Task Force on Financial Literacy

In the 2009 budget, the Minister of Finance announced his intention to establish a national task force dedicated to the issue of financial literacy. The Task Force would consult Canadians, undertake research and provide advice and recommendations to the Minister of Finance on a national strategy to strengthen the financial literacy of Canadians. The Institute was pleased to be a part of this process. To read our submission click here Financial Literacy Task Force – FEIC Submission.

The Task Force's full report was made public in February 2011. To view the full report along with the Institute’s quote on page 11 click here Task Force Final Report.

Strengthening the financial knowledge, skills and confidence of Canadians is a long-term undertaking that is increasingly critical to the prosperity of each individual and household and to our society as a whole. Task Force recommendations are guided by domestic and international research, diverse expertise of members, stakeholders input and regular deliberations. Extensive public consultations were held in every province and territory involving 170 individuals and organizations. The Task Force received more than 300 submissions and hundreds of additional comments through their online forum.

Five priorities underpin the Task Force’s proposed National Strategy:

1. The Task Force believes that responsibility for the strategy’s outcome must be shared among all stakeholders.
   
   
2. The coordination of the various initiatives will require strong leadership and multi-stakeholder participation.
   
   
3. Financial literacy requires lifelong learning, which must start at school and accompany Canadians through their key life events.
   
   
4. Resources and innovative approaches will be necessary to raise the awareness of Canadians about the importance of adopting good financial behaviour, and to reach them in the most effective ways possible.
   
   
5. Accountability will be key to the success of the 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.
   
   

The services of The Institute exist to prove that it is possible to engage and empower “non-financial” people. Today, more than ever before, this country faces a 'knowledge deficit' with ordinary working Canadians asked to make important financial decisions about their company benefits and personal investments. If we take simple steps now, a dignified retirement is achievable by all working Canadians.