Canadians and Their Money

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