Canadians and Their Money

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9.The Task Force recommends that the Government of Canada promote financialliteracy through federal programs that reach Canadians directly (e.g., EmploymentInsurance, Old Age Security, CPP, Universal Child Care Benefits), and that provincialand territorial governments do the same with their respective programs (p. 45).10. The Task Force recommends that the Government of Canada, in partnership withprovincial and territorial governments, integrate a financial literacy component intothe Canada Student Loans Program for students receiving funding (p. 47).11. The Task Force recommends that the Government of Canada make financial literacytraining programs for young Canadians eligible for funding through the YouthEmployment Strategy (p. 48).12. The Task Force recommends that the Government of Canada, as part of the 2011–2012 renewal of its Urban Aboriginal Strategy (UAS), make financial literacy trainingprograms for young Aboriginal Canadians eligible for funding (p. 49).13. The Task Force recommends that the Government of Canada provide relevantfinancial information and education services for recent newcomers to Canada throughits orientation services (both abroad and in Canada), the Immigrant Settlement andAdaptation Program and the Language Instruction for Newcomers to Canada Program(p. 50).14. The Task Force recommends that the Government of Canada, as well as provincialand territorial governments, invest in the capacity of the voluntary sector to offerfinancial information, learning and guidance to Canadians (p. 52).15. The Task Force recommends that the Government of Canada support existing capacitybuildinginitiatives in First Nations communities by offering culturally relevant financialliteracy tools, training and resources to organizations involved in these initiatives (p. 53).16. The Task Force recommends that the federal, provincial and territorial governmentshelp Canadians maximize the financial benefit from government programs for whichthey are eligible by:a) Ensuring simplicity and clarity in the way programs are written and structured;b) Simplifying application processes; andc) Intensifying outreach initiatives to improve Canadians’ awareness of theseprograms and their eligibility criteria (p. 56).17. The Task Force recommends that employers offer automatic saving programs andtools to facilitate increased lifelong saving by Canadians, drawing on internationalbest practices in this area (p. 59).18. The Task Force recommends that the Government of Canada create, maintain,continuously upgrade and promote a single source website for financial literacy,in an effort to increase public awareness about, and ease of access to, information(p. 62).88TASK FORCE ON FINANCIAL LITERACY – Appendices
19. The Task Force recommends that the Government of Canada, in partnershipwith stakeholders, establish a comprehensive and ongoing public awarenesscampaign to promote awareness of the need for financial literacy (p. 64).20. The Task Force recommends that organizations involved in financial fraud preventionand education, from securities commissions to financial institutions, intensify theirefforts to raise fraud awareness among the most vulnerable Canadians. In particular,the Government of Canada should strengthen its existing programs related tofinancial fraud awareness and prevention (e.g., Fraud Awareness Month, the FederalElder Abuse Initiative) and explore other opportunities to heighten Canadians’awareness, including through further collaboration with stakeholders (p. 66).21. The Task Force recommends that the Government of Canada use existing researchand best practices to make available and promote a financial literacy self-assessmenttool for Canadians (p. 68).22. The Task Force recommends that governments and private sector organizationsinitiate financial literacy awards and competitions for youth, students and workforcesin Canada. For example, the Government of Canada should establish a new teacheraward in financial literacy education, administered through the Prime Minister’sAwards for Teaching Excellence (p. 70).23. The Task Force recommends, given the importance of clear communication, that thefederal, provincial and territorial governments require all financial services providerswithin their respective jurisdictions to simplify their informational materials anddisclosure documents. Governments should lead this effort by reviewing and improvingtheir own public informational materials to ensure they meet clear communicationsprinciples (p. 73).24.The Task Force recommends that the Government of Canada measure progress onthe National Strategy by:a) Reviewing and repeating the Canadian Financial Capability Survey (CFCS) atappropriate intervals;b) Using a smaller basket of indicators, in the years between dedicated CFCS studies,to gauge interim changes in Canadians’ financial literacy; andc) Establishing specific targets to assess Canadians’ progress on financial literacy asmeasured in the CFCS (p. 76).25. The Task Force recommends that the Government of Canada, in collaborationwith provincial and territorial governments where appropriate, make every effort tocapitalize on opportunities to benefit from international financial literacy assessmentinitiatives at the next available opportunity (p. 77).26. The Task Force recommends that all stakeholders establish clear evaluation standardsfor their investments in financial literacy programs. To that end, the Government ofCanada should offer resources and tools to support and enhance the evaluationcapabilities of financial literacy education providers, particularly voluntary agencies(p. 79).TASK FORCE ON FINANCIAL LITERACY – Appendices 89
Page 1 and 2:
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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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 and 66: When it comes to online learning, h
Page 67 and 68: Public Awareness CampaignCreative a
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: AppendicesAppendix A: Summary of Re
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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