financialinformation, learning and guidance to Canadians.First Nations Capacity BuildingA number of First Nations organizations in Canada – such as the AboriginalFinancial Officers Association, the Assembly of First Nations and the National Centrefor First Nations Governance – are involved in helping First Nations communitiesbuild their economic capacity to reach their full potential. These organizations,which range from federal Crown corporations to not-for-profit agencies, haveexperienced and educated Aboriginal professionals“…when you’re expecting to communicatewith Aboriginal/Inuit populations, they need who provide services that span the country.to do the communicating. So we have toinvest resources…in those populations andResearch shows that financial literacy – and basic literacythey have to control those resources.”– Centre for Northern Families more broadly – is a significant challenge for Aboriginalcommunities, who represent approximately four percent 26of the Canadian population. Institutional obstacles, historical and racialdiscrimination barriers, a lower overall level of educational attainment, andcultural barriers all combine to hinder their progress in the Canadian economy.To better understand this context and guide our thinking on a way forward, theTask Force commissioned research by Dominique Collin, who has been involved inAboriginal access to capital, banking, institution and business development issues26 Statistics Canada. (2006). Census. Retrieved from www12.statcan.ca/census-recensement/index-eng.cfm52TASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning
since 1982. His report, entitled “Aboriginal Financial Literacy in Canada: Issuesand Directions” (2010), suggests that Canada needs:…a focused effort to further build and sustain the financial literacy capacityof Aboriginal institutions, governments and financial institutions, in theexpectation that they will help create the conditions for the creation ofwealth – without which financial literacy training is useless. A side benefitof this effort could well prove to be the single biggest contribution tofinancial literacy capacity development in Aboriginal communities: themultiplication of leaders and role models capable of translating andspreading financial literacy in their communities through personal exampleand culturally appropriate communication. 27This advice echoes a recommendation made by the Organisation for EconomicCo-operation and Development in a 2009 document on financial literacy, 28 whichstated that programs must be directed at financial capacity building and “targetedon specific groups and made as personalized as possible.”We agree that appropriate support and resources are essential to the work oforganizations in our communities dedicated to First Nations capacity building.The Government of Canada should play a supporting role in this regard by workingwith existing groups, first to understand their needs, and then to build, leverageand/or sustain efforts that are deemed helpful in directly or indirectly increasingthe financial capability of First Nations communities.Recommendation 15The Task Force recommends that the Government of Canada support existing capacitybuildinginitiatives in First Nations communities by offering culturally relevant financialliteracy tools, training and resources to organizations involved in these initiatives.27 Collin, D. (2010). “Aboriginal Financial Literacy in Canada: Issues and Directions.” Research paper prepared forthe Task Force on Financial Literacy. Available from www.financialliteracyincanada.com28 OECD. (2009). OECD Project on Financial Education and its International Network on Financial Education.Paris, France. Retrieved from www.financial-education.org/dataoecd/8/28/44409678.pdfTASK FORCE ON FINANCIAL LITERACY – III. Lifelong Learning 53
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 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
Page 55: Throughout the public consultation
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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