Canadians and Their Money

More documents

Recommendations

Info

Finally, a dedicated Secretariat supported the Task Force over the past 18 months.The team was led by Susan Murray and comprised Joanne Delorme, Patricia Dunphy,Ralph Frustaglio, John Kane, Bruno Lévesque, Andrew McDermott, Marc-AndréPigeon, Jennifer Robson, Claudette Rotondo and Adam Schjott. We express oursincere appreciation to each of you for allowing us to conduct our work effectively andefficiently. Your energy, resourcefulness and hard work have been of significant value,not only to us, but also to present and future generations of Canadians.2TASK FORCE ON FINANCIAL LITERACY – Acknowledgements
www.financialliteracyincanada.comThe Honourable James M. Flaherty, P.C., M.P.Minister of FinanceHouse of CommonsOttawa, Ontario K1A 0A6Dear Minister Flaherty:On behalf of the Task Force on Financial Literacy, we are pleased to submit our final reportsetting out a proposed National Strategy on Financial Literacy and recommendations, inaccordance with our mandate.Throughout this past year, the Task Force has had the privilege of consulting with Canadianson an issue that is critical to their prosperity. The objective of strengthening the financial skillsof Canadians is a long-term undertaking that is increasingly relevant to each individual andhousehold and to our society as a whole, irrespective of the particular state of the economy.Yet our consultations, research and deliberations took place during a turbulent period in theCanadian and global economy. Canadians have never before faced such a combination ofeconomic circumstances: low interest rates, volatile equity markets, high personal debt levels,and a vast number of choices in financial products. This both explains the strong interest in theTask Force’s mandate among stakeholders and underscores the timeliness of this initiative.Five priorities underpin our proposed National Strategy: (1) We believe that responsibility for theStrategy’s outcome must be shared among all stakeholders. (2) The coordination of the variousinitiatives will require strong leadership and multi-stakeholder participation. (3) Financial literacyrequires lifelong learning, which must start at school and accompany Canadians through theirkey life events. (4) Resources and innovative approaches will be necessary to raise theawareness of Canadians about the importance of adopting good financial behaviours, and toreach them in the most effective ways possible. (5) Accountability will be key to the success ofthe Strategy: stakeholders will need to be able to demonstrate the impact of their interventions,and solid indicators will be required to measure progress over time.We would like to express our thanks to all stakeholders – private citizens, government agencies,business, labour organizations, non-profit agencies and voluntary organizations – who attendedour public meetings and who submitted written briefs of their proposals to improve financialliteracy. Their valuable contributions not only helped our work, but have also advanced the overallunderstanding of financial literacy in Canada. While much excellent work had been done in thisfield by other countries and international bodies and was captured in our preliminary research,we now have a truly Canadian perspective from which to build future programs.We would also like to recognize the significant contribution of our fellow Task Force memberswho devoted themselves to this vital work. Despite a long and strenuous journey, their energyand enthusiasm have remained undiminished.Finally, on behalf of the entire Task Force, we express our appreciation for the privilege ofparticipating in this important initiative. Hearing views from every region and from all walks oflife has been an unforgettable and tremendously rewarding experience. We are confident thatour recommendations will set us on a clear path toward greater financial literacy and, in doingso, will help all Canadians build a brighter future.Donald A. StewartChairL. Jacques Ménard, O.C., O.Q.Vice ChairTASK FORCE ON FINANCIAL LITERACY – Message from the Chair and Vice Chair 3
Page 1 and 2: Report of Recommendations on Financ
Page 3 and 4: Table of ContentsAcknowledgements..
Page 5: AcknowledgementsContributions of ma
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 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
show all

Canadians and Their Money

Create successful ePaper yourself

Delete template?

Save as template?