Canadians and Their Money

When it comes to online learning, however, Canadians facea number of obstacles:“Current technology needs to be exploitedfor the benefit of financial literacy.Websites already exist that teach relevantskills, but are all these trustworthy?We propose that there be a ‘seal ofapproval’ for credible, useful andindependent financial literacy content.”– University Women’s Club of Montreal• A tremendous volume of financial information is scatteredthrough a range of sources, forcing users to searchnumerous sites;• As participants in our consultations repeatedly noted,it is not easy to know which websites are trustworthy;• It can be difficult to separate financial education from commercial advertising; and• It is not always evident whether an online source is Canadian – for example, anindividual could be receiving information that is geared toward U.S. citizens.Given these realities, we recommend that the Government of Canada create acomprehensive national website on financial literacy to serve as a central gatewayfor all related subject matter. It should be positioned as the place to go for impartialfinancial information.To engage Canadians, particularly those who find financialissues daunting, the new web portal must be audiencedriven, by which we mean accessible, interactive andvisually appealing. To build and maintain trust, the sitemust also be unbiased. Information and tools could betargeted to the needs of different groups, as follows:“We urge the Task Force to recommend thecreation and promotion of an online financialeducational site that will become a trustedreference for Canadians who want informationand education on financial products.”– Canadian Life and HealthInsurance Association• Consumers. The site would serve as a reliable resource for the public on allaspects of their financial lives: borrowing, investing, retirement planning, selfprotectionagainst financial fraud, and so on. Features could include web-basedcalculators, a tool to assess one’s own financial IQ, a glossary of financial terms,and guides for choosing licensed/certified financial services professionals andcredit counsellors;• Parents. Parents could use the site as a resource in educating their childrenabout money;TASK FORCE ON FINANCIAL LITERACY – IV. Delivery and Promotion 61