Canadians and Their Money

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• Youth/Students. The site would be an important learning forum for young peopleand students, offering information applicable to their unique circumstances(e.g., budgeting for school, getting their first credit card, saving for postsecondaryeducation);• Teachers. The site would be a hub for Canadian teachers, providing resources,information guides, links to the Council of Ministers of Education and a “teachersonly” area;• Voluntary groups. Organizations that assist consumers could access a varietyof financial literacy resources;• Employers. The site would represent a valuable source of financial literacytraining support for employers who want to offer financial education as partof their workplace training programs and communications; and• Researchers and policy-makers. The site would be a clearinghouse forCanadian and global best practices, research and thinking on financialliteracy and education.The Government of Canada should build the website in collaboration with otherlevels of government and the private sector, applying best practices in webdesign and communication. A number of websites in Canada offer a strong financialliteracy foundation: moneytools.ca (Financial Consumer Agency of Canada),getsmarteraboutmoney.ca (Investor Education Fund) and yourmoney.cba.ca(Canadian Bankers Association) are only a few examples. The Governmentcould feature its own successful tools on the site: a case in point is the CanadianRetirement Income Calculator, currently available on the Service Canada website.Canada can also look to the example of other countries that have created centralwebsites on financial literacy, such as moneymadeclear.org.uk (U.K. ConsumerFinancial Education Body).Recommendation 18The Task Force recommends that the Government of Canada create, maintain, continuouslyupgrade and promote a single source website for financial literacy, in an effort to increasepublic awareness about, and ease of access to, information.62TASK FORCE ON FINANCIAL LITERACY – IV. Delivery and Promotion
Public Awareness CampaignCreative and effective awareness-building is indispensableto any public education strategy. Individuals, families andthose involved in the delivery of financial education need tobe enlightened about how to access trustworthy financialeducation resources.“The Task Force should considerrecommending the development of a publicservice promotional campaign that attemptsto affect a cultural shift in the way Canadiansthink, feel and talk about personal finance.This could be a public service campaignsimilar to those for safety belts, physicalactivity and drinking and driving.”– Money MentorsWe recommend that the Government of Canada work withstakeholders and with communications and marketingexperts to mount a dedicated national campaign to increase awareness and informthe public about financial literacy issues. The campaign should catch the attentionof Canadians of all ages, social groups, economic situations and locations.To reach a diverse population, the campaign should use an extensive range ofcommunications media and technologies, including the Internet, social media(e.g., Facebook, Twitter, YouTube), television, radio and print (e.g., brochures,ads and outdoor banners).In terms of content, we envision the campaign publicizing:• The new single source website on financial literacy;• Key messages and “calls to action” concerning better money management (e.g.,protect your money, check your statements, pay credit card bills on time); and• Financial literacy programs and resources in the government, private andcommunity sectors.To produce lasting results, the public awareness campaign would need to be a multiyeareffort and should be tracked, monitored and evaluated on an ongoing basis. Itshould evolve to reflect social trends and the specific needs of different groups.TASK FORCE ON FINANCIAL LITERACY – IV. Delivery and Promotion 63
Page 1 and 2:
Report of Recommendations on Financ
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Table of ContentsAcknowledgements..
Page 5 and 6:
AcknowledgementsContributions of ma
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www.financialliteracyincanada.comTh
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touches all residents, our recommen
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3. Lifelong LearningWe believe that
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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: When it comes to online learning, h
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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Canadians and Their Money

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