Canadians and Their Money

• The status of Canadians’ financial literacy levels;• Issues and concerns raised by stakeholders;• New research and best practices; and• Lessons learned over the previous year, and future priorities.Recommendation 27The Task Force recommends that the Government of Canada publish periodic progressreports to Canadians on the implementation of the National Strategy.The Financial Services SectorAt present, regulations require banks and federally incorporated or registered trustand insurance firms with more than $1 billion in equity to publish yearly PublicAccountability Statements describing their contribution to the Canadian economyand society. These reports, which must be made available to the public, providedetails on several topics, including involvement in community development projects;employee volunteer activities; charitable donations; initiatives to improve access tobanking services for low-income individuals, seniors and disabled persons; andassistance programs for financing small businesses.Given the importance of having knowledgeable consumers in the financial servicesmarketplace, we believe that financial institutions should also be required to report ontheir financial literacy initiatives and contributions, including their efforts in deliveringeducational information – and ensuring that it is fully understood by consumers –at “teachable moments” (see Recommendation 7). This would help increase thetransparency and public awareness of such activities in the financial sector.80TASK FORCE ON FINANCIAL LITERACY – V. Accountability