Canadians and Their Money

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We acknowledge that, to be effective, a National Strategy must also takeinto account the key elements that, although beyond a strict definition offinancial literacy, have strong implications for the ability of consumers tomake sound financial decisions. Increasing financial literacy may indeedbe only one part of the solution: some individuals may have the financialskills and knowledge, but fail to make or execute plans in their best interestbecause of psychological factors that affect decision making. In that regard,policy-makers should not underestimate the value of designing “nudging”strategies, such as default mechanisms for saving, to help empowerindividuals and households in their financial decision-making processes.Tackling financial literacy is a complex endeavour that cannot be achieved inisolation. We are convinced that the National Strategy will also benefit fromadvances in behavioural economics research, from new regulatory initiatives aimedat better protecting financial consumers (especially in relation to how informationshould best be disclosed to them), and from progress in improving the generalliteracy and numeracy skills of Canadians. Success will not be achieved overnight,and will require all those with a role to play to work over the long term and in acooperative fashion.We thank everyone who participated in our consultations. Many contributionsfrom across Canada and abroad have informed our recommendations, and weare confident that the resulting National Strategy for Financial Literacy can makea significant and positive impact on the financial security of Canadians and theeconomic prosperity of our country as a whole.86TASK FORCE ON FINANCIAL LITERACY – Conclusion: The Way Forward
AppendicesAppendix A: Summary of Recommendations1.2.3.4.5.6.7.8.The Task Force recommends that the Government of Canada appoint an individual,directly accountable to the Minister of Finance, to serve as dedicated national leader.This Financial Literacy Leader should have the mandate to work collaboratively withstakeholders to oversee the National Strategy, implement the recommendations andchampion financial literacy on behalf of all Canadians (p. 27).The Task Force recommends that the Government of Canada establish an advisorycouncil on financial literacy, both as a forum for collaboration and to provide ongoingadvice to the Financial Literacy Leader on the implementation and evolution ofthe National Strategy. The council’s membership should reflect the diversity of thestakeholders with an interest in the National Strategy (p. 29).The Task Force recommends that the Government of Canada include financial literacyas an essential skill in its Essential Skills Framework (p. 33).The Task Force recommends that all provincial and territorial governments integratefinancial literacy in the formal education system, including elementary, high school,post-secondary education and formalized adult learning activities (p. 35).The Task Force recommends that all provincial and territorial governmentsprovide financial literacy professional development opportunities for teachers. TheGovernment of Canada should support these efforts by making financial literacyprofessional development resources available and accessible for teachers (p. 38).The Task Force recommends that employers incorporate financial literacy traininginto their current workplace training programs and communications. To that end,the Government of Canada, as well as provincial and territorial governments, shouldmake workplace financial literacy programs eligible for tax assistance. Governmentsshould demonstrate leadership as employers by developing workplace financialliteracy programs for employees throughout their careers (p. 41).The Task Force recommends that financial services providers put a strong emphasison delivering educational information and ensuring that it is fully understood byCanadians at “teachable moments” so that Canadians can make responsiblefinancial decisions (p. 42).The Task Force recommends that the Government of Canada, in partnershipwith stakeholders, provide tools to help Canadians become better informedabout the role and benefits of professional financial advice, as well as how tochoose a financial practitioner (p. 44).TASK FORCE ON FINANCIAL LITERACY – Appendices 87
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Report of Recommendations on Financ
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Table of ContentsAcknowledgements..
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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
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• Navigate the ever-changing fina
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Figure 1: National Average Scores,
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Figure 3: Ratio of Household Debt t
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Figure 4: Key Results from the 2003
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Figure 6: National Strategy on Fina
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GovernmentsGovernments are uniquely
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play a crucial role in providing fi
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Figure 7: Shared Responsibility - M
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term. Further, the mandate should n
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• Enable stakeholders to be activ
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Figure 9: Life EventsReceivingunexp
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Figure 10: Essential Skills - Money
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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
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Page 63 and 64: programs. We encourage, as a supple
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Page 67 and 68: Public Awareness CampaignCreative a
Page 69 and 70: Fraud Prevention and EducationWe pr
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Page 89: Conclusion: The Way ForwardSuccess
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Page 97 and 98: 2520151050Most Canadians are making
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Page 103 and 104: Ipsos Reid. (2009). CSA Investor In
Page 105 and 106: Standing Senate Committee on Bankin
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