Canadians and Their Money

To that end, the Government should update the regulatory environment relatingto Public Accountability Statements in two respects: (1) financial literacy initiativesshould be added to the list of required disclosures; and (2) there should be a cleardefinition as to what constitutes a “financial literacy initiative,” so that educationalefforts are differentiated from marketing.Recommendation 28The Task Force recommends that the Government of Canada amend the PublicAccountability Statements Regulations, which require federally regulated financialinstitutions to publicly report on their contributions to Canadian society, to includedisclosure on financial literacy initiatives, as follows:a) Financial literacy initiatives should be added to the list of “what statements mustcontain” (c.f. section 3.(1) of the regulations); andb) A clear definition, guidelines or parameters around what constitutes a “financialliteracy initiative” should be specified for reporting purposes.Employers and Labour OrganizationsWe applaud the initiative of those employers and labour organizations in the broaderprivate sector that have delivered financial literacy programs to their employees andfunded related research. Many Canadians have benefited from such initiatives.As part of their participation in the National Strategy, companies should report yearlyon their financial literacy activities and contributions through their annual reports,corporate social responsibility reports or other channels. Information might include:• Delivery of financial literacy programs (e.g., workplace seminars on retirementplanning and sponsorship of savings programs in the workplace);• Charitable donations and/or sponsorships in support of financial literacy; and• Employee volunteerism related to the delivery of financial literacy in the community.TASK FORCE ON FINANCIAL LITERACY – V. Accountability 81